US Economic Relations with Singapore

By: EconomyWatch   Date: 30 June 2010

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Singapore is one of the closet allies of the United States in South-East Asia. The US economic relations with Singapore is a manifestation of the friendly relations it has with this South-East Asian nation.

The United States of America has traditionally had strong trade relations with Singapore. Singapore is the eleventh largest trading partner of the United States of America. The United States, on the other hand is the second largest trading partner of Singapore. At the turn of the century, in 2001, the total trade between the two countries amounted to 67.7 billion US dollars. This constituted 15.9% of the overall aggregate trade of Singapore.
The major import items of the United States from Singapore are -
  • Computers
  • Printers and peripherals
  • Disk drives
  • Computer parts
  • Printed Circuit Boards Assembled (PCBAs)
  • Telecommunication equipment
  • ICs and semiconductors
  • Organo-inorganic componds

    The major export items of the United States to Singapore are -
  • Aircrafts and aircraft parts
  • Printed Circuit Boards Assembled (PCBAs)
  • ICs and semiconductors
  • Civil engineering equipment
  • Scientific instruments and apparatus
  • Computer parts

    Singapore has also attracted major investments rom the United States largely due to its open-door investment policies and its highly developed business infrastructure. More than 1300 US companies have invested in Singapore. Almost 330 US companies have set up their regional business headquarters in Singapore. In 1999, half of the Foreign Direct Investments (FDI) of the United States in Asia were channelled to Singapore. Out of the 6.8 billion US Dollars of FDI for the Asia-Pacific region, 3.4 billion US Dollars went to Singapore. This made Singapore the most preffered destination in Asia among US investors. The sectors fo the Singapore economy that received the major share of the FDI from the United States of America are the industrial machinery sector and the electronics sector.
    The major highlights of US economic relations with Singapore
  • Trade and Investment Framework Agreement - 1991
  • Singapore-US Business Council (SUBC) - 1995
  • MOU (Memoranda of Understanding) with Trade and Commerce Agency of California, and Boston
  • Trade representative offices in Singapore of US States and Ports
  • The Us and Singapore also collaborate closely in international settings like APEC and WTO.

    In order to collaborate closely with the government of the United States of America and the private sector in the US, Singapore has set up offices in New York and Washington DC.


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