COUNTRY ANALYSIS
SINGAPORE
Quick facts
Capital:
Singapore city
Currency:
Singapore dollar (SGD)
Exchange rate:
1SGD = Rs. 30.30
Re. 1=0.03SGD
Languages:
English, Malay, Mandarin, Tamil
Climate:
Singapore is an equatorial country with a
relatively uniform temperature, abundant
rainfall and high humidity.
Average daily temperature 25.1 to 31°C.
December and January are generally less
warm.
Rains throughout the year; rainiest months
November to January.
Annual rainfall 2,136 mm.
Average daily relative humidity 84.3 per cent
Telephone country code:
+65
Embassy of India:
High Commission of India, Singapore
Embassy of the country:
High Commission of Singapore, India
Chamber/Trade Associations:
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General Information
Location:
Situated approx. 137 kilometres north of the
Equator, at the tip of the Malaysian Peninsula,
between latitudes 1o09’N and 1o29’N and
longitudes 103o36’E and 104o25’E; immediate
neighbours are Malaysia and Indonesia
Natural Resources:
Fish, deepwater ports
Natural Hazards
NA
Environment – current issues:
Industrial pollution; limited natural fresh
water resources.
Limited land availability presents waste
disposal problems; Seasonal smoke/haze
resulting from forest fires in Indonesia
International agreements:
party to Biodiversity, Climate change, Climate
change-Kyoto protocol, Desertification,
Endangered species,Hazardous wastes, Law of
the sea, Ozone layer protection, Ship
pollution.
Demographics
Population:
4,608,167(July 2008 est)
Religions:
Buddhist 42.5%
Muslim 14.9%,
Taoist 8.5%,
Hindu 4%,
Catholic 4.8%,
other Christian 9.8%,
other 0.7%, none 14.8% (2000 census)
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Languages:
Mandarin 35%,
English 23%,
Malay 14.1%,
Hokkien 11.4%,
Cantonese 5.7%,
Teochew 4.9%,
Tamil 3.2%,
other Chinese dialects 1.8%,
other 0.9% (2000 census)
Government Structure
Government Type:
Parliamentary Republic
Economic Review
Overview:
Basically entrepot economy, dependent on
foreign trade and investment; Focus on high
tech industries like petrochemicals,
electronics and computers. Main trading
partners are Malaysia, USA, China, Indonesia,
Japan, Hong Kong, Taiwan, Thailand, South
Korea and Australia. Main investors are UK,
Japan, Netherlands, Switzerland, USA,
Malaysia, Taiwan and Hong Kong. Singapore
has been a net exporter of capital since mid1980s. The major destinations of Singapore’s
direct investments abroad are China, British
Virgin Islands, Malaysia, Bermuda, Indonesia,
Hong Kong, Mauritius, the United States,
Thailand and Australia.
GDP (real growth rate):
7.7% (2007 est)
GDP (Composition by sector):
agriculture: 0%
industry: 31.2%
services: 68.8% (2007 est.)
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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
Exports:
$450.6 billion f.o.b. (2007 est.)
Exportable items:
machinery and equipment (including
electronics), consumer goods, chemicals,
mineral fuels
Export partners:
Malaysia 12.9%,
Hong Kong 10.5%,
Indonesia 9.8%,
China 9.7%,
US 8.9%,
Japan 4.8%,
Thailand 4.1% (2006)
Imports:
$396 billion (2007 est.)
Importable items:
machinery and equipment, mineral fuels,
chemicals, foodstuffs
Import partners:
Malaysia 13.1%,
US 12.5%,
China 12.1%,
Japan 8.2%,
Taiwan 5.9%,
Indonesia 5.6%,
South Korea 4.9% (2006)
External debts:
$25.59 billion (31 December 2007 est.)
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Trade Regulations
Trade Barriers:
Singapore has very few trade barriers. There
are restrictions in some sectors, such as legal
services, financial and banking services,
telecommunications services, professional
engineering services, trade in tobacco
products and residential property. However,
the telecommunications, power, financial and
legal services sectors are progressively being
liberalized, allowing more freedom for market
forces in the economy. In the area of
Intellectual Property Rights, the Government
of Singapore has laws to protect against
piracy and copyright infringement, but it
relies on the private sector to take the lead
against transgressors. In sum, Singapore
maintains one of the most liberal trading
regimes in the world.
Customs Valuation:
In Singapore, valuation for customs purposes
is based on the Brussels Definition of Value
(BDV). The basic principle of the BDV is that
the dutiable value is the normal price or
import price of goods at the port or place of
importation. It pre-supposes that the sale has
taken place in the open market between an
independent buyer and seller.
