Singapore has partnered with many countries to promote trade. She is busy signing MoUs and trade agreements with countries through the relevant government bodies. This move not only makes the state economically stable but also promotes better living for the citizens.
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Singapore is known all over the world as one of the best in facilitating trade. Already, most of the countries have signed an agreement on how to perform trade with mutual benefits. One such agreement is the Free Trade Agreement between the United States of America and Singapore. According to statistics, the country imports from the U.S.A and it exports various goods and services to the country.
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Other states with a large and stable economic environment that have a bilateral agreement with Singapore include Australia, Taiwan, Malaysia and India. They also have an excellent trade relationship with the far east countries including Japan and China. All these can be accredited to the fact that Singapore is a great country that has been ranked as one of the best and easiest place to do business by the World Bank.
Major Exports From Singapore
This state is a great exporter to various countries all over the world. It already has numerous factories and production plants for goods. Singapore is also an exporter of various services to other countries. Here is a list of the common exports from this state.
- Electricals and Machinery – being a great place to do this production, the country is the main exporter of electrical and machinery like computers and many others. India is probably one of the main recipients of these devices. In total, these account for over 40 percent of all the exports.
- Oil – not many people know that Singapore is an oil product exporter. It accounts for about 10 percent of the exports. In this category, we also have mineral fuel.
- Perfumes and fragrances – the state has numerous factories that produce these products which are then exported to different countries in the world.
Major Imports to Singapore
Just like the way this country sends exports outside the country, she also needs various imports to support her operations, Here is a list of major imports to the country.
- Gems – the state is an importer of gemstones and other related products. Most are used as raw materials to make high-end products like ornaments and jewelry.
- Pharmaceutical products – the health system in the country is robust and it needs both internal and external support. The country hence has to import from various countries that produce the best pharmaceutical products.
- Automobiles – both vehicles and motorcycles are that come to Singapore are imported either from Japan, Germany and any other country.
From the above highlights, it is evident that Singapore that has a robust and well-defined international market. Trade in this country is thriving well and it is predicted that it will get better with time.