Increasing numbers of firms in Singapore are earning a significant share of their income from overseas markets, according to a new survey.
It found that 56 per cent of companies polled generated more than 40 per cent of their revenue from abroad, up from 54 per cent in 2023, with more also planning to seek opportunities overseas.
The survey of 519 companies was conducted by the Singapore Business Federation (SBF) between August and October 2024. Small and medium-sized enterprises (SMEs) made up 87 per cent of those polled, with the remainder being large companies.
The survey found that more firms are planning overseas expansion in 2024 than in 2023, with Vietnam, Indonesia and Thailand now the top targets.
In 2023, Malaysia, Indonesia, Vietnam and China were among the most popular markets, but interest in Malaysia and China has since waned. Companies are also exploring more distant locations like the United Arab Emirates, Saudi Arabia and New Zealand.
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