Meanwhile, visitors from Indonesia (16%) came in next. They were followed by those from Europe (11%), India (8%), Malaysia (6%), Philippines (4%), USA (4%), Japan (4%), Vietnam (3%), and Thailand (3%).
“Singapore’s main inbound tourism markets are remarkably diverse,” CGS-CIMB said. “Whilst the SGD may be stronger against the home currencies of some tourists, it may be weaker against those of others.”
The report noted that the SGD has strengthened against the US$, IDR, PHP, INR, AUD, and JPY by 3.8% YTD which are some of the currencies of the Singapore visitors in August YTD. Meanwhile, SGD has weakened against MYR and RMB.