Singapore Import Data of 2021 suggests that Singapore's imports were around 608.18 Billion US Dollars. Singapore's export value of petroleum oil is $400M in USD, and their export destinations include Sri Lanka, USA, Israel, China, Japan and Korea. Inflation below 5% is in green. (Source: IMF). SINGAPORE- Singapore's key exports saw slower growth last month as shipments of non-electronic products eased, with analysts predicting the momentum will continue to . In 2005, economic growth was 6.4%; and in 2006, 7.9%. To maintain its competitive position despite rising wages, the government seeks to promote higher value-added activities in the manufacturing and services sectors. Investments in the nearby Indonesian island of Batam have been important in this respect. However, labour shortages persist in the service sector and in many low-skilled positions in the construction and electronics industries. U.S. imports of services from Singapore were an estimated $11.2 billion in 2020, 1.6 percent ($182 million) more than 2019, and 115 percent greater than 2010 levels. Merchandise Trade statistics data for Singapore (SGP) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. Singapore has one of the worlds busiest ports in terms of shipping tonnage. Cultural activities in Singapore are largely derivative, springing from one or another of the major civilizations of China, India, Indonesia, or the West. U.S. exports of services to Singapore were an estimated $24.7 billion in 2020, 2.8 percent ($703 million) less than 2019, but 132 percent greater than 2010 levels. 1% (2016 est. There are more than 4,500 U.S. companies registered in Singapore and the United States is the largest foreign investor in Singapore, with about $270 billion in direct investments. Singapore's main export partner. Singapore's trade with major trading partners such as Malaysia, China, Indonesia and South Korea increased in 2012, while trade with EU27, United States, Hong Kong and Japan decreased in 2012. Log in, Scents used for beverage or industrial manufacturing, Coal tar oils (high temperature distillation), Wrist/pocket watches (precious metal case), Electrical/optical circuit boards, panels, Flour/meal/starch/malt extract food preparations, Wrist/pocket watches (no precious metal case), Packaged insecticides/fungicides/herbicides, Electrical machinery, equipment: US$167.1 billion (36.5% of total exports), Machinery including computers: $69.2 billion (15.1%), Mineral fuels including oil: $46 billion (10%), Optical, technical, medical apparatus: $22.3 billion (4.9%), Gems, precious metals: $21.1 billion (4.6%), Plastics, plastic articles: $15.9 billion (3.5%), Perfumes, cosmetics: $10.4 billion (2.3%), Other chemical goods: $7.2 billion (1.6%), Electrical machinery, equipment: US$29.1 billion (Up by 25.4% since 2020), Machinery including computers: $9.3 billion (Up by 77.4%), Plastics, plastic articles: $7.6 billion (Up by 32.9%), Optical, technical, medical apparatus: $7.6 billion (Down by -5.1%), Pharmaceuticals: $5.81 billion (Up by 9.3%), Perfumes, cosmetics: $5.69 billion (Up by 7%), Miscellaneous food preparations: $5.5 billion (Up by 10.7%), Organic chemicals: $4.8 billion (Up by 9.7%), Other chemical goods: $1.8 billion (Up by 6.5%), Nickel: $818 million (Reversing a -$381.4 million deficit), Mineral fuels including oil: -US$29.5 billion (Up by 56.3% since 2020), Animal/vegetable fats, oils, waxes: -$1.9 billion (Up by 49.7%), Articles of iron or steel: -$1.2 billion (Down by -0.9%), Iron, steel: -$1.04 billion (Up by 95.9%), Furniture, bedding, lighting, signs, prefabricated buildings: -$1 billion (Up by 27.2%), Dairy, eggs, honey: -$910.4 million (Up by 12.8%), Salt, sulphur, stone, cement: -$855.1 million (Up by 93.5%), Aircraft, spacecraft: -$794.4 million (Down by -20.4%), Singapore Technologies Engineering (electronics manufacturing), Medical Technology (medical/healthcare equipment), Singapore Telecommunications Limited (communications), Wajilam Export Singapore (wood, chocolate), Sephora Singapore (copper pipes/tubes, cabinets), Ltt Veneer Singapore (soybean flours, hams). Regarded as a rapidly growing "developed country", Singapore is a key cornerstone to regional development and has a key role to play in driving the ASEAN growth. During the same period of diminishing economic growth. The bulk of US investment is in electronics manufacturing, oil refining and storage, and the chemical industry. The Singapore Economic Development Board (EDB) continues to attract investment funds on a large-scale for the country despite the city's relatively high-cost operating environment. Singapore: How to Attract More Investment in Renewable Energy? The Ministry of Social and Family Development runs ComCare, a program which provides income support for low-income citizen households through various schemes for short-to-medium term assistance, long-term assistance, child support, and urgent financial needs. Find Data Search for data by themes or A-Z. It helped the employers to cope with costs associated with the increase in Central Provident Fund (CPF) contribution rates for older workers. Obtain latest news and data; View dates of upcoming data releases; Sign up for alerts on key releases; Check out the newsletter. Singapore, city-state located at the southern tip of the Malay Peninsula, about 85 miles (137 kilometres) north of the Equator. The biggest export product, with 43 percent share, is machinery and equipment.The country also exports petroleum (19 percent); chemical products (13 percent); miscellaneous manufactured articles (8 percent) and oil bunkers (7 percent). [51] Raffles found Singapore to be a perfect location, sitting just of the edge of the Straights of Malacca, nowadays one of the most important shipping lanes in the world. 