Economic Opportunities

As a small and open economy, Singapore has always strived to be connected with the world, particularly Asia.

  • Singapore was the ninth largest exporter and 10th largest importer of goods in the world in 2019, accounting for almost 4% of the world’s total merchandise trade. For commercial services, Singapore was the 10th largest exporter and ninth largest importer in 2019, accounting for more than 6% of global services trade.
  • Our network of 25 Free Trade Agreements (FTAs) collectively covers trade partners which account for more than 85% of global Gross Domestic Product (GDP) and more than 90% of Singapore’s trade. This network allows our businesses to enjoy greater access to other markets. For instance, Singapore’s FTA with the Eurasian Economic Union, signed in 2019, enables businesses to reach the combined Eurasian market of more than 180 million people with enhanced networks and reduced tariffs.

To stay competitive, our businesses have been looking beyond immediate challenges and preparing to seize longer-term opportunities that remain relevant despite COVID-19, particularly by harnessing growth in Asia, going digital, and promoting innovation.