Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements.
Last Published: 7/18/2018

In 2017, Singapore maintained its position as the United States’ 13th largest export market and advanced one rung to 18th largest trading partner. U.S. goods exports to Singapore were $29.8 billion, up 11.3 percent ($3.0 billion) in 2016, reflecting the sixth largest goods trade surplus of US$10.4 billion.  Singapore is an important partner of the United States with a bilateral, gold standard, Free Trade Agreement (FTA) signed in 2003 and implemented January 1, 2004. It was the first U.S. FTA signed in Asia.

Singapore’s gross domestic product grew 3.6% in 2017 and the Singapore government expects growth to be 2.5% to 3.0% in 2018. The U.S. position as Singapore’s third largest source of imports was unchanged and China and Malaysia retained their first and second position respectively, followed by Taiwan, Japan, South Korea, Indonesia, Germany, Saudi Arabia and Switzerland.

The World Bank ranked Singapore the second easiest place to do business in the world.  U.S. companies should consider exporting to Singapore for the following reasons:

  • Major ICT, distribution, and logistics hub; as such, many consider it the gateway to the ASEAN region
  • Lack of corruption
  • Favorable tax codes
  • Strong intellectual property protection
  • English speaking population

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.

Singapore Trade Development and Promotion