Singapore is currently our 17th largest goods trading partner with $57.6 billion in total (two way) goods trade during 2019. Goods exports totaled $31.2 billion; goods imports totaled $26.4 billion. The U.S. goods trade surplus with Singapore was $4.8 billion in 2019.
How much of the world’s trade goes through Singapore?
Singapore’s trade represented 319.1% of its GDP in 2019 (World Bank, 2020). The country ranks the 16th importers and the 15th exporters of the world (WTO, 2020).
How much does Singapore export?
In 2019, Singapore exported a total of $301B, making it the number 18 exporter in the world.
How does Singapore benefit from trade?
Singapore has an open economy which is driven by trade in goods and services. … With FTAs, Singapore-based exporters and investors stand to enjoy a myriad of benefits like tariff concessions, preferential access to certain sectors, faster entry into markets and Intellectual Property protection.
Why is Singapore so rich?
Today, the Singapore economy is one of the most stable in the world, with no foreign debt, high government revenue and a consistently positive surplus. The Singapore economy is mainly driven by exports in electronics manufacturing and machinery, financial services, tourism, and the world’s busiest cargo seaport.
Why is Singapore trade to GDP so high?
Singapore is also moderating the influx of foreign workers. … Singapore has the highest trade to GDP ratio in the world (around 400% on average during 2008-11) reflecting its position as a major transhipment hub and the high import intensity of Singapore’s exports.
Is Singapore dependent on trade?
Singapore is one of the most trade-dependent economies globally, reflecting its dual role as a key production node in global value chains (GVCs) as well as its status as a major entrepôt trading hub.
What do Singapore import the most?
Singapore’s Top Commodity Imports
|Oil & Mineral Fuels||$87.8 billion|
|Precious Stones & Metals||$20.3 billion|
|Iron & Steel||$2.9 billion|
Is Singapore a good place to live?
You and your family can live in Singapore with the confidence that your personal safety is always in good hands. Singapore is widely regarded as one of the safest countries in the world, with consistently low crime rates, a transparent legal system, and a reliable police force supported by proactive citizens.
What can I export to Singapore?
Common Products Exported to Singapore
Here’s a quick look at the best agricultural products to export from India to Singapore: Basmati rice. Milk and dairy products. Onions, ginger, cucumbers, potatoes, and tomatoes.