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Singapore is the 5th most visited city in the world, and 2nd in the Asia-Pacific. Singapore has a highly developed and successful free-market economy. [100] In 2014, Singapore's imports totaled $464billion, and exports totalled $519billion. For their second property onwards, they pay up to 15% ABSD. In 2007, it exported 68.1million tonnes of oil. Based on Singapore Sellers Data, the top 10 product exports by Singapore shared an export value of 369.6 Billion US Dollars along with a 79.80% share of total exports. rubber, copra, fruit, vegetables; poultry, eggs, fish, orchids, ornamental fish, Currency: It was up roughly 297.5 percent from 2003 (pre-FTA). For foreigners the ABSD rate is 20% no matter if it is the first property. [99], Singapore's total trade in 2014 amounted to S$982 billion. Those on academic tracks are further channeled into four- or five-year courses of instruction. machinery. Though India and Singapore have been doing great in bilateral trade yet the overall export of India to Singapore is only 2.5% of overall export of India. Detailed statistics. [104], In 2000, Singapore had a workforce of about 2.2million. This page provides the latest reported value for - Singapore Exports - plus previous . [43][44][45] The economy of Singapore ranked 2nd overall in the Scientific American Biotechnology ranking in 2014,[46] with the featuring of Biopolis. In 2019, the most important export partner of Singapore was China, with a share of 15 percent . For this, the country has also been dubbed the "Switzerland of Asia". U.S. goods exports to Singapore in 2020 were $26.9 billion, down 13.7 percent ($4.3 billion) from 2019 and down 7 percent from 2010. However, the economic slowdown in the United States, Japan and the European Union, as well as the worldwide electronics slump, had reduced the estimated economic growth in 2001 to a negative 2.0%. U.S. direct investment in Singapore is led by nonbank holding companies, manufacturing, and wholesale trade. The economy of Singapore is a highly developed free-market economy with dirigiste characteristics. As of 2019, Singapore's infrastructure is ranked the best in terms of quality, with a score of 95.4 out of 100. Market profile. singapore major exports. Singapore has enjoyed virtually full employment for long periods of time. Singapore's trade surplus grew 43.8% from $31.4 billion a year earlier. Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 51.9% from 2020 to 2021. The government-owned Singapore Broadcasting Corporation controls all local radio and television broadcasting. zero percent rate of appreciation of SGD NEER band; width widened. The most trading partner of Singapore country-wise, In terms of Import-export, is " China . There was abundant timber and fresh water, and a natural deep water harbor which would be beneficial for the British fleet. [26] Singapore has low tax-rates[27] and the second-highest per-capita GDP in the world in terms of purchasing power parity (PPP). [113][114], Singapore is one of the world's wealthiest countries per capita, but its Gini coefficient is high in comparison to developed countries. [57] FDI inflows increased greatly over the following decades, and by 2001 foreign companies accounted for 75% of manufactured output and 85% of manufactured exports. [167] The most active year in terms of numbers (926) and value (78. bil. The latest information regarding significant trade barriers can be found in the 2021 National Trade Estimate Report, see here. However, the Sultanate was weakened by factional division within his people and Temenggong Abdul Rahman and his officials were loyal to Rahman's elder brother Tengku Hussein (or Tengku Long) who was living in exile in Riau. The unicameral Parliament consists of 94 members, of whom 84 are elected and 10 are appointed to terms of up to five years. Exports were $51.6 billion; imports were $42.1 billion. As of November 2011, the top six Singapore-listed GLCs accounted for about 17 percent of total capitalization of the Singapore Exchange (SGX). Add that to the extra choices and exclusive privileges, brought together by the award-winning service you love, all you have left to do is sit back . [90] In 2022, the biopharma industry of Singapore accounted for manufacturing output of USD 18 billion a year, a value that had tripled during two decades. Opportunities for higher education are determined by academic performance and usually involve two or three years of preuniversity instruction followed by enrollment at a university or technical college. According to Singapore Custom Data, the most import-export item of Singapore is " Electrical Machinery & Equipment " with a total Import value of $108.8 Billion US Dollars and with a total export value of $132.1 Billion US Dollars in the year 2020. India's trade balance with Singapore is in positive which is a good sign. Driven by Growth: Political Change in the Asia-Pacific Region edited by James W. Morley. [citation needed] Much of the wealth accumulated early within the region was to be accredited to it hosting one of the major seaport hubs. Singapore has a strategic port which makes it more competitive than many of its neighbours in carrying out such entrept activities. In 2018, Singapore's GDP was the 41 st highest in the world at $349.659 billion while its per capita GDP was the 8 th highest in the world at $61,766. Singapore's economic strategy produced real growth averaging 8.0% from 1960 to 1999. [108] To support employers in hiring older Singaporean workers, Special Employment Credit (SEC) was introduced in 2011. There are both government and private hospitals, while nonhospital care is dispensed from numerous outpatient clinics and mobile centres. [109][110], The Singapore Government and the NTUC have tried a range of programs to increase lagging productivity and boost the labour force participation rates of women and older workers. [124][125] Singapore is required under its constitution to keep a balanced budget over each term of government. The 1990s emergence of efficient manufacturing firms in southeast Asia challenge the nation with such a small labor force and land restrictions. [135][136][137] While GIC invests abroad, Temasek holds 31% of its portfolio in Singapore, holding majority stakes in several of the nation's largest companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp. Imports in Singapore averaged 16520.19 Million SGD from 1964 until 2022, reaching an all time high of 61722.29 Million SGD in July of 2022 and a record low of 266.38 Million SGD in July of 1964. As of 1999, cumulative investment for manufacturing and services by American companies in Singapore reached approximately $20billion (total assets). Singapore was the United States' 14th largest goods export market in 2020. [94] As a financial hub, Singapore can play an important role in attracting investment in renewable energy in the entire ASEAN region. 