Over 1 in 2 Singapore firms plan overseas expansion in 2024

The top markets for expansion are Vietnam, Indonesia, and Thailand.

About 59% of Singapore businesses are planning international expansion in 2024, up from 57% in 2023, according to a recent survey by the Singapore Business Federation (SBF).

The top markets for expansion are Vietnam (25%), Indonesia (25%), and Thailand (21%), with growing interest in the UAE, Saudi Arabia, and New Zealand.

Despite this, interest in traditional markets like Malaysia and China has decreased. Malaysia saw a drop of 10 percentage points (29% to 19%) and China dropped by 5 percentage points (22% to 17%).

The report also showed that about 32% of businesses reported higher international revenue in 2024, up from 22% in 2023. The percentage of companies generating over 40% of their revenue from abroad also rose from 54% to 56%. Looking ahed, 56% expect growth in international revenue in the next 12 months, whilst only 6% anticipate a decline. Meanwhile, 30% plan to make direct investments abroad.

Despite growth, businesses face challenges, including uncertainty in demand (52%), geopolitical tensions (42%), and an unpredictable environment (38%). To address these, companies are asking for more support in regulatory navigation (49%), international resources (41%), and partnership opportunities (41%).

Moreover, the report showed that supply chain disruptions have decreased from 35% in 2023 to 22% in 2024. However, logistics delays are now the biggest issue, affecting 57% of businesses. To manage risks, companies are focusing on diversifying their suppliers and markets (55%) rather than renegotiating prices or working with logistics providers

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