Importing from Singapore

Singapore Import Guide | Trade Finance Global

Importing from Singapore

Owing to its stable government and effective systems, Singapore has been considered as the easiest place to start and do business by the World Bank.

Due to its open trade policy, more than 99% of all imports entering Singapore are duty-free. However due to certain social and environmental regulations, high taxes are charged on beer, liquor, tobacco products and motor vehicles. Resources are scarce in Singapore that is why it follows a concept of intermediary trade and imports refined petroleum ($69 billion), integrated circuits ($54 billion), crude petroleum ($33 billion), computers ($7.5 billion) and gas turbines ($6.7 billion). These materials are obtained from China ($42 billion), Malaysia ($40 billion), and the United States ($31 billion) to name a few. Singapore imports these items to manufacture and refine them for re-exporting.

Singapore Country Profile

Official Name (Local Language) Republic of Singapore
Capital Singapore
Population 5,781,728
Currency Singapore Dollar
GDP $296.6 billion
Languages Chinese; English
Telephone Dial In 65

Singapore Exports Profile

Exports ($m USD)

373,255

Number of Export Products

4,278

Number of Export Partners

218

Top 5 export partners

Country

Trade

% Partner Share

China

54,039

14.48

Hong Kong, China

46,011

12.33

Malaysia

39,58

10.60

Indonesia

27,952

7.49

United States

24,183

6.48

Top 5 Export Products at HS 6 digit level

Export Product

Number

Monolithic integrated circuits, nes

18.1%

Petroleum oils, etc, (excl. crude); preparation

14.3%

Gold in oth semi-manufactured forms,non-monetar

6.5%

Aircraft parts nes

4.0%

Transmission apparatus, for radioteleph incorpo

2.7%

Chart Showing GDP Growth Compared to rest of world Chart

GDP Composition for Singapore

Agriculture

%

Product List

0%

Orchids, vegetables; poultry, eggs; fish, ornamental fish

Industry

%

Industry List

26.6%

Electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade

Services

%

Services List

73.4%

Importing from Singapore: What is trade finance?

Owing to its stable government and effective systems, Singapore has been considered as the easiest place to start and do business by the World Bank.

Due to its open trade policy, more than 99% of all imports entering Singapore are duty-free. However due to certain social and environmental regulations, high taxes are charged on beer, liquor, tobacco products and motor vehicles. Resources are scarce in Singapore that is why it follows a concept of intermediary trade and imports refined petroleum ($69 billion), integrated circuits ($54 billion), crude petroleum ($33 billion), computers ($7.5 billion) and gas turbines ($6.7 billion). These materials are obtained from China ($42 billion), Malaysia ($40 billion), and the United States ($31 billion) to name a few. Singapore imports these items to manufacture and refine them for re-exporting.

Information

Importing from Singapore? Contact our local experts

Singapore Economic Statistics

Government Website

https://www.gov.sg/

Sovereign Ratings

https://countryeconomy.com/ratings/singapore

Central Bank

Monetary Authority of Singapore

Currency USD Exchange Rate

1379

Unemployment Rate

2.1%

Population below poverty line

NA

Inflation Rate

-0.8%

Prime Lending Rate

1.17%

GDP

$296.6 billion

GDP Pro Capita (PPP)

$87,100

Currency Name

Singapore Dollar

Currency Code

SGD

World Bank Classification

High Income

Competitive Industrial Performance

2/138

Corruption Perceptions Index

6/180

Ease of Doing Business

2/190

Enabling Trade Index

1/136

Currency in Singapore

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