Business & Economy of Singapore

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» Economic Overview of Singapore:

The economy of Singapore is a developed country and highly developed state capitalist mixed economy. While government intervention in the market is kept at a minimum, the state controls and owns firms that comprise at least 60% of the GDP through government entities such as the sovereign wealth fund Temasek. It has an open business environment, relatively corruption-free and transparent, stable prices, and one of the highest per capita gross domestic products (GDP) in the world. Its innovative yet steadfast form of economics that combines economic planning with free-market has given it the nickname the Singapore Model.

Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours to carry out such entrepot activities.The Port of Singapore is the busiest in the world, surpassing Rotterdam and Hong Kong.

» Major Facts:

Exports $268.9 billion (2009 est.)

Export goods machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels

Main export partners Hong Kong 11.6%, Malaysia 11.5%, United States 11.2%, Indonesia 9.7%, China 9.7%, Japan 4.6% (2009 est.)

Imports $245 billion (2009 est.)

Import goods machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods

Main import partners United States 14.7%, Malaysia 11.6%, China 10.5%, Japan 7.6%, Indonesia 5.8%, South Korea 5.7% (2009 est.)

Main industries electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade

Manufacturing and financial business services are the twin engines of the Singapore economy and accounted for 26% and 22%, respectively, of Singapore’s gross domestic product in 2000. The electronics industry leads Singapore’s manufacturing sector, accounting for 48% of Singapore’s total industrial output, but the government also is prioritising development of the chemicals and biotechnology industries.

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