South-East Asia IPR SME Helpdesk

Snapshot: Business in Singapore for EU Companies

  

(Source: DG Trade)

SIZE of Market 

  • EU exports in goods to Singapore in 2015: EUR 29,703 million
  • EU imports in goods from Singapore in 2015: EUR 18,957 million
  • Total trade in goods in 2015: EUR 48,660 million
  • EU exports in services to Singapore in 2014: EUR 20,397 million
  • EU imports in services from Singapore in 2014: EUR 15,730 million
  • Total trade in services in 2014: EUR 36,127 million
  • Singapore GDP in 2015: EUR 263.8 billion 
  • Singapore GDP growth in 2015: 2.0%

In 2015, total EU-Singapore trade in goods grew by 7.7% to reach EUR 48,660 million. Total trade in goods in 2015: The EU is Singapore's number three trading partner after China and Malaysia while Singapore is the EU’s 16th largest trading partner. 

The EU and Singapore completed the negotiations for a comprehensive free trade agreement on 17 October 2014. The initialled agreement needs now to be formally approved by the relevant and deputed European institutions.

The Singaporean economy is open to international trade in most sectors and over 10,400 EU companies are established in Singapore, many using the CityState as a hub to serve the Asia-Pacific region.

Key INDUSTRY SECTORS - 2015

  • EU exports to Singapore are concentrated in the (i) Machinery and appliances (36.4%), followed by (ii) Products of chemical or allied industries (12.7%), (iii) Transport equipment (10.3%) and Mineral products (9.6%).
  • EU imports from Singapore are concentrated in two key sectors: (i) Products of the chemical or allied industries (43.7%) and (ii) Machinery and appliances (30.8%).