Singapore - Market OverviewSingapore - Market Overview
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
Singapore Trade Development and Promotion