Singapore

Overview

General

The Republic of Singapore is an independent city-state in South East Asia, comprising one major island and 59 small adjacent islets, located off the southern tip of the Malay Peninsula. It is one of the most important port cities and commercial centres of South East Asia.

Economy

Singapore has experienced remarkable economic growth and diversification since 1960. In addition to enhancing its position as a world trade centre, it has developed powerful financial and industrial sectors. Singapore has the most advanced economy in Southeast Asia and is often mentioned along with other rapidly industrializing countries in Asia, notably South Korea and Taiwan.

Singapore is blessed with a highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices, and one of the highest per capita GDP in the world. Singapore’s corruption-free government, skilled work force and advanced and efficient infrastructure have attracted investments from more than 7,000 multi-national corporations from U.S.A., Japan and Europe. Present also are 1,500 companies from China and another 1,500 from India.

The government has conducted 18 Free Trade Agreements (FTAs) with its key trade partners and is actively negotiating 8 FTAs with emerging economic partners.

As a member of ASEAN, Singapore is part of the ASEAN free trade area (AFTA) and is signatory to ASEAN FTAs with China, Korea, Japan, India and a joint agreement with Australia and New Zealand.
Singapore is also a party to the Transpacific Strategic Economic Partnership Agreement which includes Brunei, Chile and New Zealand

Exports

Particularly in electronics and chemicals, and services are the main drivers of the economy. Export is a substantial element of the Singapore economy, with exports at S$351.18 billion (2010) accounting for about 85 per cent of Singapore’s GDP.
Petroleum products, food/beverages, chemicals, pharmaceuticals, industrial machinery and equipment, electronic components, telecommunication apparatus, transport equipment.
Major markets:
Malaysia (11.9%) Indonesia (9.4%)
Hong Kong (11.7%) EU (9.6%) China (10.3%)
U.S.A. (6.4%) Japan (4.6%)

Imports:

$310.39 billion
Aircraft, crude oil and petroleum products, electronic components, radio and television receivers/parts, motor vehicles, chemicals, food/beverages, iron/steel, electricity generators.
Major Suppliers:
EU (12.3%) Malaysia (11.7%)
U.S.A. (11.2%) China (10.8%)
Japan (7.9%)

Manufacturing (including construction) and services are the twin engines of the Singapore economy and accounted for 26.7% and 67.5% respectively of Singapore GDP in 2010. The electronics and biomedical manufacturing industries account for 31.4% and 19.6% of Singapore’s manufacturing output in 2010. Singapore’s total trade accounted to $661.58 billion in 2010.