Bilateral trade

India and Singapore are mutually important economic partners. Singapore is not just India’s most important trading partner amongst the ASEAN countries, but also significant as India’s gateway to ASEAN and China. Not only has bilateral trade soared between the two nations since the signing of the Comprehensive Economic Cooperation Agreement in 2005, Singapore companies have become increasingly involved in infrastructure and real estate projects in India and have ventured into the logistics and communication sector. They are also venturing into developmental and planning projects in roads, ports, airports, power and the telecom sector. Businesses from the Lion City are keen to foray into the healthcare, education and training, retail and the automotive sectors. India was Singapore’s 13th largest trading partner in 2005 -bilateral trade in 2005 grew by 58 per cent. The growth trend continues in 2006 at 31.98 per cent and and reached US$ 5.4 billion. Singapore’s percentage share in India’s global share already reflects an increase from 2006 (3.5 %) to 2007 (4.7 % for Apr-Jun 2006). India is Singapore’s fastest growing trade partner amongst major economies, outstripping even China. Post the India-Singapore CECA, exports from India to Singapore for the year 2006 increased to US$ % 5.4 billion from US$ 4 billion in 2005, a growth of 35.6 %. Share of exports to Singapore accounts for 5.26 % of India’s total exports for the year ending 2006, which is substantial considering a more than two fold increase from 2.3% in 2002. In 2005, the share of Indian exports to Singapore was 4.77 %. India had net trade deficit with Singapore till 2003, however, India is having net trade surplus with Singapore from 2004 amounting to US $ 0.27 billion. Trade surplus for the year 2006 is US $ 2.07 billion, from US $ 1.34 billion in 2005; the growth in post CECA period of India’s trade surplus therefore amounts to around 60 %.
India’s exports grew dramatically by 88.28 per cent from 2003-04 to 2004-05 to cross India’s imports from Singapore and balance of trade became in India’s favour.
Singapore has maintained its position since last year as India’s largest export partner. India’s exports to Singapore grew by 88.28 per cent to reach US$ 4 billion in 2005, and have touched US$ 5.4 billion in 2006. Singapore has also retained number one position since last year as the largest source of our imports from ASEAN. India’s imports from Singapore were worth US$ 3.35 billion having grown by 26.49 per cent since last year. Imports from Singapore have also increased by 26 % in 2006, but interestingly rate of growth of imports from Singapore is falling since 2004. In 2005 the rate of growth of imports was 27.2 %. The share of imports from Singapore to India’s total imports have also been falling, from 2.38 % in 2005 to 2.25 % in 2006. Exports basket is concentrated within traditional items exported to Singapore from India. However, value of products exported to Singapore has increased for almost all categories during the period 2005-2006.
India’s exports to Singapore top ten commodities, Jan-Sep 2005Topped Crudes, Parts & Accessories Of Automatic Data Processing Machines, Automatic Data Processing Input And Output Units, Motor Spirit Refined Premium Leaded, Styrene, Automatic Data Processing Storage Units, Other Monolithic Integrated Circuits, P-Xylene, Monolithic Digital Integrated Circuits, Radio Transmission Apparatus with Reception Apparatus	India’s imports from Singapore top ten commodities, Jan-Sep 2005 Non-Industrial Diamonds Worked, Topped Crudes, Motor Spirit Refined Premium Leaded, Aluminium Unwrought, Benzene, Articles Of Jewellery Of Other Precious Metal Whether Or not Plated Or Clad With Precious Metal, Other Medicaments Packed For Retail Sale, Parts Of Boring Or Sinking Machinery, Static Converters, Other Medical Surgical Dental Or Veterinary Instruments & Appliances
Table V - India’s exports to Singapore Table VI - India’s imports from Singapore Table VII - Relative importance of India’s trade with Singapore (2004-05) Table VIII - India’s share in Singapore’s global trade (2002-03)

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