Market of the Month:
Singapore
Singapore Fact Sheet
Watch a Webcast About the Singapore Market
Why Singapore?
Singapore is the easiest place to do business in Asia. It is the market most similar to that of the United States, corruption free, with the legacy of the British commercial code, and English as a first language making it a natural entry point into the region. The Singapore marketplace is very receptive to U.S. manufactured goods and services, which require little or no alteration by the exporting company to make them marketplace here. Moreover, the island city-state is home to 1500 U.S. firms, many of which are running their regional operations from here.
* Singapore At A Glance
* Singapore - Market Overview
* Best Prospects for U.S. Exports
* Success Stories
* Upcoming Events
* Contact Us
Singapore At A Glance
Population (2006)
4.48 million (including permanent residents, foreign workers)
Ethnic groups
Chinese, Malay and Indian
Total area
264.5 square miles
Literacy Rate
95%
Government type
Parliamentary Republic
GDP (at current market prices)
$137.5 Billion
Annual real growth rate
6.4% (2005)
7.9% (2006)
5.5% (2007, estimated)
Per capita GNP (2006)
$29,454
Trade (2006)
Exports - $271.4 billion
Imports - $238.3 billion
Major markets
Malaysia, EU-25, Hong Kong, United States, China, Indonesia, Japan, Thailand, Australia, Taiwan
Major suppliers
Malaysia, United States, China, Eu-25, Japan, Taiwan, Indonesia, South Korea, Saudi Arabia, Thailand
2006 U.S. exports to Singapore
US$24.7 billion
Singapore - Market Overview
Singapore was the United States' ninth largest export market for manufactured goods in 2006 ($24.7 billion), and it remained our fifteenth largest trading partner during the same period. Two-way trade increased 19 percent to $42.5 billion in 2006, the second highest rate of growth among major trading partners after China (20.2 percent). U.S. exports to Singapore in 2006 increased 19.9 percent to $24.7 billion.
Primary U.S. exports consisted of machinery ($6.4 billion); electrical machinery ($6.2 billion); aircraft/aircraft parts ($3.6 billion); and optical/medical instruments ($1.8 billion).
The U.S. export data reflect Singapore's important role as a major distribution center, serving as the gateway to the region. Many of the U.S. products imported into Singapore are eventually re-exported as finished and semi-finished products to other markets in Southeast Asia and worldwide. Singapore was home to the world's busiest container port in 2006.
Beyond its role as a gateway, Singapore is one of the most highly developed and sophisticated industrial, commercial, financial and consumer economies in the world. With a per capita GDP of nearly US$30,000, Singapore is an excellent market for a wide variety of U.s. products and services. The U.S.-Singapore Free Trade Agreement that came into effect on January 1, 2004, expanded U.S. market access in goods, services, investment, and government procurement. It also enhanced intellectual property protection, and provided for cooperation in promoting labor rights and the environment. During the first three years of the U.S.-Singapore FTA, two-way trade increased 34 percent and U.S. exports by nearly 50 percent.
The Singapore economy surged by 7.9 percent in 2006, and the forecast is for a sustainable growth rate of 5-6 percent in 2007. Foreign investments, combined with investments through government-linked corporations, underpin Singapore's open, heavily trade-dependent economy. Singapore's aggressive pursuit of foreign investment as a pillar of its overall economic strategy has enabled the country to evolve into a base for multinational corporations (MNCs).
Prominent worldwide surveys rank Singapore as one of the best places in the world to conduct business and one of the most conducive environments for investment. Its high standard of living and comfortable, safe environment combined with transport facilities that put nearly half of the world's population within seven travel hours have mad Singapore a key regional hub. The island city-state has an excellent infrastructure, including an airport and seaport that are among the best in the world, an extensive road network and subway system, state-of the-art telecommunications facilities and reliable public utilities.
Best Prospects for U.S. Exports
With the trade between the United States and Singapore on the rise, there are enormous market opportunities for U.S. firms in Singapore in many industry sectors. Here are some of the leading sectors for U.S. exporters with links to market research reports prepared by Commercial Service Singapore.
Best Prospect Sectors
* Aircraft and Parts (AIR)
* Laboratory & Scientific Instruments (LAB)
* Telecommunication Equipment (TEL)
* Oil & Gas Equipment (OGS)
* Medical Devices (MED)
* Pollution Control Equipment (POL)
* Construction Equipment (CON)
* Electronic Industry Production / Testing Equipment and Electronics Components
* Education
* Franchising
Other Best Prospect Sectors
* Electrical Power Systems (ELP)
* Computer Hardware & Software (CPT/CSF)
* Pumps, Valves & Compressors (PVC)
* Building Products
Success Stories
In the last year, the Commercial Service in Singapore generated more than 200 export successes for U.S. companies, valued at over US$100 million. Please see our client stories below.
Z-Medica signs a distributor in Singapore
"I extend a grateful appreciation to the commercial service staff for the extensive work in identifying, screening and qualifying an excellent selection of potential commercial partners in the Singapore region. Through the resources of the U.S. Commercial Service, Z-Medica is confident it has selected the optimal partner to represent and distribute its QuikClot family of hemostatic agents in Singapore."
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Swabplus signs a distributor in Singapore
"The Gold Key Service provided by U.S. Commercial Service in Singapore is the Best gold key service that we have ever experienced."
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Slade Inc. makes a sale through Singapore to China
"We were talking about you and the service of your office this morning to a group of 30 folks. Singapore is always an example we use to explain 'how it is done to assure success'. Keep up the good work."
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Jon Davler (L.A. Splash Cosmetics) makes sales to Singapore as a result of their Participation at Cosmoprof Asia
CS Singapore matched Jon Davler with potential buyers at Cosmoprof Asia that resulted in at least four export sales to Singapore.
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Upcoming Events
Singapore is a regional center for trade fair activity and hosts many events each year. CS Singapore supports most the major shows. In addition, many of the exhibitions are part of "Asia Now" - a regional program which brings CS personnel from throughout Asia to the most important events, providing the U.S. firms with a single point of access to the Asian markets.
* CommunicAsia2007/BroadcastAsia2007, June 19-22, 2007
The 18th International Communications and Information Technology Exhibition & Conference/ The 12th International Electronic Media Technology Exhibition & Conference
* Interphex Asia 2007, June 2007
A regional event dedicated to pharmaceutical manufacturing, processing and technology
* Safety & Security Asia 2007, October 31 - November 2, 2007
9th International Safety & Security Technology & equipment exhibition and conference
For more information on other CS Singapore news and events, please visit the U.S. Commercial Service Singapore web site.
Contact Us
Scott Pozil, Commercial AttachΘ
U.S. Commercial Service Singapore
American Embassy
27 Napier Road
Singapore 258508
Tel: (65) 6476-9037
Fax: (65) 6476-9080
Email: Scott Pozil
Other Useful Contacts In Singapore