16,156 mergers and acquisitions deals have been conducted in Singapore so far, which accumulated to a total value of 850. bil. At the time of its independence, Singapore's economy was one of the lowest ranked in the world having GDP per of $516. Singapore's largely corruption-free government, skilled workforce, and advanced and efficient infrastructure have attracted investments from more than 3,000 multinational corporations (MNCs) from the United States, Japan, and Europe. According to the Department of Commerce, U.S. exports of goods and services to Singapore supported an estimated 235 thousand jobs in 2019 (latest data available) (115 thousand supported by goods exports and 120 thousand supported by services exports). The Industrial Arbitration Court handles labour-management disputes that cannot be resolved informally through the Ministry of Manpower. And for entities it is 25%. Containerized cargo accounts for more than half of the general-cargo tonnage. The top export categories (2-digit HS) in 2020 were: machinery ($5.1 billion), electrical machinery ($4.1 billion), aircraft ($3.5 billion), optical and medical instruments ($2.9 billion), and mineral fuels ($2.5 billion). 3.9% (2014 est. [52], On 17 November 1869, the Suez Canal opens, connecting the Mediterranean Sea to the Red Sea. To preserve its international standing and to further its economic prosperity in the 21st century, Singapore has taken measures to promote innovation, to encourage entrepreneurship and to retrain its workforce. This page provides the latest reported value for - Singapore Imports - plus previous . Amid an economic slump, the unemployment rate rose to 4.0% by the end of 2001, from 2.4% early in the year. U.S. pork export to Singapore increased last year by almost 20% from 2016: $ 14 million in 2016 . Notable in this capacity has been the oil-refining industry. Singapore's main imports are electronic components, refined petroleum, crude petroleum, gold, and computers. Sales of commodity group 08 from Singapore went up by 13.2% compared to 2019: exports of commodity group 08 "Edible fruit and nuts; peel of citrus fruit or melons" went up by $ 14.2 million (cumulative exports of commodity group 08 from Singapore . Singapore's May non-oil domestic exports (NODX) expanded 8.8% from a year earlier, official data showed on Thursday, driven mainly by non-electronic shipments such as specialised machinery . [66], The 1990s posed a great question for Singapore, as to how they would reinvent their economy. The armed forces of Singapore are divided into army, air force, and navy branches. Among Singapore's trading partners that generate the greatest positive trade balances, Singaporean surpluses with mainland China (up 230.6%), Indonesia (up 81.7%) and Australia (up 51.3%) grew at the fastest pace from 2020 to 2021. This infographic is based on data compiled by the Department of Statistics, other government agencies and statutory boards. Upon independence from Malaysia in 1965, Singapore faced a small domestic market, and high levels of unemployment and poverty. ", "Is Temasek a statutory board or a government agency? And which countrys name means "silvery"? Singapore exports for 2020 was $627.46B, a 4.66% decline from 2019. During the last five reported years the exports of Singapore have changed by $10.4B from $271B in 2015 to $281B in 2020. According to Healy Consultants, Singapore has free trade access to the entirety of the ASEAN network, with import duty reduced when dealing with Indonesia, Malaysia, the Philippines, Thailand, Brunei, Burma, Cambodia, Laos and Vietnam. Note: numbers may not add up to the totals due to rounding, For more information, please refer to the resources at, 2022 Government of Singapore Most important export partner countries for Singapore in 2019. Singapore's direct investment in the U.S. is led by manufacturing, wholesale trade, and professional, scientific, and technical services. The Port of Singapore Authority oversees all shipping activity and operates a number of terminals on the island. U.S. imports from Singapore account for 1.3 percent of overall U.S. imports in 2020. As a percentage, 14% of Singapore 's exports go to China, Malaysia, and Indonesia import 12% each from companies in Singapore, as for Hong Kong and Australia . Learn more about the statistical standards, classifications, concepts and methods adopted by Singapore Department of Statistics, as well as other international classifications. It was up roughly 371.7 percent from 2003 (pre-FTA). Singapore is a major transshipment hub for the Asian market. GDP growth during this time was slightly lower than the preceding years, at 8.5% annually. Singapore is made up of one main island and 63 other small islands, most of which remain uninhabited. Since 2009, the value of exports exceeds imports for Singapore's trade with China. [74] Economists had to downgrade their numbers from previously, and some suggested that the economic recovery could take some time. Singapore is currently our 17th largest goods trading partner with $57.8 billion in total (two way) goods trade during 2020. Total Exports (2019) $390,331,757,374 : Total Imports (2019) $358,974,637,219 : Trade Balance (2019) $31,357,120,155 . With spurs of race riots the colonial powers sought to empower and establish a formidable local government. The police force is responsible for internal security, traffic management, and crime prevention. Unemployment has since declined and as of 2012 the unemployment rate stands at 1.9%. However, much unlike the economic policies of Greece and the rest of Europe, Singapore followed a policy of individualising the social safety net. The economy expanded by 2.2% the following year, and by 1.1% in 2003 when Singapore was affected by the SARS outbreak. Singapore's FDI in the United States (stock) was $27.3 billion in 2020, up 3.8 percent from 2019. Aug 17, 2022, 3:44 PM SGT. In addition, Singapore went from a -$1.1 billion