Measures to Diversify Food Imports and Moderate Food Prices in View of Volatile Global Food Prices

26 Mr Zhulkarnain Abdul Rahim asked the Minister for Sustainability and the Environment in view of volatile global food prices due to climate shocks and trade restrictions, what steps will Singapore take to go beyond import diversification, such as regional joint stockpiling of staples or expanding community food cooperatives with ASEAN partners, to moderate staple prices and shield households from supply shocks.

Ms Grace Fu Hai Yien: As a small country that imports more than 90% of our food, Singapore is not able to fully insulate ourselves from global food supply disruptions or influence global food prices. To mitigate food supply risks, we adopt a multi-pronged approach where import diversification is a key strategy, complemented by stockpiling and growing locally.

International collaboration supports our efforts. The Ministry of Trade and Industry facilitates trade, including that of food, when negotiating trade agreements. At the regional level, Singapore is a part of the ASEAN Plus Three Emergency Rice Reserve (APTERR), a regional cooperation scheme between the ASEAN member states, China, Japan and South Korea, to earmark rice for emergency use. At the bilateral level, we work with partner countries to mitigate and manage supply disruptions. For example, during an export restriction on non-Basmati white rice, the Singapore Government worked closely with the Indian government to secure an exemption from the restriction.

Industry and consumers also have an important part to play to strengthen our food security. Businesses should have business continuity plans in place and diversify their food supplies. Consumers can also be flexible and consider other food options in times of disruption.