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Economy of Singapore

Singapore, formally the Republic of Singapore, is an independent city-state and island nation that is situated in Southeast Asia. Downtown Core is seat of government and they have parliamentary republic governing system. The nation is extremely developed and built-up and the signs of original vegetation still remain. The nation’s land has constantly extended through reclamation. The estimated GDP of Singapore in terms of purchasing power parity (PPP) is $339 billion, which is the 41st largest when compared to the rest of the countries. The free-market economy of Singapore is developing by leaps and bounds, courtesy of their strong administrative and governmental policies and strategies. The corruption-free environment of nation is what makes international investors and traders to invest high capitals in Singapore. Apart from that, the economy of Singapore enormously depends on exports, predominantly in consumer electronics, IT products, pharmaceuticals and a prosperous financial services sector that is developing at a sheer pace. The fiscal year of Singapore instigates from 1st April and ends up on 31st March. The ever-growing industrial sector of Singapore consists of electronics, chemicals, financial services, petroleum, rubber processing, beverages, ship, offshore and construction. Singapore is continuing its efforts to become a hub of financial and high-tech of Southeast Asia.

Imports of Singapore

The estimated import value of Singapore is $373 billion as of 2013, which is the fifteenth largest when compared to the imports of rest of the nations. The major import commodities of Singapore include machinery, equipment, mineral fuels, chemicals, foodstuffs, consumer goods and so many other products. The leading import partners of Singapore include Malaysia, China, United States, South Korea, Japan, Indonesia and UAE.

Exports of Singapore

Singapore is the fifteenth largest exporting country of the world. The estimated export value of Singapore is $410.3 billion as of 2013. The leading export commodities of Singapore include machinery, electronics, telecommunications, petroleum products, food and beverages. Malaysia, Hong Kong and China receives high percentage of exports, while other notable export partners include Indonesia, United States, Japan, Australia and South Korea are the major export partners of Singapore.

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Dialing Code
Fiscal Year
1 April - 31 March
Singapore Dollar (SGD)
$432.1 billion (2011 est.) | Machinery And Equipment (including Electronics And Telecommunications), Pharmaceuticals And Other Chemicals, Refined Petroleum Products
$386.7 billion (2011 est.) | Machinery And Equipment, Mineral Fuels, Chemicals, Foodstuffs, Consumer Goods
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