International+Trade

= International Trade =

Singapore has a very developed market based economy. One of the strategies Singapore has used to develop its economy and virtually eliminate poverty over the past 30 years was through international trade. Singapore’s strategic location and it being an entrepot facilitates the coordination of trade. Singapore maintains diplomatic relations with 175 countries. It has 14 bilateral and multilateral trade agreements worldwide [1]

Singapore has one of the highest per capita income in the world. Singapore’s economy is largely driven by the export of goods to other countries. Singapore exports to other members of the Association of the Southeast Asian Nations (ASEAN) and other markets such as China, Hong Kong, India, Pakistan and Australia. From 1990 to 1996 Singapore exports of consumer-oriented goods increased from $887 million dollars to $1.5 billion, an average increase of 9 percent per year [2].

Singapore also imports from members of ASEAN, the European Union, North Asia, Australia, New Zealand and the United States of America. Singapore imports consumer-oriented goods such as, baked goods, beverages, soups and snacks. Singapore also tends to import and re-export a variety of goods as well as diversify the exports. Singapore has more goods and services available for its citizens. The surplus is exported to other countries. Exports generate more income and create more employment opportunities the citizen.

The more the economy develops, the more the size of the middle class increases, and the lower the number of people living in poverty. Other countries in Southeast Asia can use the same strategy to reduce poverty.


 * 1) "[|Singapore Free Trade Agreements]". International Enterprise Singapore . [] . Retrieved on 2007-09-23.
 * 2) " [|Singapore: Destination and Gateway for U.S. Exports to Southeast Asia] ". FAS Online . [] Retrieved on October 14, 2004