Singapore Customs Brokerage Market Size (2024 - 2029)

Singapore Customs Brokerage Market Analysis

The Singaporean customs brokerage market is expected to witness a CAGR of over 6% during the forecast period 2022-2027.

The impact of COVID-19 was so bad that the port had to be on the verge of closure due to lockdowns, and it badly impacted the customs brokerage market, but on the parallel side, the air cargo grew due to a spurge in urgent demand for PPE, medical supplies and vaccines which were in need of the hour for the vaccination drive program, this helped the customs brokerage to thrive. As the lockdowns were lifted, there was a growth in the exports and imports from Singapore, while sea cargo took the major chunk of the cargo logistics, creating a demand for customs brokerage in the later stage.

The Singaporean Customs Brokerage Market is seeing exceptional growth, and the future of the market is likely to be significant. Singapore is the world's busiest transshipment hub that is well-connected to 600 ports in over 120 countries. It has also consistently topped the Leading Maritime Capitals of the World report. It serves as an entry point for worldwide leaders in ship finance, ship broking, risk management, and marine insurance. Singapore, using its strategic position, sophisticated port infrastructure, and shipyards, has grown into a prominent International Maritime Centre (IMC) where ships dock and vital ancillary services in shipping, trade, and logistics thrive.

Changi International Airport is one of the world's busiest airports for international air cargo, processing nearly 1.97 million metric tonnes per year, with transshipment volume accounting for about half of total throughput and is therefore considered a worldwide air cargo hub. Designed to move cargo like clockwork round the clock, the cold chain facilities, warehouses, and offices at Changi Airfreight Centre (CAC), coupled with the Airport Logistics Park of Singapore (ALPS), are well equipped to cater to all operational needs.

Singapore Customs Brokerage Industry Segmentation

Customs brokerage firms make international trade possible by facilitating the shipment and delivery of goods across international borders. The agency has to take care of shipments that occur in a sheer volume across international borders every single day. The Singaporean Customs Brokerage Market is segmented by Mode of Transport (Sea, Air, and Cross-border Land Transport). The report offers market size and forecasts for the Singaporean customs brokerage market in value (USD Billion) for all the above segments. A complete background analysis of the Hong Kong customs brokerage market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, key company profiles, and the impact of COVID-19 are covered in the report.