ECONOMIC SERVICES
Singapore’s economic links with the United States are robust and longstanding. The United States-Singapore Free Trade Agreement, which came into force in 2004, attests to this close economic relationship.
SINGAPORE-US TRADE RELATIONS
In 2010, the U.S. was Singapore’s 3rd largest trading partner, with total trade amounting to about US$62.7 billion. This constituted 8.7% of Singapore’s total trade of US$721.65 billion in 2010. Singapore was also the U.S.’s 13th largest trading partner (its 6th largest in Asia and largest in ASEAN), as well as its 10th largest export destination.
In 2010, Singapore’s top five exports to the US were (i) Electronic Valves; (ii) Office and Data Processing Machines; (iii) Telecommunications Equipment; (iv) Aircraft; and (v) Medicaments. Singapore’s top five imports from the US were: (i) Aircraft; (ii) Electronic Valves; (iii) Refined Petroleum Products; (iv) Civil Engineering Equipment Parts; and (v) Non-Electric Engines and Motors.
In 2009, Singapore’s net services trade balance with the US reached US$5.54 billion. Services imports from the US rose by 2.1% to US$16.9 billion, while exports reached US$11.36 billion. The US was Singapore’s largest trade partner for services, both in terms of exports and imports.
SINGAPORE-US INVESTMENT RELATIONS
Singapore’s investments in the US almost doubled from US$5.7 billion as at-end 2003 to US$9.7 billion as at-end 2010[1]. This placed the US as the 11th most popular country worldwide for Singapore’s outward investments which were mainly concentrated in financial services and manufacturing.
The US was Singapore’s 2nd largest foreign direct investor as at-end 2009. The stock of US direct investment into Singapore reached US$44.7 billion in as at end-2009[2]. US investments in Singapore are concentrated in financial and insurance services, manufacturing and wholesale & retail trade sectors.
[1] Provisional figures from Department of Statistics 2011.
[2] Figures from Department of Statistics 2011.
UNITED STATES-SINGAPORE FREE TRADE AGREEMENT (USSFTA)
The USSFTA came into force on 1 January 2004. The USSFTA led to a substantial increase in bilateral trade. Bilateral trade rose nearly 30% from US$51.6 billion in 2003 to reach US$62.7 billion[3] in 2010. Get more information on the USSFTA.
(Note: Exchange rates used for monetary figures in the text are for May 2011)
[Sources: U.S Department of Commerce; U.S. Department of State; Ministry of Trade and Industry, Singapore]
[3] Figures have been rounded up. Equivalent to approx. S$78.4 billion at exchange rate of US$1.25: SGD$1.00 as at 3 May 2011.
SINGAPORE’S ECONOMIC AGENCIES IN THE UNITED STATES
Singapore’s economic agencies maintain representative offices in the U.S. to develop and strengthen Singapore-U.S. economic links.
- The International Enterprise Singapore (IE Singapore)’s mission is to promote the overseas growth of Singapore-based enterprises and international trade. It has offices in New York and Los Angeles. The IE Singapore’s main website is www.iesingapore.gov.sg.
- The Economic Development Board Singapore (EDB) ensures the continued attractiveness of Singapore as an investment and business hub. The EDB maintains offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Washington, D.C. The EDB’s main website is www.edb.gov.sg
- The Monetary Authority of Singapore (MAS) is responsible for the development and promotion of Singapore as an international financial centre. It has an office in New York at 17 State Street, 25th Floor, New York NY 10004, Tel : (212) 809 4018 Fax : (212) 809 6067. The MAS’s main website is www.mas.gov.sg
- The Singapore Tourism Board (STB) promotes Singapore as an ideal destination for business as well as leisure tourism. It has offices in New York and Los Angeles and their directory can be accessed here. The STB's main website is www.stb.gov.sg
- Contact Singapore facilitates the exchange of information to link Singapore-based employers with talent interested in pursuing a rewarding career and lifestyle in Singapore. It has an office in Boston. Please visit their North American webpage. Contact Singapore's main website is www.contactsingapore.sg
REPRESENTATIVE STATE TRADE OFFICES IN SINGAPORE
State of Pennsylvania
200 Cantonment Road
#02-01 Southpoint
Singapore 089763
Tel: 62258667
Fax: 62258330
Email: pastate@mbox4.singnet.com.sg
Contact Person: Sarath Kumar Menon
State of Mississippi
Suntec Tower One
#12-02C
Singapore 038987
Tel: 63386377
Fax: 63376377
Email: simonbeh@singnet.com.sg
Contact Person: Simon Beh Chong Hwee
Port of Olympia
200 Cantonment Road
#09-01 Southpoint
Singapore 089763
Tel: 63264234
Fax: 62251231
Email: edt@haisunhup.com.sg
Contact Person: Edmund Tan
States of Georgia & Arkansas
D2-03-03 Pantai Hillpark Phase 1
Jalan Pantai Dalam
59200 Kuala Lumpur, Malaysia
Tel: 03-2836102
Fax: 03-2821102
Email: boonwt@pc.jaring.my
Contact Person: Boon W Tan
Port of Charleston
World Trade Centre #10-40
Singapore 099253
Tel: 63748334
Fax: 62755766
Email: lawrence@jtsjsa.com.sg
Contact Person: Lawrence Leong
Port Authority of New York/New Jersey
24 Jurong Port Road
#03-00, Office Block
CWT Distripark (HQ)
Singapore 619097
Tel: 62611061
Fax: 62611659
Email: Desmond_Tamaki@compuserve.com
Contact Person: Desmond Tamaki
Port of Tacoma
City Link #05-05
102-F Pasir Panjang Road
Singapore 118530
Tel: 96529364
Fax: 62547251
Email: hillier@cyberway.com.sg
Contact Person: Keith Hillier
Virginia Port Authority
Blk 306 Ubi Ave 1
#02-187 (Room B)
Ubi Town Centre
Singapore 400306
Tel: 67438270
Fax: 67438325
Email: vpasin@mbox4.singnet.com.sg
Contact Person: Sunny Keok Pin How
States of Indiana, Wisconsin & Missouri
70A Prinsep Street
Singapore 188662
Tel: 63398885
Fax: 63391982
Email: jrasean@pacific.net.sg
Contact Person: Joyce Rasmussen
Port of Los Angeles
Blk 334 #03-10
Kreta Ayer Road
Singapore 080334
Tel: 63246823
Fax: 63246825
Email: piers@mbox3.singnet.com.sg
Contact Person: K C Tan
Massachusetts Port Authority
161A Telok Ayer Street
Singapore 068615
Tel: 63231882
Fax: 63231682
Email: asiaqest@mbox2.singnet.com.sg
Contact Person: YT Sitoh
Port of Seattle
171 Chin Swee Road
#09-01 San Centre
Singapore 169877
Tel: 64381295
Fax: 65383386
Email: windmill@windmill.com.sg
Contact Person: Kirpa Ram Vij
