The Treasurer’s Guide to Trade Finance

Singapore

Singapore imports exports

Bank accounts

ƒ Resident companies can hold local currency
(SGD) bank accounts outside Singapore.
ƒ Resident companies can hold foreign
currency bank accounts within and outside
Singapore.

ƒ Non-resident companies can hold local

currency bank accounts within and outside

Singapore.

ƒ Non-resident companies can hold foreign

currency bank accounts in Singapore.

Trade information

Key trading partners

Imports by origin

EU 12.6%

USA 10.8%

Malaysia 10.7%

China 10.4%

Taiwan 7.4%

Other 48.1%

Source: WTO, September 2012

Exports by destination

Malaysia 12.2%

Hong Kong 11.0%

Indonesia 10.4%

China 10.4%

EU 9.6%

Other 46.4%

Principal exports

Machinery and equipment, electronics,
telecommunications, pharmaceuticals, and other
chemicals and refined petroleum products.

Documentation

Imports

ƒ A bill of lading, commercial invoice, customs
import declaration and a packing list.

Exports

ƒ A bill of lading, commercial invoice, customs
export declaration and a packing list.

Licences

Imports

ƒ Certain foodstuffs, including meat, fish and
vegetables.

ƒ Products that are included in the various
international treaties to which Singapore is
a signatory, for reasons of health, safety,
environmental protection and national
security.

Exports

ƒ Items subject to quota restrictions, such as
mahogany and some pine woods.

ƒ Rubber and ozone depleting substances.

Tariffs/Taxes

Imports

ƒ As a member of ASEAN and participant of

AFTA, Singapore is subject to the Common

Effective Preferential Tariff (CEPT) scheme,

which applies tariff rates of between zero and

5 percent to goods with at least 40 percent

ASEAN content if traded within ASEAN. The

CEPT covers around 98 percent of all tariffs.

ƒ Beer, stout, samshoo and medical samshoo

are among the few goods that are subject to

customs duties into Singapore.

Exports

ƒ None.

Financing requirements for imports/

exports

ƒ None.

Prohibited items

Imports

ƒ Items prohibited for reasons of health, safety

and environmental protection, in accordance

with UN Security Council resolutions.

Exports

ƒ Items prohibited in accordance with UN

Security Council resolutions.