Impact of Termination of Black Sea Grain Deal between Russia and Ukraine on Singapore's Economy and Mitigation Measures in Place

17 Mr Yip Hon Weng asked the Minister for Trade and Industry given the termination of the Black Sea grain deal between Russia and Ukraine (a) what is the expected impact on Singapore’s economy; and (b) what are the measures in place to ensure that the food prices in Singapore are kept in check.

Mr Gan Kim Yong: The direct impact of the expiry of the Black Sea grain deal on Singapore’s food supply and economy is expected to be manageable as Ukraine’s share of our grain imports is small. Nevertheless, the Government will continue to monitor the knock-on effects of the expired deal on global food markets and strengthen the resilience of our food supply through import source diversification, local production and food stockpiling.