Singapore Trade and Export Updates (2022 Edition)

Although Singapore's land area is roughly the same as Tokyo's 23 wards, after experiencing rapid growth driven by its electronics industry, it has since focused on developing high-value-added manufacturing, finance, information and communications, and biotechnology, and is leading the ASEAN and global economies with its cutting-edge businesses.
Its strategic location in the Asia-Pacific region and excellent infrastructure have made it a financial and trade hub, while its various tax incentives have made it a hub for global business, attracting foreign companies.

What does Singapore excel at in terms of trade? Let's take a look at the trade situation in Singapore, which is an important base not only for Asia but also for global business.

Singapore's main trade items

First, let's look at Singapore's trade items. Let's take a closer look at the details below, based on information about Singapore from the Ministry of Foreign Affairs.

export

Singapore's major export items include machinery and transportation equipment, mineral fuels, and chemical products.

Import

On the other hand, Singapore's main import items are machinery and transport equipment, mineral fuels, raw material products, etc. One of its characteristics is that its export items and main items are almost the same.

Singapore's main trading partners

Singapore is one of the world's business centers, but what countries does it trade with? Let's take a look at exports and imports using data from 2020.

export

Singapore's main trading partners are China, Hong Kong, the United States, Malaysia, Indonesia, etc. Of the total share, China accounts for 14.3%, Hong Kong 12.3%, and the United States 11.0%.

Import

Singapore's main import partners are China, Malaysia, Taiwan, the United States, and Japan. Of the total share, China accounts for 14.5%, Malaysia 12.8%, Taiwan 11.1%, and Japan 5.5%.

Japan-Singapore Trade

As of 2020, there are approximately 822 Japanese companies operating in Singapore, and many companies have branches in Singapore as their base in Southeast Asia.

What is the current state of trade between Japan and Singapore, which also functions as a trade transit point? Let's take a closer look.

Import and export regulations

Singapore is effectively a free port state and has very low tariffs. The main items subject to taxation are petroleum products, alcoholic beverages, motor vehicles and tobacco products (including cigarettes and cigars).

Duty items imported into or manufactured in Singapore are subject to customs duty in accordance with the Schedule to the Customs Duties Order. If a good is dutiable, ad valorem or special duty rates may apply.

Prohibited items for import include chewing gum, firecrackers, etc. Import controlled items include chemicals, etc. Prior registration and obtaining an import license are mandatory.

Japan-Singapore trade volume

What is the current status of trade between Japan and Singapore? Below is the data for fiscal year 2020.

Japan's total exports to Singapore were approximately 1.8876 trillion yen. Meanwhile, Japan's total imports from Singapore were approximately 915.4 billion yen.

Main trade items

Japan's exports to Singapore include machinery, which accounts for 35.41 TP3T of the total, as well as gold, ships, petroleum products, and cosmetics.

Japan's exports to Singapore include machinery, pharmaceuticals, scientific and optical instruments, organic compounds, plastics, etc., accounting for 36.01 TP3T of the total.

If you want to start trading with Singapore, use DigiTrad

This time, we brought you the basics of Singapore trade and exports.

STANDAGE uses its own trade cloud service to provide "Digitrad", a service that can "completely" handle trade for small and medium-sized enterprises. "Digitrad" allows you to develop overseas sales channels at low cost thanks to the application of IT introduction subsidies. We can also handle small-scale, low-value trade and domestic purchases that cannot be done by large trading companies, so please feel free to contact us.

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