“Today, newer products on the market are accounting for decarbonisation. Diversifying our trade flows into these products, such as carbon credits or electric vehicles (EV) metals like copper, nickel and cobalt, is one way to remain relevant to the global economy.”
As part of Singapore’s efforts to deepen and widen its trade flows, it is diversifying the types of products it trades in line with global macroeconomic trends, including oil price uncertainty and climate objectives.
Lee Pak Sing, Enterprise Singapore’s assistant chief executive, says Singapore has traded in products relevant at different points in history. “Not only have we increased the volume of trade, but we have also diversified into products of increasing importance,” says Lee, citing Singapore’s early trading days in spices, tin, then rubber, before it moved into precious metals, agricultural commodities and electronics.
