Singapore Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in singapore, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
Select Country Guide
Market Overview
Last published date:

U.S. businesses looking to boost their bottom line by making new export sales are increasingly looking to Singapore as a place to do business. A gateway to Southeast Asia with a business-friendly environment, Singapore offers excellent opportunities for U.S. firms, including small and medium-sized companies.

As the United States’ largest trading partner in Southeast Asia, Singapore has a proven track record as a welcoming center for business. The United States is the leading source of foreign direct investment (FDI) for Singapore, with the United States investing US$424.2 billion in FDI stock in the island nation in 2023. Singapore is also a leading investor in the United States, with Singapore FDI stock in the United States valuing over US$58 billion in 2023.

Singapore is an important partner of the United States and was the first country in Asia to sign a bilateral Free Trade Agreement with the United States, which has been in effect since 2004. In 2023, the city-state was the United States’ 10th largest export market, importing US$79.8 billion worth of goods and services.

Singapore has the highest GDP per capita in Asia (US$84,734 as of 2023). A small city-state roughly the physical size of New York City, Singapore was ranked as the fourth wealthiest city in the world in 2024. Exporters will find proven market opportunities for a wide range of products and services, including in the best prospect sectors of aerospace and defense, energy, healthcare, information and communications technology, and critical and emerging technologies. Electronics continues to be the country’s most important manufacturing sector, followed by chemicals and biomedical sciences. The manufacturing and services sectors remain the two main pillars of Singapore’s high-value-added economy. Singapore is the leading business and financial services hub in Southeast Asia and was once again ranked as the world’s second largest shipping port in 2023.

In 2024, Singapore’s real GDP grew by around 3.5%, and economists predict Singapore’s economic growth in 2025 will be between 0.0 to 2.0% due to the global economic slowdown and inflationary pressures. Historically, attracting multinational investments has been a priority for Singapore, with the Singaporean parliament introducing a new tax credit and setting aside US$1.49 billion towards attracting such investments in the 2024 budget. The aim is to expand and secure investments in growth sectors such as banking and finance, global trading, and key manufacturing sectors. Additionally, this fund seeks to help local businesses transform and innovate, improve productivity, and equip workers with skills for the future economy.

U.S. companies should consider exporting to Singapore for the following reasons:

  • Singapore is the gateway to Southeast Asia
  • Major distribution, logistics, and financial hub
  • Transparency and lack of corruption
  • Business-friendly laws and regulations
  • Strong intellectual property protection
  • English speaking population

Political Environment

Visit the State Department’s website for background on the country’s political and economic environment.

×

Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

Privacy Program | Information Quality Guidelines | Accessibility