Singapore Trade
Over the past 30 years, the Republic of Singapore has developed into a thriving newly industrialized country whose people enjoy one of the highest standards of living in Asia.Research Papers from Paper Masters can be custom written to discuss any aspect of trade in Singapore that you need focused on.
As the busiest port in the world, as measured by tonnage moved, Singapore has continued to expand its entrepot trade in the following areas:
- Electronics
- Petroleum refining and petrochemicals
- Machinery
- Shipbuilding and ship repair
As an nation dependent upon trade, electronics, machinery and refined petroleum are exported while machinery and electronic components, chemical, fuels and food are import with the major trading partners being the United States, Japan, Malaysia and the European Community.
International banks, insurance companies, professional consultancy firms, traders and ship operators are integral part of Singapore's business environment. The republic is a leading financial center with a strong and stable currency, no exchange-control restrictions, low inflation and low interest rates. Singapore has designated its Economic Development Board (EDB), which will be discussed in more detail later, as the agency responsible for attracting international services corporations to set up business endeavors in Singapore.
As a former colonial trading post Singapore was and still is at a crossroad between East Asia and Southern Asia, between the Pacific and Indian Oceans. "Singapore in the 1990s aspired to be a 'global city' serving world markets and major corporations the city had become a manufacturing center with one of the highest incomes in the region and a persistent labor shortage. As one of Asia's four 'little dragons' or newly industrializing economies Singapore was characterized by an export-oriented economy, relatively equitable income distribution, trade surpluses and a common heritage of Chinese civilization and Confucius values." Having no natural resources of its own, Singapore is forced to take best advantage of its two assets; its people and its location.
Historically, Singapore has been an international trading center operating as a free port with free markets since its founding in 1819. The past has seen yearly economic fluctuations following the unpredictable cycles of world markets. Though the great increase in international trade has granted Singapore great benefits, even slight downturns in world trade can result in a recession in the Singapore economy. Singapore's great strength and weakness are the same; its dependency upon international trade. Continued survival as a sovereign nation continues to be an ongoing challenge for both Singapore business and governmental leaders.