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.
Ministry of Trade and Industry
4 July 2022