According to allcitypopulation, Singapore is a small island nation located in the Southeast Asian region. It is situated off the southern tip of the Malay Peninsula and is bordered by Malaysia to the north and Indonesia to the south. Singapore has a total land area of 693.6 square kilometers, making it one of the smallest countries in the world. Despite its small size, Singapore has a population of 5.6 million people, making it one of the most densely populated countries in the world.
The geography of Singapore consists mainly of lowlands and hills with its highest point standing at only 164 meters above sea level. The climate is tropical, with temperatures ranging from 22-34°C (72-93°F). The country experiences two monsoon seasons: the Northeast Monsoon from November to January and the Southwest Monsoon from June to September. According to Petwithsupplies, the capital city of Singapore is Singapore with a population of 5,600,000 (2017). Other major cities include other cities are missing.
Singapore’s economy is highly developed and modern, with it being ranked as one of Asia’s four “tiger economies” due to its rapid growth over recent decades. The economy is largely driven by exports, which account for around 40% of GDP. Major exports include electronics, chemicals, pharmaceuticals, financial services and information technology products. Other important sectors include manufacturing (14%), wholesale/retail trade (13%) and construction (11%).
In terms of economic freedom, Singapore ranks highly on global indices – according to Heritage Foundation’s Index for Economic Freedom 2020 report it was ranked as having the 3rd freest economy in the world behind Hong Kong and New Zealand respectively. This has helped create an attractive environment for investors due to its favourable tax rates & business-friendly regulations.
The country also benefits from having a highly educated workforce & strong infrastructure. In addition, Singapore also offers various incentives for foreign investors such as tax exemptions & access to double taxation avoidance agreements with other countries. All these factors have made Singapore an attractive destination for foreign investment, allowing it to become a major global financial centre.
Overall, Singapore has seen impressive economic growth since independence in 1965, transforming itself into one of Asia’s most dynamic economies. With its business-friendly environment & pro-investment policies, Singapore continues to remain competitive within global markets.
Foreign Trade of Singapore
Foreign trade has been an important component of Singapore’s economy since the country’s independence in 1965. Singapore is a major trading hub in Southeast Asia and has the fourth-largest foreign exchange market in the world. It is also a major exporter of goods, services, and investments. Singapore’s exports totalled US$461 billion in 2019, with electronics, chemicals, pharmaceuticals, financial services and information technology products being among its most important exports.
In terms of imports, Singapore imported US$441 billion worth of goods in 2019. These imports include electronics, machinery and equipment, mineral fuels & oils, organic chemicals and foodstuffs. Singapore also relies heavily on imports for its domestic needs; it imported US$118 billion worth of consumer goods such as clothing and household items in 2019 alone.
Singapore is a member of the World Trade Organization (WTO) and various other regional trade agreements such as ASEAN Free Trade Agreement (AFTA) and Trans-Pacific Partnership (TPP). These trade agreements have helped to reduce tariffs on many products that are exported or imported into/from Singapore. In addition to these agreements, Singapore also has several free trade agreements (FTAs) with countries around the world such as India, China, South Korea and Japan which have further enhanced its foreign trade capabilities by providing preferential access to these markets for certain products.
Singapore’s government also provides various incentives for foreign investors who wish to invest in the country such as tax exemptions & access to double taxation avoidance agreements with other countries. This has made it easier for companies from all over the world to set up offices or factories in Singapore, enabling them to benefit from the country’s business-friendly environment & pro-investment policies.
Overall, foreign trade plays an integral role in driving economic growth & development within Singapore. With its strategic location, strong infrastructure, highly educated workforce & favourable tax rates & business regulations, it continues to remain one of Asia’s most attractive destinations for foreign investment.
Major Trading Partners of Singapore
Singapore is one of the most important trading hubs in the world, with a total trade value of US$902 billion in 2019. It has a network of more than 130 free trade agreements (FTAs) with countries around the world. Some of Singapore’s major trading partners include China, Malaysia, Indonesia, the United States, Japan, South Korea and India.
China is Singapore’s largest trading partner, accounting for 22% of its total trade in 2019. The two countries have had strong economic ties since 1984 when they signed an agreement to establish an ASEAN-China Free Trade Area (ACFTA). This agreement has helped to increase bilateral trade between the two countries. In 2019 alone, Singapore imported goods worth US$71 billion from China and exported goods worth US$47 billion to China. Major products traded between the two countries include electronics, machinery and equipment, chemicals and foodstuffs.
