Traditional Chinese medicine grows popular in Singapore
SINGAPORE - Singapore's appetite for traditional Chinese medicine (TCM) leapt during the global recession, even as other countries' demand was dampened during this period, local daily The Straits Times reported on Thursday.
The total value of imports of Chinese medicine, Chinese health supplements and related products such as ginseng and chicken essence went up from 1.1 billion Singapore dollars (US$0.81 billion) in 2007 to 1.6 billion Singapore dollars (US$1.18 billion) last year, a 45 percent increase.
Imports come mostly from China, while the rest are from China's Taiwan and Malaysia.
In fact, figures obtained by the Singapore Traditional Chinese Medicine Organizations Committee (STOC) from its counterparts in China indicate that products imported from China leapt by 74 percent since 2007.
These imports are now valued at US$50.1 million.
The demand has grown steadily since the start of the decade, when more stringent industry regulations in China and Singapore kicked in and boosted consumer confidence.