China set "to become S'pore's 2nd largest trading partner by 2030"
China is projected to overtake Hong Kong to become Singapore's second largest trading partner by 2030, due to the size and pace of growth of the Chinese market, according to an HSBC report.
HSBC's Global Connections report, which combines the bank's bi-annual Trade Confidence Index with a five, 10 and 15 year trade forecast, predicts that Malaysia will remain as Singapore's largest trading partner.
The report said Singapore's exports to Asia, excluding Japan, are expected to rise by a fairly robust 7 per cent a year, on average, between 2021 and 2030.
"But the fastest growing trade routes will be with China, India and Vietnam over this period, with India expected to become Singapore's fifth largest trading partner by 2030."