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In Singapore our vessels call at Pasir Panjang Wharf (PPW) enabling the efficient load and discharge of container and breakbulk cargo. Singapore acts as a hub for cargo from almost all South East Asian countries connecting this important region to New Caledonia, Fiji and New Zealand.
Key economic indicators
| Population |
4.425 million (July 2005) |
| GDP |
US$120.9 billion (2004, PPP method) |
| GDP Growth Rate
|
8.1% (2004) |
| GDP Per Capita
|
US$27, 800 (2004, PPP method) |
| Inflation |
1.7% (2004) |
| Total Imports |
US$155.2 billion (FOB, 2004) |
| Total Exports |
US$174 billion (FOB, 2004) |
| Currency |
Singapore dollar |
| Exchange Rate |
NZ$1 = S$1.14 (July 2005) |
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Source: CIA World Factbook
Overview
Singapore is an affluent city-state, the size of Lake Taupo, and is dependent on international trade. It is a gateway to the ASEAN region and market leader for the region. The market is open, decision making is transparent and it is an easy country in which to do business.
New Zealand companies exporting to Singapore have found they are competitive in a wide range of products and services including food and beverages, telecommunications, electronics, software, engineering consultancy, education and tourism.
Opportunities also exist for alliances with Singaporean companies in third countries, notably in construction and engineering projects, electronics, software and food processing ventures. Singapore companies are involved in many projects in South East Asia, India and China. New Zealand companies interested in entering the region should consider teaming up with Singapore firms to take advantage of the extensive networks that they already have in place.
Singapore is one of Asia's most dynamic economies. It has the highest per capita GDP among ASEAN countries. It has a large population of affluent customers who continually seek to improve their standard of living. They particularly enjoy shopping and dining out. Advertising heavily influences Singaporean consumers. The market is very brand conscious. However, value for money influences most buying decisions, and this is particularly true in light of the current economic downturn.
The Singapore Government encourages investment in high-skilled, high technology areas particularly in the manufacturing (electronics, chemicals and pharmaceuticals) and service sectors (tourism, finance and retailing). The government is also committed to the development of the life sciences and creative industry. Other initiatives include encouraging the further establishment of world class research and development centres.
Singapore companies are strongly encouraged by the government to venture overseas. As such, many Singaporean companies have invested in overseas enterprises or set up subsidiary companies abroad particularly in China and India.
Singaporeans are among New Zealand's major foreign investors especially in hotels, house construction, computer retailing and the leisure industry. Cash-rich Singaporeans have also been investing in residential property in New Zealand.
Singapore was hit hard by a recession in 2001, yet has now recovered. This was attributed to the declining US market for electronic goods in particular, and global economic uncertainty. Electronics account for nearly half of the value added in manufacturing, and employs nearly one third of the workforce. A fiscal package to support the economy was introduced in July 2001 with other structural changes including cuts in personal and corporate income tax.
In 2004 the Singaporean economy achieved solid growth of approximately 8%, although the years ahead look slightly less aggressive. Singapore remains a good base from which to develop pan Asian market development strategies.
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Singapore's Top Ten Exports,
for 2004. (S$ Thousand)
| Electronic Integrated Circuits |
71,096,330 |
| Oil (Not Crude) from Petrol & Bituminous Materials |
27,404,067 |
| Automatic Data Processing Machines |
27,011,284 |
| Parts for Typewriters & Other Office Machines |
19,518,570 |
| Radio Transmission Apparatus |
9,941,177 |
| Semiconductor Devices |
8,108,453 |
| Engineering & Architectural Services |
8,012,335 |
| Heterocyclic Compounds with Nitrogen Hetero-atom(s) |
3,288,573 |
| Parts for Television, Radio & Radio Apparatus |
3,010,460 |
| Records, Tapes & Other Recorded Sound Media |
2,951,524 |
Source: Singapore Customs
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Singapore's
Top Ten Imports, for 2004
(S$ Thousand)
| Electronic Integrated Circuits |
53,788,580 |
| Crude Oil |
20,649,051 |
| Oil (Not Crude) from Petrol & Bituminous Materials |
20,626,689 |
| Parts for Typewriters & Other Office Machines |
17,359,308 |
| Radio Transmission Apparatus |
9,883,130 |
| Automatic Data Process Machines |
8,489,628 |
| Semiconductor Devices |
7,691,001 |
| Individual Function Machines |
4,590,133 |
| Aircraft, Spacecraft & Launch Vehicles |
3,797,039 |
| Parts for Lifting Machinery |
3,051,859 |
Source: Singapore Customs
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New
Zealand's Top Ten Exports to Singapore, y/e December 2004 ($NZ million)
| Dairy
products |
106,045 |
| Electrical Machinery |
39,920 |
| Meat |
28,092 |
| Machinery |
27,406 |
| Prepared meat/fish |
20,350 |
| Furskin & Artificial Fur |
12,156 |
| Fruit/Nuts |
10,698 |
| Optic, Photo, Medical & Surgical Instruments |
9,450 |
| Paper/Paperboard |
8,825 |
| Fish & Seafood |
6,643 |
Recent Trends
New Zealand exports to Singapore dipped in the year ending December 2001 due to the recession in Singapore. Dairy products were amongst the hardest hit, although indications are that the trade has stabilised. The relatively slow return of economic growth to Singapore has seen renewed activity from New Zealand exporters in a number of sectors, including business software, creative media, education and food and beverages.
The above information is an excerpt from the New Zealand Trade & Enterprise Country Briefs. For a more comprehensive
account visit:
http://www.nzte.govt.nz
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