Posted by: bigtalksingapore | August 12, 2008

Singapore Currency Surge

Singapore Currency surged upward against many currencies, Australia $, New Zealand $ and Euro $ (See Attachment #1).
But it depreciated sharply against US$.

What does all this mean ?

To understand, let’s take a look at Singapore food sources that come from Australia and New Zealand (See Attachment #2).

  • Pork – 23% Australia
  • Lamb/Mutton – 82% Australia + 18% New Zealand
  • Beef – 31% Australia + 16% New Zealand
  • Flour – 4% Australia
  • Sugar – 28% Australia

So, these foods price should go down.

How about other basic food like rice and cooking oil ?

  • For rice, most of it come from Thailand(57%), Vietnam(24%), India(12%) and Pakistan(3%).
  • For cooking oil, most of it come from Malaysia(94%)

I’m not sure how these will be affected.

Attachment#1: Sing $ trend against Aus$, NZ$, Euro and US$

Attachment #2: My Paper, 21 April 2008, Page A6


Advertisements

Responses

  1. I think it has to do with the USD. All trading is done in USD even though the food imports are from non US origins.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: