Singapore Customs Brokerage Market - Growth, Trends, Covid-19 Impact and Forecasts (2022 - 2027)

Singapore 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 Singapore customs brokerage market in value (USD Billion) for all the above segments.

Market Snapshot

Singapore Customs Brokerage Market - Market Summary
Study Period: 2018-2027
Base Year: 2021
CAGR: >6 %

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Market Overview

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.

Scope of the Report

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.

By Mode of Transport
Cross-border Land Transport

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Key Market Trends

Singapore Surge in Imports and Exports Driving the Market

Singapore raised its 2021 trade forecasts for the fourth time amid better-than-expected performance, robust global semiconductor demand, and higher oil prices. However, export growth is forecast to ease sharply in 2022 due to the high base in 2021 and as the economic recovery for Singapore's key trade partners slows.

Singapore's key trade partners, including China, the United States, and Eurozone, are expected to see their growth ease from 2021's pace, though ASEAN and Japan are forecast to grow faster in 2022, having seen their recovery disrupted in 2021. Supply-side issues such as semiconductor shortages and port backlogs may strain supply chains and weigh on trade, though these are unlikely to have a large impact on overall global trade flows.

Singapore's total goods trade increased by 19.1% in the third quarter of 2021, following a 27.3% increase in the second quarter of 2021. Non-oil commerce climbed by 14.6%, but oil trade surged by 50%, owing to higher oil prices compared to a year before, i.e., 2020. Non-electronic product exports increased by 7.1%Y-o-Y in the third quarter, following an 8.5% growth in the second quarter. Specialized machinery increased by 52.8%, petrochemicals increased by 43.8%, and pharmaceuticals increased by 20.4%. Meanwhile, electronics exports increased for the sixth consecutive quarter. They grew 15.3% Y-o-Y in the third quarter, continuing the previous quarter's 15.7% increase. The most significant contributors to the growth in electronic Nodx were integrated circuits, personal computers, diodes, and transistors.

This surge in trade of imports and exports has accelerated the customs brokerage in the seaports and airports of Singapore.

Singapore Customs Brokerage Market - Driving Factor Trend

Growth of Sea Cargo Driving the Market in Singapore

Singapore has retained its position as the world's second-busiest container port and the number one bunkering port in 2020, as well as facilitated crew change for more than 80,000 seafarers amid the coronavirus (COVID-19) pandemic. The Port of Singapore has bounced back from a pandemic-induced slowdown, handling more cargo in the first five months of 2021 than in the same periods of 2020 and 2019.

Container throughput in Singapore declined by 0.9% in 2020 due to overseas port closures, shipping delays, and a worldwide container scarcity. Singapore's port grew by 4.6% from January to May 2021 as compared to 2020 and by 3.9% when compared to 2019 prior to the pandemic. Container throughput increased by 4.6% from January to May 2021 when compared to the same period in 2020 and by 3.9% when compared to the same time in 2019, prior to the pandemic.

The investment pipeline for Singapore's maritime sector has also remained healthy amid the pandemic. In 2020, 11 new shipping groups set up shop and 8 maritime companies expanded their operations. In the first five months of 2021, five maritime firms here have either expanded operations or established new ones with support from the Maritime and Port Authority of Singapore (MPA).

Despite the COVID-19 pandemic, the Port of Singapore remained resilient in 2020. As the port remained operational during the pandemic, Singapore's container traffic in 2020 remained relatively consistent. The total container throughput stood at 36.9 million Twenty-foot Equivalent Units (TEUs) in 2021.

Singapore Customs Brokerage Market - Driving Factor Trend

Competitive Landscape

The Singaporean Customs Brokerage Market is highly fragmented with the domination of global players and regional players. The global players include UPS, FedEx, and Rhenus Logistics. The regional players also have a strong local presence like Chiang Huat Transport PTE Ltd, Freightmen Pte Ltd, Mercury Freight, M&P International Freight, etc. With a high number of customs brokers operating in the market, the competition is very high. To gain a competitive edge over others, many players have started inducing new technologies Like BlockChain and Supply Chain Integration. Some players have opened warehouses to cater to the demand. Singapore is a transshipment hub for the Southeast Asian region and is well connected by roads, air, and sea, giving a platform for many logistics companies to expand their footprints.

Recent Developments

Dec 2021: DHL Express (an international logistics company) launched its first Yellow Boat delivery service to provide a more reliable and efficient way of transporting goods between Batam and Singapore. The innovative service is part of DHL's commitment to using multi-transport modes to improve transit time for shipments between Batam and the rest of the world, thus offering a competitive edge to customers at Batam. The introduction of this new mode of delivery is very timely and is set to open new doors for more growing economies like Batam in this region, served by its South Asia Hub in Singapore.

Dec 2021: UPS (a multinational shipping and receiving and supply chain management company) officially opened its first innovation center globally, connecting businesses in Asia with emerging technologies in logistics. Located in Singapore, the UPS SCS Asia Pacific Innovation Centre will see UPS collaborating with strategic partners to incubate, test, and deploy next-generation technology to help businesses accelerate their digitalization journey in a transforming world. The Asia Pacific Innovation Centre is a dedicated platform to bring next-generation technologies and solutions to life collaboratively with their customers.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study


    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases



    1. 4.1 Current Market Scenario

    2. 4.2 Technological Trends

    3. 4.3 Government Regulations

    4. 4.4 Industry Value Chain/Supply Chain Analysis

    5. 4.5 Brief on Customs Brokerage as a Freight Forwarding Function

    6. 4.6 Review of Customs Brokerage Costs as Percentage of Total Logistics Spend

    7. 4.7 Shipper Insourcing vs. Outsourcing Trends in Customs Brokerage Related Tasks

    8. 4.8 Overview of Customs Pricing

    9. 4.9 Insights on Customs Brokerage Services by End-user Industry

    10. 4.10 Impact of COVID-19 on the Customs Brokerage Market


    1. 5.1 Market Drivers

    2. 5.2 Market Restraints

    3. 5.3 Market Opportunities

    4. 5.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 5.4.1 Bargaining Power of Buyers/Consumers

      2. 5.4.2 Bargaining Power of Suppliers

      3. 5.4.3 Threat of New Entrants

      4. 5.4.4 Threat of Substitute Products

      5. 5.4.5 Intensity of Competitive Rivalry


    1. 6.1 By Mode of Transport

      1. 6.1.1 Sea

      2. 6.1.2 Air

      3. 6.1.3 Cross-border Land Transport


    1. 7.1 Market Concentration

    2. 7.2 Company Profiles

      1. 7.2.1 UPS

      2. 7.2.2 DHL

      3. 7.2.3 FedEx

      4. 7.2.4 Rhenus Logistics

      5. 7.2.5 SeaLand Maersk

      6. 7.2.6 Kuehne + Nagel

      7. 7.2.7 Janio

      8. 7.2.8 JAS

      9. 7.2.9 Yusen Logistics

      10. 7.2.10 C.H Robinson

      11. 7.2.11 M&P International Freight

      12. 7.2.12 Geodis*

    3. *List Not Exhaustive

  9. 9. APPENDIX

    1. 9.1 Macroeconomic Indicators (GDP Distribution by Activity and Insights on Capital Inflows)

    2. 9.2 External Trade Statistics - Exports and Imports

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Frequently Asked Questions

The Singapore Customs Brokerage Market market is studied from 2018 - 2027.

The Singapore Customs Brokerage Market is growing at a CAGR of >6% over the next 5 years.

UPS, DHL, FedEx, Rhenus Logistics, SeaLand Maersk are the major companies operating in Singapore Customs Brokerage Market.

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