ASEAN: Regional Trends in Economic Integration, Export ... - USITC

SINGAPORE
ECONOMIC PROFILE
Economic Indicators
2004 2008
Population (million) 4.2 4.8
Nominal GDP (billion US$) 109.7 181.9
Real GDP growth (%) 9.3 1.1
Goods exports (million US$) 199,393 342,708
Goods imports (million US$) 168,330 309,564
Trade balance (million US$) 31,063 33,144
GDP per capita (US$ at PPP) 33,037 40,319
Inward FDI stock (million US$) 169,433 326,142
Source: Economist Intelligence Unit, Country Report:
Singapore, June 2009; United Nations Conference on Trade
and Development, FDISTAT Interactive Database. PPP =
purchasing power parity.
Sources of GDP (2009)
Industry
26.8%
Agriculture
0.0%
Services
73.2%
Principal imports: machinery and equipment,
mineral fuels, chemicals, foodstuffs, and consumer
goods.
Principal exports: machinery and equipment
(including electronics), consumer goods,
pharmaceuticals and other chemicals, and mineral
fuels.
Source: U.S. Central Intelligence Agency, The World
Factbook: Singapore, March 2010.
Main trade partners, percent of total, 2009
Export markets
Suppliers
Hong Kong 11.6 United States 14.7
Malaysia 11.5 Malaysia 11.6
United States 11.2 China 10.5
Indonesia 9.7 Japan 7.6
China 9.7 Indonesia 5.8
Source: U.S. Central Intelligence Agency, The World
Factbook: Singapore, March 2010.
Singapore’s trade agreements include:
• ASEAN-China, preferential trade agreement
covering goods (eff. July 2003);
• ASEAN-China, economic integration agreement
covering services (eff. July 2007);
• ASEAN-Japan, free trade agreement covering
goods (eff. Dec. 2008);
• ASEAN Free Trade Area (AFTA), free trade
agreement covering goods (eff. Jan. 1992);
• China-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. Jan. 2009);
• EFTA-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. Jan. 2003);
• India-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. Aug. 2005);
• Japan-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. Nov. 2002);
• Jordan-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. Aug. 2005);
• Korea-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. Mar. 2006);
• New Zealand-Singapore, free trade agreement
and economic integration agreement covering
goods and services (eff. Jan. 2001);
• Panama-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. July 2006);
• Peru-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. Aug. 2009);
• Singapore-Australia, free trade agreement and
economic integration agreement covering goods
and services (eff. July 2003);
• Trans-Pacific Strategic Economic Partnership,
free trade agreement and economic integration
agreement covering goods and services (eff.
May 2006); and
• US-Singapore, free trade agreement and
economic integration agreement covering goods
and services (eff. Jan. 2004).
Source: World Trade Organization, Regional Trade
Agreements, Singapore, http://rtais.wto.org (accessed
March 17, 2010). Eff. = effective.
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