Exports
Singapore’s economy is heavily reliant on its exportations of products and services to foreign nations. In 2022 Singapore earned S$710.0 billion equivalent to $518,248,710,000 in exports (Department of Statistics Singapore, 2022). Policymakers in Singapore create trade policies that would help to promote export products to foreign investors to encourage joint ventures with local Singapore manufacturers, companies, and workers with other nations to improve Singapore’s exportation sector (Gnangnon, 2020). Singapore developed relationships with China, Canada, Australia, the United States, Malaysia, Thailand, India, Japan, South Korea, the Philippines, and Saudi Arabia to export products to these nations more easily (Mohsen et. al, 2018). The ties Singapore has with its partners allow Singapore to become reliant on exports and expand on its working with partners in joint ventures to benefit both nations.
Imports
Singapore is also highly dependent on imports. In 2022, it was estimated that Singapore generated forty-two billion two hundred million U.S. dollars in imports (United States Trade Representative, 2022). Some of Singapore’s top importations included petroleum, circuits, gold, and gas turbines (Observatory of Economic Complexity, 2023). These imports come in from different regions. Singapore’s main trading partners are the United States, Europe, Japan, and China (Department of Statistics of Singapore, 2023). Singapore and the United States have a Free Trade Agreement (United States Trade Representative, 2023). In conclusion, Singapore’s exports and imports contribute to the growth of its economy and trading partners.