trade deficit during 2020 to post a $6.4 billion surplus for 2021. The 5-year SEC scheme was further extended to additional 3 years, up to 2019 to encourage employers to voluntarily re-employ older workers aged 65 and above. The US leads in foreign investment, accounting for 40% of new commitments to the manufacturing sector in 2000. U.S. beef exports to Singapore have been increasing steadily since 2016, following the agreement between the United States and Singapore in 2015, restoring a wider market access for U.S. beef and beef products in the country. [79] Senior Minister of State for Trade and Industry Chee Hong Tat announced that some 3,800 companies had closed in April 2020, only slightly higher than the 3,700 reported on average for the same month in the past 5 years. It carries this out by intervening in the SGD market as well as other operations in the money market. Justice is administered by the Supreme Court and by courts of lesser jurisdiction, such as district and magistrates courts. With most of the unrest resulting from high unemployment, the local government was directed to solve this issue. This was after the economy shrank 2.2% in the first quarter of 2020 from the same quarter in 2019. Despite growth diminishing, the nation has yet to post negative growth rates which are a positive sign. Without a burdensome welfare state or its likeliness, Singapore has developed a very self-reliant and skilled workforce well versed for a global economy. The navy patrols the countrys coastal waters and protects shipping lanes. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. SMEs contribute 43% of Singapore's GDP (S$428 bil) and employ 70% of Singapore's total workforce of 3.35 million. [134], The Singapore government owns two investment companies, GIC Private Limited and Temasek Holdings, which manage Singapore's reserves. [120] Meanwhile, the Ministry of Health also runs MediFund to assist families that have difficulty paying for medical bills despite government subsidies and other health financing schemes. 1.7% (2016)[168], Industrial production growth rate: In the 2020 Global Financial Centers Index, Singapore was ranked as having the sixth most competitive financial center in the world, and fourth most competitive in Asia. [28], Singapore relies on an extended concept of intermediary trade to entrept trade,[29][30] by purchasing raw goods and refining them for re-export in order to sustain its high levels of export-oriented industrialization, such as in the wafer-fabrication industry and in oil refining. Currently for Singapore citizens buying their first property, there is no ABSD. or https:// as an added precaution. It was apparent that Singapore would also struggle as a result of the global financial crisis given its status as a financial services hub. The biggest export product, with 43 percent share, is machinery and equipment. 1 Singapore dollar (S$ or SGD) = 100 cents, Please help by moving some material from it into the body of the article. U.S. exports to Singapore are up 62.6 percent from 2003 (pre-FTA). Goods exports totaled $26.9 billion; goods imports totaled $30.8 billion. Imports in Singapore decreased to 55372.31 Million SGD in September from 57290.06 Million SGD in August of 2022. The U.S. goods trade deficit with Singapore was $3.9 billion in 2020. Singapores international airport, Changi, at the eastern end of the main island, is a major regional and overseas air hub. [118] The Community Development Councils also run various local assistance schemes within their districts. The government also has encouraged firms to invest outside Singapore, with the country's total direct investments abroad reaching $39billion by the end of 1998. Services as a share of total trade increased from 19.7 percent in 2004 to 26.7 percent in 2014. Answer (1 of 9): Some of the major exports of Singapore are petroleum gas and petroleum oil. [73] On 26 May, MTI said that it was revising down its expectation for the Singapore economy in 2020 to shrink by 4% to 7%. Overall, Singapore posted a trade surplus of $45.1 billion in 2020. He offered to recognize Hussein as the rightful Sultan of Johor and provide him with a yearly payment; in return, Hussein would grant the British the right to establish a trading post on Singapore. There was no change in foreign exchange policy from the March decision. [97][98], Tourism plays an important role in the economy of Singapore. The banks involved included Credit Suisse AG, Deutsche Bank AG, The Hongkong and Shanghai Banking Corporation Limited, ING Bank N.V., Citibank N.A. One major issue in 1984 was the health concerns with pig farms in Singapore, concerning the pollution of the environment. Singapore-Australia In 2020, Singapore exported $6.26B to Australia.The main products that Singapore exported to Australia are Refined Petroleum ($2.82B), Other Edible Preparations ($379M), and Crude Petroleum ($333M). [91], Singapore is the pricing centre and leading oil trading hub in Asia. In seasonally adjusted quarter-on-quarter terms, the economy grew 1.5%, a reversal from the 0.2% contraction previously. The main duties of the air force are air defense, support of ground forces, and long-range surveillance and tracking. Download SingStat Mobile App for fast, free and easy access to Singapore official statistics and key ASEAN statistics! MICE (Meetings, Incentives, Conferences, Exhibitions) tourism, Agreement between New Zealand and Singapore on a Closer Economic Partnership, Agreement between the EFTA States and Singapore, JapanSingapore Economic Partnership Agreement, United States-Singapore Free Trade Agreement, Trans-Pacific Strategic Economic Partnership Agreement, India Singapore Comprehensive Economic Cooperation Agreement, Ministry of Social and Family Development, Singapore Workplace Safety and Health Conference, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2020", "Singapore economy tipped to grow 5.5% next year; vaccines could push growth higher", "Employment to population ratio, 15+, total (%) (national estimate) Singapore", "Net international investment position as at Q1 2015", "Operating Revenue and Total Expenditure as at 2017 estimate", "How Fitch, Moody's and S&P rate each country's credit