Market of the Month: Singapore
In 2006, Singapore was the ninth-largest export market for manufactured goods ($24.7 billion) for the United States, and it was 15th-largest trading partner during the same period. Two-way trade increased 19 percent to $42.5 billion, the second-highest rate of growth among major trading partners after China (20.2 percent). Also that year, U.S. exports to Singapore increased 19.9 percent to $24.7 billion. U.S. exports primariliy consisted of machinery ($6.4 billion), electrical machinery ($6.2 billion), aircraft and aircraft parts ($3.6 billion), and optical and medical instruments ($1.8 billion).
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|NASA satellite image of Southeast Asia, Singapore
The U.S. export data reflect Singapore’s important role as a major distribution center, serving as the gateway to the region. Many of the U.S. products imported into Singapore are eventually reexported as finished and semi-finished products to other markets in Southeast Asia and worldwide. Singapore was home to the world’s busiest container port in 2006.
Beyond its role as a gateway, Singapore is one of the most highly developed and sophisticated industrial, commercial, financial, and consumer economies in the world. With a per capita gross domestic product of nearly $30,000, Singapore is an excellent market for a wide variety of U.S. products and services.
Best prospects for U.S. sales in Singapore include a ircraft and parts, laboratory and scientific instruments, telecommunication equipment, oil and gas equipment, medical devices, pollution control equipment, construction equipment, and electronic industry production and testing equipment.
For more information on opportunities in Singapore, visit www.export.gov or visit the Commercial Service’s Singapore site.