Which products can be exported to Singapore
Foreign trade: instant water heater in Southeast Asia
Mumbai With the exception of rice, cars, gasoline, cigarettes and alcohol, there are hardly any products that can only be imported into Singapore with restrictions or against customs duties. The country's port and its customs authorities are among the most efficient in the world. And the government attaches great importance to the 18 bilateral free trade agreements it has concluded to date, which it describes as “quick links” to important economies and new markets.
These framework conditions have made Singapore one of the strongest countries in global foreign trade for more than a decade. As a small country with no natural resources of its own, the city-state has always been dependent on other economies - and the political leadership quickly recognized this and created the appropriate framework conditions. Logisticians meet world-leading infrastructure here, the bureaucracy is manageable. More than 95 percent of all imports are duty-free, import licenses are only required for very few goods and the customs procedures are simple.
Of the goods produced in the country, electronics and processed petroleum products are mainly exported - even if Singapore has been gradually trying to reduce this dependency by expanding services, biotechnology and chemistry in recent years. The dependence on electronics is a danger for Singapore primarily because of its proximity to China, but also Vietnam, Malaysia and Thailand - and because the sector is heavily dependent on the general economy. The sector, which was already affected by the cheaper production competition from there, lost significantly in volume in the crisis years of 2008 and 2009, but was able to grow strongly again in 2010.
Transport instead of production
However, the majority of the exports from Singapore are not goods produced there, but simply handling. Currently, more than half of the imports are simply exported again without further processing or processing - probably the most important reason why the country's imports and exports are increasing almost in step.
Relations with Germany and the European Union are good. The EU is the country's largest trading partner, and in early 2010 Singapore was the first country in the Southeast Asian community, ASEAN, with which it started negotiations on a free trade agreement. Germany is the largest trading partner within the EU. In 2010, Germany exported goods worth around 5.9 billion euros to Singapore and, in return, imported goods worth around 4.8 billion euros. Compared to 2009 this is an increase of 20 and 44 percent respectively.
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