rating", "What is the Singapore model of economic development? [129] There are no capital gains or inheritance taxes in Singapore. The top import categories (2-digit HS) in 2020 were: precious metal and stone (gold) ($5.6 billion), pharmaceuticals ($4.3 billion), machinery ($3.9 billion), optical and medical instruments ($3.6 billion), and miscellaneous food (preperations for beverage manufacture) ($3.2 billion). It also has opened, or is in the process of opening, the financial services, telecommunications, and power generation and retailing sectors up to foreign service providers and greater competition. Look for a lock () From the imports and exports, it is clear that the biggest industries in Singapore include electronics, chemicals, petroleum refining, financial services, and oil-drilling equipment. However, it is worth noting that there were efforts by some vegetable suppliers from Malaysia to try and smuggle food in if they do not meet food safety standards. USD. Singapore exports especially in electronics, chemicals, and services provided to the main source of revenue for the economy. The U.S. was Singapore's fourth largest source of imports, after China, Malaysia and Taiwan. The FTA between the United States and Singapore supports approximately 215,000 American jobs, and our bilateral goods and services trade surpassed $93 billion in 2020. Trade in services with Singapore (exports and imports) totaled an estimated $35.9 billion in 2020. U.S. imports from Singapore are up 104 percent from 2003 (pre-FTA). He left Calcutta and set out to explore much of South-East Asia. Malaysia was Singapore's main import source, as well as its largest export market, absorbing 18% of Singapore's exports, with the United States close behind. U.S. goods and services trade with Singapore totaled an estimated $93.7 billion in 2020. Since the nations independence in 1965 Singapore GDP has amassed an average of a 9.5% increase. A Sharah court has jurisdiction in matters of Islamic law. The main downside risks stem from supply chain disruptions due to China's zero-covid strategy and high energy prices. [citation needed], Singapore is considered a global financial hub by many leading financial analysts, economists and politicians, with Singapore banks offering world-class corporate bank account facilities. Before modernised development, Orchard Road was a stretch of agricultural orchards. The GDP of Singapore is $364 billion and its GDP per capita is $64,582. Leading services imports from Singapore to the U.S. were in the research and development, financial services, and professional and management services sectors. [93], Singapore has limited potential for renewable energy mainly due to its small surface area; solar power holds the greatest potential. Raffles was looking for a new settlement to replace Malacca that could provide a key economic advantage over the Dutch Empire. In 1987, Lee claimed that (based on the government's home ownership criterion) 80% of Singaporeans could now be considered to be members of the middle-class. [83][84] In 2017, GSK shifted its Asian Headquarters to Singapore.[85]. [9], In October 2018, Oxfam ranked Singapore 149 out of 157 in its Commitment to Reducing Inequality Index 2018, placing it among the bottom ten of the countries in the index, which ranks countries based on efforts to reduce economic inequality. Singapore Exports By Country - was last updated on Saturday, November 5, 2022. Trade in Singapore has benefited from the extensive network of trade agreements Singapore has passed. zero percent rate of appreciation of SGD NEER band; width narrowed. Malaysia was Singapore's main import source, as well as its largest export market, absorbing 18% of Singapore's exports, with the United States close behind. [101], Malaysia is Singapore's biggest trading partner, with bilateral trade totalling roughly 91billion US dollars in 2012, accounting for over a fifth of total trade within ASEAN. [115] Without taking taxes and social transfers into account, Singapore's gini coefficient puts the country in the medium range. The parliamentary majority selects the prime minister, who is head of government, and the cabinet from its own ranks, and they in turn form the government. [87], Singapore has also attracted assets formerly held in Swiss banks for several reasons, including new taxes imposed on Swiss accounts and a weakening of Swiss bank secrecy. In fact, U.S. beef exports increased significantly from $19.6 million in 2016 to $41 million in 2021. Singapore: Non-oil domestic exports (NODX) increase at a softer rate in September. The government and voluntary associations, the latter coordinated by the Council of Social Service, provide welfare services for the aged, sick, and unemployed. On 1 August 1961, the Singapore Government established the Economic Development Board to spearhead an investment drive, and make Singapore an attractive destination for foreign investment. [147], In May 2022, six major banks agreed to pay $64.5 million to resolve antitrust allegations that they worked together to rig benchmark Singapore interest rates. Some market commentators doubted the economy's ability to cope with the effects of the crisis. Singapore is an important international air transit hub and gateway to Asia. U.S. foreign direct investment (FDI) in Singapore (stock) was $270.8 billion in 2020, a 3.9 percent increase from 2019. [58][59][60] The beginning of Lee's tenure was marked with success and from 19651973, annual growth of real GDP was 12.7%. The country has annual product exports of $323 billion and imports of $323 billion, giving it a neutral trade balance. With regards to foreign direct investment (FDI), the Singaporean economy is a major FDI outflow-financier in the world. inflation. Find COVID-19 Vaccines Near You: Vaccines.gov (English) Vacunas.gov (Spanish)Text your zip code to 438829 (GETVAX) in English or 822862 (VACUNA) in Spanish. The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore. [83][84], In April 2013, the country was recognised as an increasingly popular tax haven for the wealthy due to the low tax rate on personal income, a full tax exemption on income that is generated outside of Singapore and 69 double taxation