Singapore has a successful trademark. The Singaporean market economy is one of the most open economy in the world. The total trade of the country amounts to S$982 billion. The total Singapore imports of the country are around S$464 billion and total exports of the country are around S$519 billion.
Singapore exports especially in electronics, chemicals, and services provided to the main source of revenue for the economy. Singapore has the highest GDP ratio in the world in which the average around 400%. Re-exports for over 40% of total sales to other countries. However, Singapore’s primary export products include Consumer goods, petroleum and garment products, along with various electronic equipment that is used on a daily basis.
Singapore’s the imported goods that arrive in Singapore ranges from crude oil, aircraft, chemicals, steel, iron ore, apparel and petroleum products to electronic home appliance, motor vehicles, heavy industrial equipment, as well as daily consumable products.
The country has a strategic port which is competitive in carrying out the entrepot activities. When considering cargo tonnage, the Singapore port lies at the top three busiest ports in the world.
Singapore main industries
- Electronics
- Chemicals
- Financial services
- Oil drilling equipment
- Petroleum refining
- Biomedical products
- Scientific instruments
- Telecommunications equipment
- Rubber
- Food and beverages
- Ship repair
- Offshore construction
- Life sciences
- Re-exportation
Singapore import factors
- Imports US$282.9 billion (2016)
- Import goods
- Machinery and Equipment
- Mineral fuels
- Chemicals
- Foodstuffs
- Consumer Goods
- Main import partners
- China 14%
- European Union 14%
- Malaysia 11%
- Unites States 11%
- Taiwan 8%
- Other 42%
Singapore import information
- The total value of imports is around US$ 310.4 billion
- Primary import commodities are as follows;
- Machinery and equipment
- Mineral and fuels
- Chemicals
- Foods
- Consumer goods
- Refined petroleum
- Crude petroleum
- Integrated circuits
- Computers
- Petroleum gas
- Consumer import partners are as follows;
- Unites States 14.7%
- Malaysia 11.6%
- China 10.5%
- Japan 7.6%
- Indonesia 5.8%
- South Korea 5.7%
Rates of import in Singapore:
| YEAR | IMPORTS | RATE OF CHANGE |
| 2010 | 3100,394 | 18.8% |
| 2011 | 365,415 | 8.6% |
| 2012 | 379,735 | 3.2% |
| 2013 | 373,022 | -1.6% |
| 2014 | 366,016 | -0.6% |
Singapore export factors
- Exports of the country are around US$329.7 billion (2016)
- Export goods of the countries are as follows;
- Machinery and Equipment
- Electronics and Telecommunications
- Pharmaceuticals and Other Chemicals
- Refined petroleum products food and beverages
- Main export partners;
- China 13%
- Hong Kong 13%
- Malaysian 11%
- European Union 9%
- Indonesia 8%
- Other 47%
Singapore export information
- The total value of exports is around US$ 351.2 billion
- Primary export commodities are as follows;
- Machinery and equipment
- Electronics
- Consumer goods
- Pharmaceuticals
- Chemicals
- Mineral fuels
- Primary export partners
- Hong Kong 11.6%
- Malaysia 11.5%
- United States 11.2%
- Indonesia 9.7%
- China 9.7%
- Japan 4.6%
Rates of export in Singapore:
| YEAR | EXPORTS | RATE OF CHANGE |
| 2010 | 22.4% | 351,185 |
| 2011 | 7.5% | 409,207 |
| 2012 | -0.9% | 408,362 |
| 2013 | 0.6% | 410,286 |
| 2014 | 1.1% | 409,536 |
Singapore economy information
| TITLE | FIGURES |
| 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 |
Singapore trade agreements
- In 1993 after signing the country’s 1st FTA under ASEAN Free Trade Area (AFTA) the country’s network of FTA’s now include 21 bilateral and regional FTA’s in force with 32 trading partners
- The country’s FTAs has been an instrument by helping the businesses of the country to strengthen cross-border trade by eliminating or reducing import tariff rates which provides advance access to the service sectors, easing investment rules, improving intellectual property regulations and open procurement opportunities from the government
- Singapore FTAs has other bilateral relations with Australia, China, Coats 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 Association-Switzerland, Iceland, Liechtenstein, and Norway.
- The EU-Singapore FTA was finalized in December 2012 and will be provisionally applied at a mutually agreed date with European Parliament has ratified the agreement information on Singapore.