SCCCI survey finds 2024 a 'mixed' year for local SMEs

Only a third expect to post better revenues this year; rising costs remain a concern

- Colin Tan

A key annual survey of business conditions found that rising costs and other challenges contributed to a mixed environment for businesses in 2024.

The Singapore Chinese Chamber of Commerce and Industry (SCCCI) found that only a third of local small and medium-sized enterprises (SMEs) expect to post better revenues in 2024 – slightly lower than in 2023 – though 43 per cent of them anticipate better profits, compared with 32.2 per cent in 2023.

Meanwhile, 29 per cent of the respondents forecast lower revenues and about half of them think profits will be worse than in 2023, according to highlights from the SCCCI annual business survey.

Based on the responses, SCCCI president Kho Choon Keng described the business environment for 2024 as mixed, giving the verdict in his address on Oct 9 at the chamber's SME and Infocomm Commerce Conference Series 2024.

According to the survey, rising costs were the top concern for SMEs, more than three-quarters of which experienced increased costs in 2024. Rising business costs were also the top concern cited in the 2023 survey.