Singapore Commodities Trade Revenue Jumped by a Third
Commodities trading in Singapore, Asia's main trade hub, generated close to $1.2 trillion in revenue in 2017, 33 percent more than a year earlier on the back of higher prices and surging demand, a senior government official said on Thursday.
"Notwithstanding current uncertainties and rising trade tensions we face today, the commodities market is broadly on an upturn compared to previous years," Koh Poh Koon, senior minister of state at the Ministry of Trade and Industry, said at an industry event.
"Prices have risen over the past three years across various commodities, such as oil, coal and non-ferrous metals," he said.
The sector was also seeing strong growth in demand from key markets, such as natural gas, nickel and copper, Koh said.
(Reporting by Florence Tan; Editing by Susan Fenton)