Singapore

The Singapore economy rebounded in 2004, with 8.1% real GDP growth and the country is expected to enjoy a more sustainable growth rate of 3-5% in 2005.

Singapore was ranked the best place to do business in the Asia-Pacific region and was ranked 7th globally by the Economist Intelligence Unit in July 2003. The Singapore government has developed an outward-looking, export-oriented economic policy that encourages two-way flows of trade and investment. It has excellent infrastructure, including an airport and seaport that are among the best in the world, an extensive road network and subway system, state-of-the-art telecommunications facilities and reliable public utilities.

Not only is Singapore a great place to do business, it also serves as the gateway to the region. There are more than 1,300 U.S. firms already operating in Singapore, many of which have their Asia Pacific overseas headquarters here. Singapore’s role as a regional commercial hub is underscored by the fact that more than 49% of Singapore’s imports are re-exported. Singapore’s major imports in 2002 were integrated circuits, computers, parts and accessories, crude oil, aircraft, and telecommunications equipment. Singapore’s major exports were integrated circuits, computers and parts, crude oil, and ship and aircraft bunkers. The U.S. enjoyed a trade surplus of $1.4 billion with Singapore in 2002, with exports amounting to $16.2 billion. Major U.S. exports to Singapore included computer accessories, semiconductors, electric apparatus, fuel oil, civilian aircraft, engines and parts.

Singapore’s open-trade economic policies have enabled it to overcome land, labor and resource constraints to become the world’s second most competitive economy.

In 2004, Arizona exported over $ 604 million worth of products to Singapore making it Arizona’s seventh largest export market.

Best prospects (by sector) for US exports:

Electronic components
Aircraft and Parts
Electronics Industry Production/Testing Equipment
Laboratory & Scientific Instruments
Pollution Control Equipment
Electric Power Systems
Construction Equipment
Building Products
Pumps, Valves, Compressors
Medical Devices
Telecommunication equipment
Computer Hardware and Peripherals
University education services
Franchising

Source: US Foreign Commercial Service

A full copy of the Country Commercial Guide to Singapore can be obtained through the Market Research resource at: <http://www.export.gov/