Singapore‘s merchandise imports and exports grew at 26% year-on-year rates in April, according to data from Enterprise Singapore.
On the one hand, the country’s exports were for S $ 50,599, an advance of 26.3 percent.
Conversely, imports totaled S $ 45.164 million, an increase of 25.9 percent.
Singapore’s GDP per capita (PPP) is one of the highest in the world at $ 101,649 and the country’s role as a regional distribution center means its economy is heavily dependent on international trade.
Also at year-on-year rates, its product exports fell 4.2% in 2020, to US $ 373.9 billion.
Conversely, its imports were US $ 328.825 million, 8.4% less compared to the previous year.
Singapore’s annual trade volumes are more than three times the country’s annual GDP, and in 2018, its port handled around 630 million tons of cargo.
In addition, according to the United States Congress, Singapore exports consumer electronics, information technology, and pharmaceuticals.
It is also one of the three major oil refining centers in the world, although it has no natural resources of its own.
China is Singapore’s largest trading partner and the United States is its largest foreign investor.
Singapore has concluded 22 free trade agreements including the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), a mega trade agreement that includes China, but not the United States.
Singapore has a largely pro-trade liberalization policy: it has a mature and globalized economy, has virtually no agricultural sector, and its manufacturing industry focuses on specialty products such as high-end electronics and pharmaceuticals.
With its entry into force on December 30, 2018, the signatories of the TIPAT are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
To date, it has not yet entered into force for Brunei, Chile, Malaysia or Peru.