Economy, Foreign Trade
textile yarn, AFTA, ASEAN member, Association of Southeast Asian Nations, value of exports
The value of imports generally exceeds the value of exports in Singapore. In 2000 the country exported goods worth U.S.$138 billion, but imports cost U.S.$135 billion. Singapore is an entrepot, meaning that much of the country’s trade involves the transshipment of goods produced in the region. The chief imports, in order of value, are machinery and transport equipment; basic manufactures, such as textile yarn, fabric, iron, and steel; miscellaneous manufactured articles; petroleum and petroleum products; and food and live animals. The country’s major exports are machinery and transportation equipment and refined petroleum products. Leading purchasers of Singapore’s exports are Malaysia, the United States, Hong Kong, Japan, and Thailand; chief sources of imports are Japan, Malaysia, the United States, Thailand, Taiwan, Saudi Arabia, Germany, and South Korea.
Singapore is a charter member of the Association of Southeast Asian Nations (ASEAN). As an ASEAN member, Singapore is also a member of the ASEAN Free Trade Association (AFTA), established in Singapore in 1992. In 1989 Singapore became part of the Southern Growth Triangle (SGT), which also includes Johor Baharu and Indonesia’s Riau Archipelago.
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