treaties[87] that can minimise both withholding tax and capital gains tax. This led to a higher than average savings rate and a very sustainable economy in the long run. The emphasis of this ideology has been a rigid public morality focused on personal appearance and cleanliness, political loyalty, and family planning. China, Malaysia and Taiwan are the top 3 import trading partners of Singapore. [71], Singapore is expected to experience an economic slowdown in 2019, with GDP growth slowing to 1.9% from 3.1% in 2018, due to tariff hikes from the United States and China. In 2017, over 97% of telecommunications products imported into Singapore were re-exported for third country consumption. China, the United States, Indonesia, Malaysia, and Japan are Singapores principal trading partners. Unemployment and inflation have also decreased. Contents1 What are Singapore's exports and imports?2 What is the main commodity [] Singapore continues to perform its traditional function as a financial intermediary, shipping raw materials such as rubber, timber, and spices from the Southeast Asian region in exchange for finished goods from both within and, especially, outside the region. . [39][40] As a result, Singapore imports 90% of its food supply and has a wide variety of supplier countries in order to achieve its food security; Singapore is ranked as among the most food secure in the world.[41][42]. Responding to our survey? other: Malay music, which has adopted the rhythms of Western orchestras, has general appeal. The administrative structure consists of the various ministries and statutory boards. Musical films that popularize Hindi and Tamil songs have a considerable following, as do films from Hong Kong, Taiwan, and the United States. Think-tank Stockholm International Peace . Last Updated: 16 Mar 2022. Singapore has a single-tier corporate income tax system, which means there is no double-taxation for shareholders. . Euromonitor reports that Singapore's economy rebounded robustly from the shock induced during the early stages of the COVID-19 pandemic. October . The People's Republic of China was the top destination, accounting for 14% of total overseas investments, followed by Malaysia (10%), Hong Kong (9%), Indonesia (8%) and US (4%). The United States has a services trade surplus of an estimated $13.5 billion with Singapore in 2020, down 6.2 percent from 2019. gradual modest appreciation rate of appreciation of SGD NEER band. Re-exports accounted for 43% of Singapore's total sales to other countries in 2000. 2015 and 2016 saw a downturn for the nation as GDP growth shrunk to just 2 percent. Top 10 Singapore Imports from China China's exports to Singapore amounted to It starts with a seat. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. The government of Singapore has two sovereign wealth funds, Temasek Holdings and GIC Private Limited, which are used to manage the country's reserves. Australian millionaire retailer Brett Blundy, with an estimated personal wealth worth AU$835million, and multi-billionaire Facebook co-founder Eduardo Saverin are two examples of wealthy individuals who have settled in Singapore (Blundy in 2013 and Saverin in 2012). What are the main imports of Singapore? Singapore corporate tax is 17 per cent. Unemployment averaged 14 percent, GDP per capita was US$516, and half of the population was illiterate. Under Lee, Singapore had both low inflation and unemployment. ), Electricity production by source: Singapore, Service exports (BoP, current US$) is 187,564,459,530.47. machinery Singapore derives most of its revenues from foreign trade. Apart from its strategic location at the cross-roads of trade between the East and the West, Singapore has little to no natural resources, hence human resources is a pivotal issue for the health of the Singaporean economy; the services and manufacturing sectors of the economy are heavily reliant on a highly-educated and highly-skilled 'Professional, Managerial, Executive and Technical' (PMET) workforce composed of residents and expatriates. [130][131] Singapore's corporate tax rate is 17% with exemptions and incentives for smaller businesses. Premium Economy Class. India's trade balance with Singapore in FY 2015-16 was $367.27 million while the export to Singapore was $6978.51 . It was first enhanced in 2012 to provide employers with support in hiring older Singaporean workers and Persons with Disabilities (PWDs). Singapore's principal exports are electronic components, refined petroleum, gold, computers, and packaged medications. Entrept activities, where goods are transhipped and sometimes processed or manufactured in the immediate area, account for about one-third of Singapores export trade. Major imports are machinery and transport equipment and crude petroleum, while machinery and refined petroleum products are the major exports. ), Electricity consumption: [111] In 2012, the Ministry of Trade and Industry (MTI) reported that Singapore should continue to fine-tune the calibration of its inflow of foreigners as the country continues to face an ageing population and a shrinking workforce. U.S. goods being re-exported from intermediary consignees in Singapore to ultimate consignees in third countries require specific licensing. The president is head of state; until 1991 the largely ceremonial post of president was filled by parliamentary election, but in that year the constitution was amended to allow for the direct popular election of the president and for presidential powers to be expanded. Electrical machinery, equipment: US$167.1 billion (36.5% of total exports) Optical, technical, medical apparatus: $22.3 billion (4.9%) Singapore's top 10 exports represent 83.7% of the overall value of its global shipments. The country also exports petroleum (19 percent); chemical products (13 percent); miscellaneous manufactured articles (8 percent) and oil bunkers (7 percent). Vakulchuk, R., Chan, H.Y., Kresnawan, M.R., Merdekawati, M., Overland, I., Sagbakken, H.F., Suryadi, B., Utama, N.A. MNCs account for more than two-thirds of manufacturing output and direct export sales, although certain services sectors remain dominated by government-linked corporations. (e.g. It enjoys an open and corruption-free