Singapore has a highly developed trade-oriented market economy and one of the most open in the world.
Singapore’s total trade in 2014 amounted to S$982 billion. In 2014, Singapore’s imports totaled S$464 billion, and exports totaled S$519 billion. Exports, particularly in electronics, chemicals and services provide the main source of revenue for the economy. Singapore has the highest trade to GDP ratio in the world, averaging around 400%.
Re-exports accounted for over 40% of total sales to other countries. Singapore’s principal exports are petroleum products, food/beverages, chemicals, textile/garments, electronic components, telecommunication apparatus, and transport equipment. Singapore’s main imports are aircraft, crude oil and petroleum products, electronic components, radio and television receivers/parts, motor vehicles, chemicals, food/beverages, iron/steel, and textile yarns/fabrics.
Singapore also has a strategic port which is competitive in carrying out such entrepot activities. The Port of Singapore is the third-busiest in the world by cargo tonnage.
Economy name Republic of Singapore Capital Singapore Area 660 sq km (255 sq miles) Climate Tropical rainforest climate Population 5.47 million Language English, Malay, Mandarin, Tamil Currency Singapore dollar
Economic Indicators(Unit: USD, 2014)
GDP 307.87 Billion GDP per capita 38087.89 Economic Growth Rate 1.80% Total Exports 41609.69 Million Total Imports 34882.53 Million Trade Balance 6727.16 Million
Export and Import Tendency
Total value of exports : US$351.2 billion
Primary exports – commodities : machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels
Primary exports partners : Hong Kong (11.6 percent of total exports), Malaysia (11.5 percent), US (11.2 percent), Indonesia (9.7 percent), China (9.7 percent), Japan (4.6 percent)
Total value of imports : US$310.4 billion
Primary imports – commodities : machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods
Primary imports partners : US (14.7 of total imports), Malaysia (11.6 percent), China (10.5 percent), Japan (7.6 percent), Indonesia (5.8 percent), South Korea (5.7 percent)(Unit: Million USD, %)
Year Exports Rate of Change Import Rate of Change 2014 409,536 1.1% 366,016 -0.6% 2013 410,286 0.6% 373,022 -1.6% 2012 408,362 -0.9% 379,734 3.2% 2011 409,207 7.5% 365,415 8.6% 2010 351,185 22.4% 310,394 18.8% Top 5 Export Items Electronic equipment, Oil, Machines, engines, pumps, Organic chemicals, Plastics Top 5 Import Items Refined Petroleum, Crude Petroleum, Integrated Circuits, Computers, Petroleum Gas Top 5 Export Partners China, Malaysia, Hong Kong, Indonesia, European Union Top 5 Import Partners China, Malaysia, the United States, South Korea, Japan
Duty and Customs Clearance
Import, Export & Transshipment Procedures : http://www.customs.gov.sg/leftNav/trad/Import+and+Export+Procedures.html
Valuation, Duties & GST : http://www.customs.gov.sg/leftNav/trad/Valuation+Duties+and+GST.html
Clearance of Goods : http://www.customs.gov.sg/leftNav/trad/Clearance+of+Goods.html
Customs Schemes & Licenses : http://www.customs.gov.sg/leftNav/trad/Customs+Schemes+and+Licences.html
Compliance Related Information: http://www.customs.gov.sg/leftNav/trad/Compliance+Related+Information.html
Since the signing of our first FTA under the ASEAN Free Trade Area (AFTA) in 1993, Singapore’s network of FTAs now includes 21 bilateral and regional FTAs in force with 32 trading partners. Singapore’s FTAs have been instrumental in helping Singapore-based businesses to strengthen cross-border trade by eliminating or reducing import tariff rates, providing preferential access to services sectors, easing investment rules, improving intellectual property regulations, and opening government procurement opportunities.
Singapore has bilateral FTAs with Australia, China, Costa Rica, the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), India, Japan, Jordan, Korea, New Zealand, Panama, Peru, the United States and the European Free Trade Association (Switzerland, Iceland, Liechtenstein and Norway). The EU-Singapore FTA was concluded in December 2012, and will be provisionally applied at a mutually agreed date after the European Parliament has ratified the agreement.
Information on Singapore’s FTAs : http://www.fta.gov.sg/
Related Government Agencies
Singapore – Trade StatisticsSungheun Ha