Retailers Linking Up With Overseas Suppliers For Greater Diversification

An increasing number of Singapore retailers are linking up with overseas agricultural suppliers and farmers to meet their local supply needs. Leading Singapore retailer NTUC FairPrice has recently inked two-year contracts with two farms in Western Australia to supply 52mn carrots, which makes up about 80% of the retailer's overall supply needs in a year. This method of securing food supplies has been gaining increasing popularity among local retailers due to the benefits of secure supplies, greater flexibility, low price volatility and better product quality, and we expect retailers to link up with more overseas suppliers through contracts going forward.

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