Singapore Ranks 3rd in Global Sustainable Trade Index, Excelling in Economic Resilience

SINGAPORE: Singapore has achieved an impressive third place in the annual Hinrich-IMD Sustainable Trade Index (STI), showcasing its commitment to balancing economic growth with sustainability. With a score of 94.1, Singapore led the economic pillar, ranked fifth for environmental protection, and eighth in societal development among 30 major global trading economies. This marks a rise from fifth place last year, reflecting Singapore’s proactive stance in sustainable trade and economic resilience.

New Zealand retained the top spot, followed by the United Kingdom in second. These nations, along with Singapore, are described as “harmonious examples of trade supporting sustainability goals.”

The report noted global trends such as “slowbalization,” a deceleration in trade reform due to rising geopolitical tensions and the aftershocks of COVID-19. It highlights that while global trade continues in value, it faces increased tariffs, non-tariff barriers, and a shift toward localized industries, particularly among large economies.

Professor Arturo Bris of IMD’s World Competitiveness Center emphasized that developed economies with robust trade practices tend to manage the trade-sustainability balance more effectively, often aligning closely with Sustainable Development Goals. The Hinrich Foundation’s CEO Kathryn Dioth also remarked on the growing fragmentation in global trade, citing protectionist policies driven by inflation and geopolitical issues.

Singapore’s high ranking in the index underscores its efforts to create a sustainable, resilient trade environment despite global challenges.