Friday September 3, 2010
Demand for traditional Chinese medicine on the rise in S’pore
SINGAPORE: Singapore’s appetite for traditional Chinese medicine leapt during the global recession even as other countries’ demand was dampened during this period.
According to the Chinese Xinhua news agency, the total value of imports of medicine, health supplements and related products such as ginseng and chicken essence went up from S$1.1bil (RM2.5bil) in 2007 to S$1.6bil (RM3.1bil) last year.
This is a 45% increase for imports that come mostly from China while the rest are from China’s Taiwan and Malaysia.
Figures obtained by the Singapore Traditional Chinese Medicine Organisations Committee from its counterparts in China indicate that products imported from China leapt by 74% since 2007.
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. – Bernama
Source:
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