environment, stable prices, and a per capita . In 2000, there were about 600,000 foreign workers in Singapore, constituting 27% of the total work force. Singapore exports for 2019 was $658.11B, a 1.15% decline from 2018. Singapore was ranked 17th on the list of world's top importers. fossil fuel: Tourism is a major industry and contributor to the Singaporean economy, attracting 18.5 million international tourists in 2018, more than three times Singapore's total population. The United States provides no bilateral aid to Singapore, but the US appears keen to improve bilateral trade and signed the US-Singapore Free Trade Agreement. [132], Singapore introduced Goods and Services Tax (GST) with an initial rate of 3% on 1 April 1994, increasing government's revenue by S$1.6billion (US$1b, 800m) and establishing government finances. The most recent exports are led by Integrated Circuits ($62.7B), Refined Petroleum ($27B), Gold . ASEAN Centre for Energy (ACE) Policy Brief Series, No 11. [143] It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. Services exports were $24.7 billion; services imports were $11.2 billion. [146] In some circumstances, such as during the COVID-19 pandemic MAS can change the date of its twice yearly meeting. [55], In 1955, a Singapore local legislative Assembly with 25 out of 35 members elected was formed.[56]. In 2021, Singaporean importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics. 10. The government's total expenditure as a percentage of GDP ranks among the lowest internationally and allows for a competitive tax regime. As with many other areas, the farms there soon began to disappear, and Singapore became more reliant on overseas imports. [106] The National Trades Union Congress (NTUC), the sole trade union federation, which has a symbiotic relationship with the ruling party, accounts for almost 99% of total organised labour. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore's vibrant transportation, business, and financial services sectors. Where is the Great Fence? However, unemployment was virtually 0%, and most of the population had experienced great strides in productivity. In terms of GDP, Singapore is the 36th largest economy in the world. [citation needed], In the 1950s, the region saw social unrest which resulted in colonial powers deciding to relinquish some decision making. [80], The public sector is used both as an investor and as a catalyst for economic development and innovation. Exports structure from Singapore in 2020 represented by the following main commodity groups: 35% (132 billion US$): 85 - Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles; 14% (52 billion US$): 84 - Nuclear reactors, boilers, machinery and mechanical appliances . [126][127][128], Personal income taxes in Singapore range from 0% to 22% for incomes above S$320,000. The island has a well-developed network of roads and highways, but traffic congestion frequently is a serious problem. [330] Here is a list of the top 10 deals with Singaporean participation inbound or outbound: Percentage of economic growth: What is the major export of Singapore? The Singapore Government has stressed the importance of co-operation between unions, management and government (tripartism), as well as the early resolution of disputes. All figures in billions of Singapore dollars. [67] Despite struggling in the manufacturing sector Singapore thrived in global finance, trading, and was an industrial hub for international trade.[68]. It has also been entrusted to promote monetary stability, and credit and exchange policies conducive to the growth of the economy. USD) has been 2017, so there is currently an all-time high. Foreign workers help make up this shortfall. Singapore continues to perform its traditional function as a financial intermediary, shipping raw materials such as rubber, timber, and spices from the Southeast Asian region in exchange for finished goods from both within and, especially, outside the region. According to the Observatory of Economic Complexity (OEC), Singapore shipped $62.7 billion in integrated circuits in 2020, making it the world's fifth largest exporter. Text your zip code to 438829 (GETVAX) in English or 822862 (VACUNA) in Spanish, Association of Southeast Asian Nations (ASEAN). These fully and partially state-owned enterprises operate on a commercial basis and are granted no competitive advantage over privately owned enterprises. As a result, wages are relatively suppressed or do not rise for all workers. This statistic shows the most important export partner countries for Singapore in 2019. nuclear: [31][32] The Port of Singapore is the second-busiest in the world by cargo tonnage and is the busiest transshipment port in the world.[33]. During this time, the government invested heavily in its budding financial services industry. Singapore exports for 2018 was $665.75B, a 13.18% increase from 2017. Despite this only small increase in companies shutting down, the number of companies starting up had declined by about a third from the average April since 2015. The government has also attempted some measures including wage restraint measures and release of unused buildings in an effort to control rising commercial rents with the view to lowering the cost of doing business in Singapore when central business district office rents tripled in 2006. Singapore Parliament accepted the recommendations by its Economic Strategies Committee (ESC) for the optimal ratio of the level of immigration and foreign manpower for both high and low skilled workers. Singapores electorate includes every adult citizen who is a registered voter, and voting is compulsory. [82], Government-linked corporations play a substantial role in Singapore's domestic economy. Traditional Chinese and Indian music, painting, and drama are practiced by numerous cultural societies and professional groups. slightly reduce rate of appreciation, with no change in width. [48], The following table shows the main economic indicators in 19802021 (with IMF staff estimates in 20222027). http://www.singstat.gov.sg/find-data/search-by-theme/trade-and-investment. U.S. exports to Singapore account for 1.9 percent of overall U.S. exports in 2020. What are Singapore's main