SINGAPORE: Plans are afoot to help more Singapore food and beverage (F&B) businesses expand overseas.

Food exports have grown at a rate of more than 11% each year since 2020, and they can be found in more than 120 markets worldwide, said Minister of State for Trade and Industry Low Yen Ling, citing figures from Singapore Economic Development Board’s Manufacturing Survey in 2023.

Due to Singapore’s unique food culture and extensive free trade agreement (FTA) network, F&B companies are able to leapfrog into international markets, Low said during the international food and beverage trade show FHA-Food & Beverage at the Singapore Expo on April 23.

For example, Singapore signed an FTA in 2023 with four South American nations - Argentina, Brazil, Paraguay and Uruguay -which helped local firms gain preferential access to their markets.

The Mercosur-Singapore FTA also aims to facilitate greater trade flows through lowered tariffs, allowing F&B exporters to pay less to enter these markets.

“Under our Trade 2030 strategy, we will continue to broaden the geographical coverage of our trade agreements to enable food trade to flow seamlessly to and from Singapore,” Low said.

 - ANN