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Tariff rates
Import taxes including VAT:
Singapore is generally a free port and an open
economy. More than 99% of all imports into
Singapore enter the country duty-free. For
social and/or environmental reasons,
Singapore levies high excise taxes on
intoxicating liquors, tobacco products, motor
vehicles (100% of motor vehicles are
imported), and petroleum products.
Singapore levies a 7% Goods and Services Tax
(GST) on all goods (including imports) and the
Special import provisions:
Special import licenses are required for
certain goods, including strategic items,
hazardous chemicals, films and videos, arms
and ammunition, agricultural biotechnology
products, food derived from agricultural
biotechnology products, prescription drugs,
over-the-counter drugs, vitamins with very
high dosages of certain nutrients and
cosmetics and skin care products.
Import license requirement:
A NA(CWC) licence is required before the
commencement of import
Temporary entry:
Goods are allowed to be imported for repairs
and other approved purposes such as stage
performance, testing, experiments and
demonstration without payment of duty
and/or GST on condition that they are re6
exported within three months from the date
of importation. If the goods are not reexported duty/or GST will be payable. The
procedures governing such importation are
the following:
The declarant should apply for a Customs
Inward Permit under the Temporary Import
Scheme at the time of importation. For
temporary import under other approved
purposes, a letter explaining the purpose of
the import must be submitted together with
supporting documents such as the commercial
invoice and bill of lading/airway bill to the
Singapore Permits Processing Unit, Procedures
and Processing Branch of Singapore Customs.
The declarant/importer should also furnish
security in the form of a bank/finance
company guarantee. Singapore Customs will
place identification marks on the goods at the
point of entry or verify serial numbers against
the relevant documents before release.
Goods under temporary import must be reexported within the period approved for the
temporary importation. A Customs Outward
Permit is required for the re-exportation of
the goods. The Customs Outward Permit and
the goods must be produced to Customs at
the exit point for examination. Customs will
verify the identification marks or serial
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numbers against the relevant documents. The
Permits Compliance Unit will then arrange to
return the bank/finance company guarantee
as appropriate.
Bi-lateral Trade with India (in billion SGD as on Jan-Apr 08)
Total Bi-lateral Trade:
10.286
Singapore’s import:
3.849
Singapore’s export:
6.437
Singapore’s Domestic Export:
3.112
Singapore’s Re-exports:
3.324
Exports to the country from India:
India’s top 10 exports to Singapore
1.
Topped Crudes
2.
Motor Spirit Refined Premium Leaded
3.
Non-Industrial Diamonds Worked
4.
Aluminium Unwrought
5.
Telephones for Cellular Network Or Other Wireless
Networks
6.
Articles of Jewellery of other precious Metal Whether
Ornot Plated or Clad with precious metal
7.
Cathodes & Sections Of Cathodes Of Refined Copper
8.
Benzene
9.
Other Medicaments Packed For Retail Sale
10 Other Parts & Accessories of Other Printing Machines
These items constitute 72.69% of India’s total exports to Singapore
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Imports from the country to India:
India’s top 10 imports from Singapore
1.
Topped Crudes
2.
Other Parts & Accessories of Other Printing Machines;
3.
Other Electronic Integrated Circuits
4.
Parts for Apparatus For Transmission or Reception of
Voices Images or other Data
5.
Machines perform 2 or more func of Printing,Copying
or Facsimile Transmission Connectable To Comp Or
Network
6.
Styrene
7.
Parts of Boring or Sinking Machinery
8.
Telephones for Cellular Network Or Other Wireless
Networks
9.
Ships’ & Aircraft Bunkers & Stores Loaded On Board
For Own Consumption
10. Unused Postage Revenue Stamps Unissued Currency
Notes Cheque Forms Share Certificates etc
These items constitute 46.14% of India’s total imports from Singapore
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Useful address/website:
High Commission of Singapore,
6 Chandragupta Marg, Chanakyapuri,
New Delhi-11002.
31, Grange Road, Singapore 239702
Tel: (65) 6737 6777/6809
Fax: (65) 6732 6909
Open: 0900 hrs – 1300 hrs; 1330 hrs – 1730 hrs,
Mon - Fri
Email: hcifsc@pacific.net.sg
Website: http://www.embassyofindia.com
Source:
https://www.cia.gov/library/publications/the-world-factbook/geos/sn.html
http://www.embassyofindia.com/SingaFactsheet.asp
http://www.embassyofindia.com/IndiaSinga_Economic_trade.asp
http://www.iesingapore.gov.sg/wps/portal
http://www.customs.gov.sg/topNav/hom/
http://www.buyusa.gov/singapore/en/trade_regulations_n_standards.html#_s
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