April 2, 2015 | Sharon Cheong
Singapore is currently listed as the 14th largest exporter, as well as the 15th largest importer worldwide. Their international trade industry has greatly influenced the direction of the country's economy. Their global economic position has been strong for many years and the World Trade Organization shows them with the highest trade to Gross Domestic Product ratio of any nation.
The export and import markets are also enhanced by Singapore's excellent array of waterways, docks and port facilities. Its superb geostrategic location has helped the nation to become a strong advocate of free trade and today, there are very few trade barriers there. The United States and numerous Asian-Pacific partners have worked together in recent years to establish a wide-ranging, next-generation agreement that would liberalize investments and trade.
The United States is Singapore's 13th largest export market with a list of products such as machinery, equipment, electronics, mineral fuels, consumer goods, chemicals and pharmaceuticals, along with many other commodities.
Machinery and Equipment
Industrial machinery makes up about 5% of the export market in this category. That includes machines that are used around the world for the creation and manufacture of all types of products. Electric power generating equipment is also exported, along with automated and robotic food processing equipment. Construction machinery is also a major export item.
Computer Hardware and Software
Various computer components are designed and manufactured in Singapore. Many of the largest retailers of computers around the globe purchase items like motherboards, processors, video graphic devices, optical drives, displays and others. Microsoft, Hewlett Packard and many others export electronics from this region.
Biotechnology & Medical Devices
Singapore now develops and promotes its extensive biotechnology industry. Thus far, hundreds of millions of dollars have been invested in this sector in order to shape the infrastructure. These funds are also being used for research and development with a large portion of the funds spent on recruiting top international scientists. The world's leading drug makers are among those who have set up offices in Singapore.
Refined Petroleum Products
About 28% of the export industry consists of various petroleum products and their derivatives. These include gasoline, jet fuel, heating oil, propane, petrochemical feedstocks, and diesel fuel. Products made of crude oil can vary a great deal depending upon the composition of the oil and processing techniques and even include many plastics.
Setting Up Offices for Export Companies
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