Singapore - Export Britain

Export Britain

Singapore

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Capital
Singapore

Administrative divisions
63 islands

Currency
Singapore dollar (SGD)

Area
710 km2

Population
(2012) 5,312,400 

Calling code
+65

Official language

English, Malay, Mandarin, Tamil

Latest Business Opportunities

See more opportunities for Singapore.

Ease of trading across borders

Importing a standard container of goods into Singapore requires:

4documents
4days
£271

Introduction

Singapore is the world's fourth-leading financial centre. The economy depends heavily on exports and refining imported goods. Singapore has a highly developed market-based economy. The Singaporean economy is known as an innovative, competitive and business-friendly economy. Singapore is the 14th largest exporter and the 15th largest importer in the world. The country is currently the only Asian country to have AAA credit ratings from all three major credit rating agencies. It attracts a large amount of foreign direct investment as a result of its location, corruption-free environment, skilled workforce, low tax rates and advanced infrastructure.

Economic snapshot (% annual growth rate)

201120122013-16
GDP 5.2 1.3 3.5
Export of goods and services 3.5 0.3 6.5
Import of goods and services 3.6 3.2 7.4
Inflation 5.2 4.6 2.8
Short-term interest rates (%) - - -
Exchange rate (per £) - - -
Population 2.1 2.5 1.4
Unit labour cost 3.1 0.6 -0.1
Source: Oxford Economics

Economic outlook

As China continues to rebalance the economy away from a reliance on credit, growth in countries – such as Thailand – that have come to rely heavily on trade with China will be affected. After the rebound in 2012, economic growth is expected to moderate to about 5% this year and next, the pace seen in the 3 years leading up to the global financial crisis.

Trade outlook

Singapore’s bilateral trade partners will continue to be dominated by emerging Asia, with exports to India, Vietnam and China growing. Malaysia and Indonesia will also become increasingly important trading partners. Exports to some Middle East and North Africa countries will also pick up in the years ahead, especially to Saudi Arabia, Egypt and the UAE. Imports will also be increasingly driven by Asian countries, with Vietnam, India, China and Bangladesh.


SWOT analysis

Strengths
Strong consumption ability
Good business environment
Weaknesses
Lack of Natural Resources
Limited Land to Build
Opportunities
Biotechnology Hub Investments
Threats
Incomplete supply-chains

Singapore's trade with the UK

Sector segmentation growth

Sectors to watch:
  • electronic components & boards, 
  • pharmaceuticals 
  • computers & office equipment

Manufacturing

  • machine tools, 
  • agricultural machinery 
  • other special purpose machinery.

Fastest-growing exporters into Singapore

Rank2012
1 Mexico
2 India
3 Bangladesh
4 Korea
5 Indonesia
6 France
7 UAE
8 Egypt
9 China
10 Poland

Total merchandise trade - Leading import partners

Total merchandise trade - leading import partners
Opportunities for UK businesses

Singapore is a major trading hub, importing and exporting all kinds of products from consumer goods to high technology and industrial goods for re-export to third countries. UK businesses will find attractive market opportunities in the following sectors: electronics, oil and gas equipment, IT, telecommunication equipment and education services. The Singapore government and private industry are expected to invest in several major projects including: drainage improvement projects over five years to achieve a higher level of flood protection; construction of several public hospitals and medical centres and construction of new Mass Rapid Transit rail lines.

Find support in this market.

Your local Chamber provides a range of export services and links to overseas markets.
Find your local Chamber here.

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