One would be amazed to how an island country tucked within
Southeast Asia wields much influence in global business. Yet, just as the
island of Manhattan symbolizes American prosperity and cultural diversity, so
the Republic of Singapore mirrors those same characteristics on a worldwide
scale. As the fourth largest financial center on the planet, this region where
the land mass roughly equals the size of Rhode Island has enjoyed centuries of
wealth and growth.
As one of the most active sea ports in the world, Singapore
has observed an open business environment and capitalist economy since gaining
its independence from Great Britain nearly fifty years ago. The region's bustling
sea transportation and carefully planned free market paradigms have greatly
inspired other global export powers who look up to the "Singapore Model" with
the goal of achieving a similar high-level Gross Domestic Product (GDP) ratio
and low unemployment rates. According to the Global Competitiveness Report
2009-2010 by World Economic Forum, Singapore is ranked the 3rd most
competitive nation among 133 major and emerging economics only after
Switzerland (No. 1) and United States (No. 2), whereas it scores No. 1 followed
by Hong Kong (No. 2) and USA (No. 3)
in the World Competitiveness Scoreboard 2010 by International Institute for
Management Development, Lausanne, Switzerland.
As an exporter, Singapore deals mainly with countries in the
Middle East and Southern Hemisphere, as well as the United States. The country,
like other Asian Tigers, is reliant on natural resources and raw materials for
production, hence its dependence on trade with nations like Australia and New
Zealand and the United Arab Emirates.
Top Industries and Exports of Singapore
Statistics from the US State Department reported in 2009
that Singapore's main exports to North America include industrial machinery and
electronic components. These products have home with other nations as well, and
Singapore is known throughout the rest of the world for providing the following
in global trade:
Biotechnology: In
the last decade, Singapore has gained a foothold in the manufacture of
pharmaceuticals and other healthcare products. GlaxoSmithKline, Pfizer, and
Merck are among the major companies with plants on the island.
Crude Oil: Crude
and petroleum is shipped practically daily from Singapore's ports for
refinement. The UAE in particular is a major importer of this item.
Shipping and Aircraft
Components: Whenever and wherever you fly, chances are the parts used to
build your plane have come from this region. As a top port, the island arguably
has more expertise than any other market with regards to shipbuilding.
Computer and
Technological Circuitry: Like its fellow Asian Tiger markets, the island
republic enjoys a successful business in the production of computers and
accessories. Acer, for one, is reliant on trade with Singapore for their
business.
Jewelry:
Particularly in the Middle East, precious gems and pearl jewelry are exported
with regularity.
As a diverse culture of prosperity that serves as the model,
profitable trade environment, Singapore stands tall as a top global trade
empire. A healthy currency and fortuitous location will undoubtedly keep the
country at the forefront of world business.