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: 6/21/2019

Singapore maintains an open, trade-dependent economy, characterized by an accessible investment regime, with strong government commitment to maintaining a free market and actively managing Singapore's economic development.  The country 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 - the first U.S. FTA signed in Asia.  In 2018, the City State was the United States’ 12th largest export market importing $33.1 billion worth of goods, up 11.2% from 2017.  Singapore was also the United States’ 16th largest goods trading partner.  The U.S. ran its 8th largest goods trade surplus of $5.9 billion with Singapore in 2018.  The City State was the 9th largest source of FDI  in the United States and the fourth fastest growing source of FDI amounting to $88.6 billion.

In 2018, the Singapore economy expanded by 3.2% and the government forecasts GDP to grow between 1.5% to 2.5% in 2019. The U.S. remained Singapore’s third largest source of imports,  while China and Malaysia retained their first and second position respectively, followed by Taiwan, Japan, Indonesia, South Korea, Saudi Arabia, France and Switzerland.
The World Bank ranked Singapore the second easiest place to do business in the world in 2018 and Swiss business school IMD ranked Singapore as the world’s most competitive economy. 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