Trade With Singapore Grew 17% Last Year as China Stays Its No. 1 for 5 Years

Trade With Singapore Grew 17% Last Year as China Stays Its No. 1 for 5 Years

Xu Wei

Date: Tue, 02/13/2018 - 19:05 / source:Yicai
Trade With Singapore Grew 17% Last Year as China Stays Its No. 1 for 5 Years
Trade With Singapore Grew 17% Last Year as China Stays Its No. 1 for 5 Years

(Yicai Global) Feb. 13 -- China has remained Singapore’s largest trade partner for the fifth straight year, and bilateral trade swelled by 17 percent to USD104 billion (SGD1.4 trillion) last year, snapping out of its down trend in the year before, Singapore’s Lianhe Zaobao reported today.

Trade with China made up 14 percent of Singapore’s total foreign trade volume last year, up from 13.5 percent in 2016, per statistics from International Enterprise Singapore.

The total value of Singaporean exports to China soared by 22 percent to SGD75 billion, while Chinese imports rose 12 percent to SGD63 billion.

China will continue as Singapore’s top trade partner because it is a manufacturing power and the largest exporter in the Association of Southeast Asian Nations (ASEAN), noted Chen Dade, an economist with United Overseas Bank Ltd.

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Keywords: Singapore, Export, import