Export Opportunities for U.S. Businesses
KEY TRADE INDICATORS
U.S. is 3rd
ECONOMIC AND BUSINESS ENVIRONMENT
Singapore is one of the best markets in Asia for U.S. companies hoping to expand their market penetration throughout Asia. With a U.S. style of business, strong intellectual property protection, a small, easy to navigate market, an English-speaking society, and virtually no corruption, Singapore is a great regional trading hub. U.S. companies will find attractive market opportunities in Singapore for the following best prospects sectors: aircraft and parts, medical devices, computer hardware and software, laboratory and scientific instruments, environment control equipment, oil & gas, telecommunication equipment, education.
TOP INDUSTRY EXPORT OPPORTUNITIES
Aircraft & Parts
Singapore’s aerospace industry has maintained a leading position in the Asian market. Growing by an average of 12% since 1990 and generating an output of more than $6.9 billion in 2012, the aerospace industry is a key economic driver for Singapore. The boom in low-cost travel and a growing web of open-skies agreements are expected to power long-term growth for Asian airlines in the years ahead. As an aerospace hub in the Asia Pacific, Singapore is most definitely going to reap the benefits of this upturn.
According to the World Health Organization (WHO), Singapore’s healthcare system ranks sixth globally and offers the 4th best healthcare infrastructure in the world. It also serves as the healthcare and medical hub of the region. Based on available trade figures for 2012 and 2013, U.S. exports of medical equipment to Singapore will continue to be healthy and positive in 2014. U.S. exporters of medical devices, preventive and health screening products, and disease management solutions would be able to benefit.
Singapore as a major trading hub in Southeast Asia is well placed to source a wide range of fruit from all over the world. Quality rather than price drives the domestic market for imported fruit. The United States is the leading suppliers for oranges, table grapes, cherries, peaches and plums.
TRADE REGULATIONS & CUSTOMS INFORMATION
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 beer, wine and liquor, tobacco products, motor vehicles and petroleum products.
Singapore levies a 7% Goods and Services Tax (GST). For dutiable goods, the taxable value for GST is calculated based on the CIF (Cost, Insurance and Freight) value plus all duties and other charges. In the case of non-dutiable goods, GST will be based on the CIF value plus any commission and other incidental charges whether or not shown on the invoice.
Import Requirements and Documentation
Companies must make an inward declaration for all goods imported into Singapore. All imports require an import permit although this is largely a statistical requirement for most goods.
In Singapore, valuation for customs purposes is based on the Customs Valuation Code (CVC). The primary basis for Customs value is the transaction value of the imported goods when sold for export to Singapore.
Download Singapore's Country Commercial Guide for more Customs and Trade Regulation Information
IMPORTANT COUNTRY GOVERNMENT ENTITIES
LOCAL U.S. SUPPORT CONTACT
Download the complete Country Commercial Guide
Source: U.S. Commercial Service