Malaysia is Singapore’s second largest trading partner after China with a total trade value of US$58 billion in 2019. The two countries have had strong economic ties since 1965 when they signed an agreement to establish the Malaysia-Singapore Free Trade Agreement (MSFTA). This agreement has enabled Singapore to enjoy preferential access to Malaysia’s market for certain products such as electronics and machinery & equipment. In addition to this agreement, Singapore also has several FTAs with Malaysia which have further enhanced its foreign trade capabilities by providing preferential access to these markets for certain products.
Indonesia is another important trading partner for Singapore with a total trade value of US$45 billion in 2019. The two countries have had strong economic ties since 1967 when they signed an agreement to establish ASEAN-Indonesia Free Trade Area (AIFTA). This agreement has enabled both countries to enjoy preferential access to each other’s markets for certain products such as electronics and machinery & equipment. In addition to this agreement, Singapore also has several FTAs with Indonesia which have further enhanced its foreign trade capabilities by providing preferential access to these markets for certain products.
The United States is another key trading partner for Singapore with a total trade value of US$44 billion in 2019. The two countries have had strong economic ties since 2003 when they signed an agreement establishing a U.S.-Singapore Free Trade Agreement (USSFTA). This agreement has enabled both countries to enjoy preferential access to each other’s markets for certain products such as electronics and machinery & equipment. In addition, Singapore also has several FTAs with other U. S. states which have further enhanced its foreign trade capabilities by providing preferential access to these markets for certain products.
Japan is yet another important trading partner for Singapore with a total trade value of US$36 billion in 2019. The two countries have had strong economic ties since 2002 when they signed an agreement establishing Japan-Singapore Economic Partnership Agreement (JSEPA). This agreement has enabled both countries to enjoy preferential access to each other’s markets for certain products such as electronics and machinery & equipment. In addition, Singapore also has several FTAs with Japan which have further enhanced its foreign trade capabilities by providing preferential access to these markets for certain products.
South Korea is yet another major trading partner of Singapore with a total trade value of US$29 billion in 2019. The two countries have had strong economic ties since 2004 when they signed an agreement establishing South Korea-Singapore Free Trade Agreement (KSFTA). This agreement has enabled both countries enjoy preferential access to each other’s markets for certain goods such as electronics, machinery & equipment, chemicals, pharmaceuticals, information technology products etc. In addition, South Korea also provides various incentives & tax exemptions on investments made into/from South Korea making it easier for companies from all over the world set up offices or factories within South Korea.
Finally, India is another key trading partner of Singapore with a total trade value of US$20 billion in 2018 – 19. India – Singapores bilateral relations date back centuries however recent years saw rapid growth due various agreements being established between both nations including India – Singapores Comprehensive Economic Cooperation Agreement (CECA) which was established back in 2005 enabling both nations enjoy preferential market access along eliminating tariffs on various product categories including agricultural goods, textile etc being exported/imported into/from either nation making it easier doing business between them.
Major Imports and Exports of Singapore
Singapore is one of the world’s leading trading nations, with imports and exports playing a major role in its economy. In 2019, Singapore’s total trade value amounted to US$622 billion, making it one of the world’s top 15 exporters and importers. The main exports from Singapore include electronic components and parts, refined petroleum products, pharmaceutical products and chemicals.
Electronic components and parts make up the largest portion of Singapore’s exports at 22.1%, totalling around US$36 billion in 2019. This includes items such as integrated circuits, semiconductors, capacitors and other electronic components used for a variety of purposes such as in consumer electronics or industrial machinery. Other major exports include refined petroleum products (US$20 billion) and pharmaceutical products (US$15 billion).
Imports into Singapore are mainly composed of raw materials used for manufacturing such as crude oil (US$49 billion), mineral fuels (US$27 billion), electrical machinery & equipment (US$19 billion) and plastics (US$13 billion). Crude oil accounts for the largest portion of imports at 28% followed by mineral fuels at 14%. These raw materials are used by industries within Singapore to produce goods which are then exported out to other countries.
In addition to these major imports and exports, Singapore is also home to several Free Trade Agreements with countries around the world including Japan, South Korea, India and China. These agreements have enabled both countries to enjoy preferential access to each other’s markets for certain goods such as electronics and machinery & equipment. This has enabled companies from both countries to benefit from lower tariffs on these goods when trading with each other which has helped increase economic growth between them.
Overall, imports and exports play an integral part in Singapore’s economy as it allows them to not only gain access to valuable resources from around the world but also benefit from increased trade with their various Free Trade Agreement partners. This has helped propel their economy forward over the years making them one of the leading trading nations in Asia today.