For businesses in Singapore, such as skincare chain Kskin, the global trade environment has become more challenging in recent years as a result of hurdles ranging from rising costs and US tariffs to fast-changing regulations.
Kskin began venturing overseas in 2023 and has opened outlets in Malaysia, the Philippines and the US. Due to the tariffs, the costs of Kskin’s equipment and products have risen in recent months.
Brian Ng, the firm’s director, told This Week in Asia: “Our margins [at Kskin’s US outlet in Georgia] have also been somewhat reduced with the recent decline of the US dollar.”
A new survey by KPMG and the Singapore Institute of Directors (SID) has found that rising business costs were the biggest challenge faced by more than half of 1,000 business owners and workers in professional, managerial, executive or technical jobs.
Higher tariffs and supply chain difficulties were identified as the next biggest hurdles for businesses serving overseas markets by 26 per cent and 25 per cent of respondents, respectively, according to the survey released on Wednesday.
Since announcing sweeping tariffs last April, US President Donald Trump has continued to adjust levies based on whether Washington’s trade partners meet his demands for certain concessions, such as opening their sectors to more American goods.
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