Trade Policy and Regulations in Singapore
Foreign Trade in Figures
A real warehouse and crossroads of international trade, Singapore is highly dependent on external trade, which represents more than 400% of the GDP (2007-2009). The strategy adopted by the country is to promote export while being careful to minimize barriers to imports. Singapore signed the Asian Free Trade Area agreements (AFTA in the ASEAN context) and several bilateral agreements.
Singapore imports machinery and equipment, mineral fuels, chemical products, food commodities and consumption goods from Malaysia, United States, China, Japan, South Korea, Indonesia and Saudi Arabia. The country exports machinery and equipment (electronic), consumption goods, pharmaceutical products and mineral fuels to Malaysia, Indonesia, Hong Kong, China, the United States, Japan and Australia.
Singapore shows a high trade surplus, a trend which should continue in the coming years.
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||238,710||263,155||319,780||245,785||310,791|
|Exports of Goods (million USD)||271,807||299,308||338,176||269,833||351,867|
|Imports of Services (million USD)||64,938||74,405||87,202||79,117||96,067|
|Exports of Services (million USD)||66,078||84,824||99,002||93,245||111,736|
|Trade Balance (million USD)||42,591||45,963||26,615||30,231||-|
|Current Account (million USD)||35,126||47,084||36,011||32,628||-|
|Foreign Trade (in % of GDP)||438||405||423||-||-|
|Imports of Goods and Services (in % of GDP)||205||187||203||-||-|
|Exports of Goods and Services (in % of GDP)||234||217||221||-||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|United Arab Emirates||1.4%|
|Other partnersClose extended list||51.0%|
(% of Imports)
|United Arab Emirates||1.7%|
|Other partnersClose extended list||52.5%|
- Main International Economic Cooperation
- Member of
World Trade Organisation
Singapore does not belong to any Customs Union.It is a member of the Asia -Pacific Economic Cooperation (APEC).
It is a member of the ASEM (Asia-Europe Meeting).
It is a member of the SEAT (Six East Asian Traders)
Singapore is a signatory to multilateral and bilateral agreements with many countries. Visit: IESinggapore.
- Assessment of Commercial Policy
Country's commercial policy
Barriers to exchanges
Barriers to exchanges
Sanitary and phytosanitary barriers
- Average Customs Duty (Excluding Agricultural Products)
- 0%Singapore is duty free except for products like automobiles, gasoline, tobacco, and alcohol. For more details, visit: Tariff Schedule
- Useful Resources
- National Organization of Intellectual Property
- The organisation responsible for the protection of intellectual property in Singapore is the Intellectual Property Office of Singapore (IPOS).
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In 2010 Singapore’s GDP posted its fastest growth rate since records began in the early 1960s, with real GDP expanding by 14.5%. Growth in the first quarter of 2011 was also robust at 8.5% YoY, according to the advance estimates published by the Ministry of Trade and Industry (MTI).
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