Ms Low mentioned with China being a serious provider to the world, a discount within the nation’s financial exercise will inevitably result in provide chain disruptions, particularly delays within the fulfilment of manufacturing orders and delivery time.
“However, cargo is still able to leave from (the) Shanghai port and where necessary, is being redirected to other ports in China or other transport modes such as air,” she added.
Singapore’s key imports from China embody electronics, equipment and metals, that are primarily intermediate items required by companies within the manufacturing and development sectors, Ms Low mentioned.
“Based on the feedback from companies in these sectors, we understand that most of them have been able to cope with the delays in shipments from China thus far,” she advised the House.
Still, the lockdowns in China, that are stressing already-frayed world provide chains, are prone to exacerbate world inflationary pressures within the close to time period. The longer-term results will rely on the dimensions and extent of the lockdowns, in addition to their affect on China’s financial system, mentioned Ms Low.
The Government recognises that rising value pressures and increased frequency of provide disruptions have affected companies, she famous. For occasion, some companies have needed to maintain increased stock buffers to deal with the challenges and this will require extra working capital.
To assist companies with their money circulate wants, measures comparable to an extension of the Temporary Bridging Loan Programme and the improved Trade Loan Scheme have been introduced on this yr’s Budget.
In addition, the Monetary Authority of Singapore (MAS) has tightened financial coverage 3 times over the previous six months. By doing so, the central financial institution is successfully permitting the Singapore greenback to understand.
This must also assist reasonable the pass-through results of exterior inflationary pressures, Ms Low mentioned.
Shanghai lockdown will not significantly affect Singapore’s supplies of food and healthcare necessities: MTI & More Latest News Update
Shanghai lockdown will not significantly affect Singapore’s supplies of food and healthcare necessities: MTI & More Live News
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Shanghai lockdown will not significantly affect Singapore’s supplies of food and healthcare necessities: MTI & More News Today
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