Singapore has achieved the top rank in ASEAN’s Sustainable Trade Index (STI) for 2024, with a notable score of 85.7 out of 100, securing fourth place globally despite a slight drop in its international rank. In contrast, Indonesia scores 45.3, positioning itself at sixth in the region and 18th globally, indicating a need for improvement in sustainable trade measures.
The Sustainable Trade Index (STI), developed by the Hinrich Foundation with the International Institute for Management Development (IMD), measures how effectively nations align trade practices with long-term goals of economic growth, environmental care, and social development. In ASEAN, Singapore maintains a strong lead, ranking fourth globally. However, Indonesia remains lower in the list, ranking sixth in ASEAN and 18th worldwide, outperforming only Cambodia, Laos, Brunei, and Myanmar in the region.
Singapore leads with 85.7 points, reflecting the nation’s robust trade policies focused on sustainable growth. Despite dropping one spot globally, Singapore’s comprehensive approach to balancing economic, social, and environmental priorities keeps it firmly in the top spot for ASEAN.
Thailand follows as ASEAN’s second highest, scoring 55.4 points, though significantly lower than Singapore. Meanwhile, the Philippines and Vietnam rank closely, with 54.8 and 54.1 points respectively. Malaysia rounds out ASEAN’s top five with 52.7, underscoring regional progress in sustainable trade.
Indonesia’s 45.3 score reflects challenges in integrating sustainable practices across trade sectors. Ranking 18th globally and sixth regionally, Indonesia has room for growth in supporting sustainable economic policies, especially when compared to its ASEAN counterparts.
Kathryn Dioth, CEO of Hinrich Foundation, emphasizes that the STI assesses each nation’s trade efficiency in economic, social, and environmental domains. “Tracking sustainable trade effectiveness helps measure resilience and the long-term balance of growth, community progress, and environmental management,” Dioth noted.
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IMD World Competitiveness Center Director, Arturo Bris, highlights the importance of trade as a tool to drive global prosperity. “Trade should support economic, social, and environmental goals on a global scale, with collaboration yielding the best results,” Bris added.
The STI report reveals key opportunities for Indonesia to enhance sustainable trade practices in a rapidly evolving regional landscape. Singapore’s lead signals ASEAN’s potential, setting a model for balancing growth with social and environmental progress.
The 2024 STI report places Singapore at the top in ASEAN, while Indonesia’s 45.3 score places it sixth in the region. The index reflects ASEAN’s sustainable trade landscape, emphasizing a path for balancing economic, social, and environmental goals across the region.
Source: Good Stats (2024)
Keywords: ASEAN Sustainable Trade, Singapore Top Rank, Indonesia Sixth
