Economic and Trade Statistics Singapore is currently our 17th largest goods trading partner with $57.8 billion in total (two way) goods trade during 2020. Goods exports totaled $26.9 billion; goods imports totaled $30.8 billion. The U.S. goods trade deficit with Singapore was $3.9 billion in 2020.
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What does the US import from Singapore?
| United States Imports from Singapore | Value | Year |
|---|---|---|
| Pearls, precious stones, metals, coins | $5.58B | 2020 |
| Pharmaceutical products | $4.31B | 2020 |
| Machinery, nuclear reactors, boilers | $3.95B | 2020 |
| Optical, photo, technical, medical apparatus | $3.61B | 2020 |
What does Singapore export to United States?
2020. Mineral fuels, oils, distillation products. $1.38B. 2020. Aircraft, spacecraft.
What is the relationship between Singapore and US?
Singapore is the United States’ largest trading partner in Southeast Asia, and 18th largest trading partner overall. The FTA between the United States and Singapore supports approximately 215,000 American jobs, and our bilateral goods and services trade surpassed $93 billion in 2020.
Does the US have free trade with Singapore?
The U.S.-Singapore Free Trade Agreement (FTA) has helped increase U.S. exports, improve U.S. competitiveness around the globe, and secure a U.S. presence in Southeast Asia. It also provides a standard of free trade that encourages a high level of liberalization.
Who is Singapore biggest trading partner?
Singapore top 5 Export and Import partners
| Market | Trade (US$ Mil) | Partner share(%) |
|---|---|---|
| China | 51,619 | 13.22 |
| Hong Kong, China | 44,377 | 11.37 |
| Malaysia | 41,152 | 10.54 |
| United States | 34,401 | 8.81 |
What is Singapore’s main export?
machinery and equipment
Singapore derives most of its revenues from foreign trade. The biggest export product, with 43 percent share, is machinery and equipment. The country also exports petroleum (19 percent); chemical products (13 percent); miscellaneous manufactured articles (8 percent) and oil bunkers (7 percent).
What countries do Singapore trade with?
In 2019, Singapore major trading partner countries for exports were China, Hong Kong, China, Malaysia, United States and Indonesia and for imports they were China, United States, Malaysia, Other Asia, nes and Japan.
Does Singapore rely on imports?
The Singaporean economy depends heavily on exports and refining imported goods, especially in manufacturing. Singapore’s imports include machinery and equipment, mineral fuels, chemicals, foodstuffs and consumer goods.
Why does Singapore import?
Overview. Although Singapore manufactures food products for exports to the neighboring countries, most of the ingredients have to be imported. In an attempt to diversify exports the government promotes import, improvement and re-export of many food products to other Asian markets.
Does the US protect Singapore?
Singapore has long standing military relations with the United States.On September 23, 2019, Prime Minister Lee Hsien Loong and US President Donald Trump renewed a key defence pact which allows American forces to use Singapore’s air and naval bases, extending it by another 15 years to 2035.
Is Singapore a Chinese ally?
Singapore enjoys longstanding and substantive relations with the People’s Republic of China (PRC), anchored by frequent high-level exchanges, multifaceted cooperation, growing people-to-people exchanges, and robust economic ties.
Does Singapore have a US ambassador?
The United States Ambassador to Singapore is the official representative of the United States of America to the Republic of Singapore. The incumbent ambassador is Rafik Mansour since July 30, 2019, serving as the Chargé d’affaires of the Embassy of the United States in Singapore.
Is Singapore the largest investor in China?
Sichuan is a key economic centre of Western China. In 2020, bilateral trade between Singapore and Sichuan grew 9.8 per cent on the year to US$1.84 billion, according to data from the Sichuan Department of Commerce.
What does Singapore import the most?
Major imports are machinery and transport equipment and crude petroleum, while machinery and refined petroleum products are the major exports. China, the United States, Indonesia, Malaysia, and Japan are Singapore’s principal trading partners.
How is Singapore involved in international trade?
Singapore’s imports are largely composed of electronic components, machinery, chemicals, and manufactured goods. The country exports high value added products such as electronics, fuels, and chemicals its main Import partners are China, Malaysia, the United States, South Korea, Japan and Indonesia.
What is Singapore’s main industry?
Singapore’s largest industry by far is the manufacturing sector, which contributes 20%-25% of the country’s annual GDP. Key industry clusters in Singapore’s manufacturing include electronics, chemicals, biomedical sciences, logistics and transport engineering.
Is Singapore friend of India?
Relations between the two countries have traditionally been strong and friendly, with the two nations enjoying extensive cultural and commercial relations.
Why is Singapore a good location for trade?
It is the world’s busiest port and a top location for investments in the Asia Pacific region. Factors such as strategic location, a competitive workforce, pro-business environment, and forward looking economic policies have enabled Singapore to be the world’s gateway to Asia.
How is Singapore economy now?
With regards to “above-trend” growth, economists estimate that the Singapore economy has expanded at an average of 2 per cent to 3 per cent in the last several years before the pandemic.On an annual basis, GDP expanded by 15.2 per cent in the second quarter before moderating to 6.5 per cent in the July-Sept period.
Why is Singapore government debt so high?
One of the key reasons that Singapore decided to raise debt was to encourage the creation of a debt market in the country. This market enabled Singapore to develop as an international finance hub and enhance the country’s attraction to international banks.
