Singapore
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) 260 bn Goods Exports 429
GDP per capita (USD) 50,066 Imports 362
GDP volume growth (year-on-year) + 4.9% Net + 67
Population 5.19m Services Exports 114
MMR (year average) 0.41% Imports 112
Exchange rate SGD / USD (year average) 1.2578 Net + 2
BoP (goods, services & income) as % of GDP + 24.5% Source: IFS, IMF, January 2013International/regional memberships
Asia-Pacific Economic Cooperation
(APEC): since 6–7 November 1989.
Association of Southeast Asian Nations
(ASEAN): founding member since
8 August 1967.
International Monetary Fund (IMF):
since 31 August 1951.
World Trade Organization (WTO):
since 1 January 1995.Government trade policy
Singapore pursues many of its trade
objectives through its membership of ASEAN
(www.aseansec.org).
As a member of ASEAN, Singapore is
committed to the ASEAN Free Trade Area
(AFTA) Common Effective Preferential Tariff
(CEPT) scheme. This lowers all intra-regional
tariffs on trade between Singapore and other
ASEAN member states (Brunei Darussalam,
Cambodia, Indonesia, Laos, Malaysia,
Myanmar, Philippines, Thailand and Vietnam)
to between zero and 5 percent. ASEAN member states have a number of
free trade agreements (FTAs) with regional
economies such as South Korea, China,
Japan, India, and Australia and New
Zealand. ASEAN is also in negotiations for
an FTA with the European Union.
Singapore is also a member of the Trans-
Pacific Economic Partnership, along with
Chile, New Zealand and Brunei, which
eliminates some tariffs and trade barriers
between the member states.
National export credit insurance provider:
ECICS Limited (www.ecics.com.sg) is a
private-sector provider of export insurance
and credit. The government can assist
in export support through International
Enterprise Singapore, which works with
ECICS and QBE Insurance to provide trade
credit insurance.
Singapore currently operates nine free trade
zones (FTZs), which are under the control of
three separate operating authorities.Currency and exchange controls
Official currency: Singapore dollar (SGD).
Exchange rate arrangement: floating.
The Monetary Authority of Singapore
(www.mas.gov.sg), Singapore’s central bank,
manages the SGD against an undisclosed, trade-
weighted basket of international currencies. Singapore does not impose any significant
exchange controls.
Singapore requires financial credits from a
non-resident to a resident to be reported/
registered.