exports? [117] The government responded to the report by claiming that it was more important to look at "real outcomes" such as Singapore's high home ownership, health, education, and employment, rather than public spending or tax rates, also saying that the report "assumes that high taxation and high public expenditure reflects commitment to combating inequality". [65] Living standards steadily rose, with more families moving from a lower-income status to middle-income security with increased household incomes. [47] The Ministry of Manpower (MoM) has the prime responsibility for setting, adjusting, and enforcing immigration rules for foreign workers, in order to achieve the dual mandate of maximum employment of the local resident population and maximum economic growth for the nation. [116] In its report, Oxfam accused Singapore of practices which encouraged "harmful tax practices", not having a universal minimum wage (apart from janitors and security guards), and poor performance on labour rights. [92] Singapore has 70 per cent of the world market for both jack-up rigs and for the conversion of Floating Production Storage Offloading units. [citation needed] On 6 February 1819 Raffles successfully arranged for the territory to be incorporated into the British Empire as an aforementioned trading post. U.S. total imports of agricultural products from Singapore totaled $3.3 billion in 2020, our 9th largest supplier of agricultural imports. Leading domestic export categories include: animal fats ($227 million), vegetable oils (excluding soybean) ($160 million), dairy products ($85 million), food preparations ($63 million), and essential oils ($47 million). It has 20 per cent of the world market for ship repair, and in 2008 the marine and offshore industry employed almost 70,000 workers. It was subsequently raised in January 2013 and then again in July 2018. As of 8 June 2013, Singapore's unemployment rate is around 1.9% and the country's economy has a lowered growth rate, with a rate of 1.8% on a quarter-by-quarter basiscompared to 14.8% in 2010. Leading categories include: sugars, sweeteners, beverages bases ($3.2 billion), other feeds and grain products ($22 million), vegetable oils ($14 million), baked goods, cereals, and pasta ($11 million), and essential oils ($5 million). Singapore, Service imports (BoP, current US$) is 172,689,211,144.60. Subsequently, a major turnaround occurred in 2004 allowed it to make a significant recovery of 8.3% growth in Singapore, although the actual growth fell short of the target growth for the year more than half with only 2.5%. Domestic services drove growth, offsetting a slowdown in the key manufacturing sector. Accounted for the bulk of Singapore's trade in services in 2021. Meanwhile, Singapore's savings and investment rates rose among the highest levels in the world, while household consumption and wage shares of GDP fell among the lowest. Government agencies communicate via .gov.sg websites Data released on Monday by Enterprise Singapore, a government agency, shows the benchmark non-oil domestic exports -- total exports minus oil and re-exports -- for 2020 came to 172 billion . The National University of Singapore, founded in 1980 by a merger of the University of Singapore and Nanyang University, is the largest and best-known institute of higher education. [50] Raffles had been searching for a new settlement that could be used as an outpost of the British Empire. Share of Indians who have a positive perception of Singaporean products . [107], While the Singapore government has taken a stance against minimum wage and unemployment benefit schemes, in 2007 the government introduced a Workfare Income Supplement (WIS) scheme to supplement wages of low-skilled workers. China. unchanged rate of appreciation of SGD NEER band; no change to width and the level at which it is centred. Goods exports totaled $26.9 billion; goods imports totaled $30.8 billion. machinery. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest bellwether companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp. The 1973 oil crisis raised government awareness of issues such as economic concentration. Foreign firms are found in almost all sectors of the economy. The oil industry has led to the promotion of the chemical industry as well as oil and gas equipment manufacturing. [34][35][36] Water is scarce in Singapore and a sizeable percentage of water is imported from Malaysia,[37] therefore it is defined as a precious resource. [119] The Ministry of Manpower runs a Silver Support Scheme which provides additional financial support for low-income elderly with no family support. Magazines published in the West, Hong Kong, and Japan also have wide appeal. Singapore exports for 2021 was $733.77B, a 16.94% increase from 2020. Imports stood at $282.9 billion and included things like consumer goods, foodstuffs, mineral fuels, and a few others. More than 1,500 US firms operate in Singapore. Integrated circuits/microassemblies: US$94.5 billion (up 31.8% from 2020) Phone system devices: $12.1 billion (up 4.1%) Solar power diodes/semi-conductors: $6.1 billion (up 17.9%) However, it is worth noting that there were efforts by some vegetable . During the last 25 years the exports of Singapore to Australia have increased at an annualized rate of 4.58%, from $2.04B in 1995 to $6.26B in 2020. Credit Suisse, the second largest Swiss bank, moved its head of international private banking to Singapore in 2005. These two sectors alone account for more than 50% of Singapore's total export turnover. The Monetary Authority of Singapore (MAS) is Singapore's central bank and financial regulatory authority. You will find more detailed statistics of Singapore's major exports by HS Code, Total Export Value, and Total Export Share in the chart given below: The U.S. trade balance with Singapore shifted from a goods trade surplus of $4.8 billion in 2019 to a goods trade deficit of $3.9 billion in 2020. Singapore's non-oil domestic exports (NODX) jumped 17.6% year-on-year in March, up from the revised 3.1% increase in February (previously reported: +3.0% year-on-year). This page was last edited on 28 October 2022, at 20:46. 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