Level of Stockpile Across Key Food Items in Government's Inventory
Ministry of Trade and IndustrySpeakers
Summary
This question concerns Mr Chua Kheng Wee Louis’ inquiry regarding the specific levels of government and industry food stockpiles, their historical changes, and future inventory targets. Minister for Trade and Industry Gan Kim Yong highlighted that rice importers must hold buffers equivalent to twice their average monthly imports to ensure market stability. Since 2020, the Government has expanded food stockpiles and periodically re-calibrates these targets to address evolving global supply chain risks. These measures form part of a multi-pronged resilience strategy aimed at maintaining adequate supplies and price stability during unforeseen disruptions. Minister for Trade and Industry Gan Kim Yong also emphasized ongoing efforts to diversify import sources and enhance local production capabilities to complement these stockpiling efforts.
Transcript
20 Mr Chua Kheng Wee Louis asked the Minister for Trade and Industry (a) what is the level of stockpile across key food items which are currently held in the Government's inventory as compared to the stockpile that is required to be held by supply chain partners; (b) how has the number of months of stockpile changed over the past five years; and (c) what is the target level of stockpile in the future.
Mr Gan Kim Yong: The Government works closely with industry partners to maintain adequate stockpiles of essential food items, in order to mitigate the impact of any unforeseen disruptions to our food supply. For example, under the Rice Stockpile Scheme, rice importers are required to hold an inventory buffer equivalent to two times of their average monthly imports. The Rice Stockpile Scheme helps to ensure an adequate supply of rice in the market and to maintain stability of prices during periods of uncertainty and supply shortages.
Since the start of COVID-19 in 2020, when we began to experience greater disruptions in food supply chains, the Government has expanded and built up our food stockpiles to a higher level. The items and target amounts for our food stockpiles are assessed and re-calibrated periodically, to ensure that they remain relevant and sufficient to address the anticipated risks in an increasingly uncertain environment. As part of Singapore’s multi-pronged strategy to ensure food resilience, we will also continue to diversify our import sources and strengthen our local food production capabilities.