{"id":18837,"date":"2019-03-14T22:33:14","date_gmt":"2019-03-14T22:33:14","guid":{"rendered":"https:\/\/www.tradefinanceglobal.com\/?post_type=exports&p=18837"},"modified":"2024-08-05T05:24:41","modified_gmt":"2024-08-05T05:24:41","slug":"singapore","status":"publish","type":"exports","link":"https:\/\/www.tradefinanceglobal.com\/exports\/singapore\/","title":{"rendered":"Exporting to Singapore"},"content":{"rendered":"\n
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\n Exporting to Singapore <\/h2>\n
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Last updated on 05 Aug 2024<\/div>\n
14 Mar 2019 . 2 min read<\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n
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Singapore Quick Links<\/h4>\n <\/div>\n
\n \n Importing from Singapore <\/a>\n \n Exporting to Singapore <\/a>\n \n Trade Finance \u2013 Singapore <\/a>\n \n Invoice Finance \u2013 Singapore <\/a>\n <\/div>\n<\/div><\/div>\n\n\n\n
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Singapore Country Profile<\/h3>\n

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Official Name (Local Language) Republic of Singapore
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Capital Singapore<\/strong><\/p>\n

Population 5,781,728<\/strong><\/p>\n

Currency Singapore Dollar<\/strong><\/p>\n

GDP $296.6 billion
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Languages Chinese; English<\/strong><\/p>\n

Telephone Dial In 65<\/strong><\/p>\n<\/div><\/div>\n\n\n\n

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Singapore Imports Profile<\/h3>\n

Exports ($m USD) 327,710<\/strong><\/p>\n

Number of Imports Products 4,309<\/strong><\/p>\n

Number of Imports Partners 222<\/strong><\/p>\n

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Singapore Economic Statistics<\/h2>\n\n\n\n



Government Website<\/strong><\/td>		https:\/\/www.gov.sg\/<\/a><\/td><\/tr>
Sovereign Ratings<\/strong><\/td>https:\/\/countryeconomy.com\/ratings\/singapore<\/a><\/td><\/tr>
Central Bank<\/strong><\/td>Monetary Authority of Singapore<\/td><\/tr>
Currency USD Exchange Rate<\/strong><\/td>1.379<\/td><\/tr>
Unemployment Rate<\/strong><\/td>2.1%<\/td><\/tr>
Population below poverty line<\/strong><\/td>NA<\/td><\/tr>
Inflation Rate<\/strong><\/td>-0.8%<\/td><\/tr>
Prime Lending Rate<\/strong><\/td>1.17<\/td><\/tr>
GDP<\/strong><\/td>$296.6  billion
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GDP Pro Capita (PPP)<\/strong><\/td>$87,100<\/td><\/tr>
Currency Name<\/strong><\/td>Singapore Dollar<\/td><\/tr>
Currency Code<\/strong><\/td>SGD<\/td><\/tr>
World Bank Classification<\/strong><\/td>High Income
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Competitive Industrial Performance<\/strong><\/td>2\/138
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Corruption Perceptions Index<\/strong><\/td>6\/180
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Ease of Doing Business<\/strong><\/td>2\/190
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Enabling Trade Index<\/strong><\/td>1\/136
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Silvia Andreoletti<\/div>\n
\n Silvia is a Reporter at Trade Finance Global. She is also currently finishing her BA in Philosophy, Politics, and Economics at New College, Oxford, with a focus on financial markets, game theory, and international relations. <\/div>\n
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\n Access trade, receivables and supply chain finance <\/h4>\n

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Exporting to Singapore<\/h2>\n\n\n\n

Singapore is one of the most significant hubs for global trade, housing the world\u2019s second-busiest container port and an economy that is highly reliant on both imports and exports. Singapore\u2019s main imports are integrated circuits, refined oil, ships, and precious metals. Its main import sources are China, Malaysia, Western Europe, and the US. Singapore\u2019s growing domestic market, highly skilled workforce, and varied industry environment make it an extremely attractive destination for exports, especially of consumer goods, transportation, and high-tech services.<\/p>\n\n\n\n

Singapore maintains a trade surplus by promoting exports, but also encourages imports through one of the most liberal trade regimes in the world. A very small sector of products such as motor vehicles, alcohol, tobacco, and chewing gum are subject to high tariffs for environmental reasons, but 99% of its exports are not subject to any import duty at all and only to very low Goods And Services tax. The logistics of imports are also extremely easy, as Singapore\u2019s port and airport infrastructure is among the most advanced and efficient in the world. Singapore is a member of the largest trade deal in the world, the Regional Comprehensive Economic Partnership, guaranteeing free trade with most South-East Asian nations as well as Australia, New Zealand, South Korea, India, Japan and China. <\/p>\n\n\n\n

The Singaporean domestic economy is extremely open to exports, but has experienced challenges due to the war in Ukraine and rising inflation that may depress demand. Ambitious infrastructure projects financed by the government, including a new port and an expansion of its airport, could boost the economy and be crucial export opportunities.<\/p>\n\n\n\n

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Exporting to Singapore: What is trade finance?<\/h2>\n\n\n\n

Singapore\u2019s exports peaked at $9,196 million recently due to the country\u2019s existing infrastructure and skilled workforce that allowed it to purchase raw goods and manufacture them for re-export such as in the industries of water fabrication and oil refining. Citing the Harmonized System (HS) classification the top exports of Singapore are namely: refined petroleum (at least $60 billion), integrated circuits ($40 billion) and oxygen amino compounds (around $6 billion). Meanwhile, Hong Kong ($30 billion), China ($30 billion) and Indonesia ($30 billion) were considered top export destinations of Singaporean products.<\/p>\n\n\n\n

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Chart Showing GDP Growth Compared to rest of world<\/h2>\n\n\n
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