India – Singapore Trade Deficit
India and Singapore have strong bilateral trade relations. In 2021-22, the bilateral trade between the two countries stood at US\$30.11 billion. Singapore is one of India’s largest trade and investment partners in ASEAN. It is also the leading source of Foreign Direct Investment (FDI) into India.
However, India has a trade deficit with Singapore. In November 2023, India exported US\$798 million to Singapore and imported US\$1.94 billion from Singapore, resulting in a trade deficit of US\$1.15 billion. The trade deficit has been increasing in recent years. In 2021-22, the trade deficit stood at US\$13.59 billion.
Below are the factors that contribute to the trade deficit:
- One factor is that India imports more goods from Singapore than it exports. India’s major imports from Singapore include petroleum products, chemicals, machinery, and electronics. India’s major exports to Singapore include gems and jewelry, pharmaceuticals, textiles, and engineering goods.
- Another factor that contributes to the trade deficit is that Singapore is a more developed economy than India. Singapore has a higher per capita income and a more advanced infrastructure. This makes it easier for Singaporean companies to export their goods and services to India.
Singapore Economy 2024 – Business Hub and Financial Center
Singapore is a global financial center and a major hub for trade and investment. It is also a major center for oil refining and petrochemicals. The country has a strong infrastructure and a highly skilled workforce. Singapore is a member of the World Trade Organization (WTO), the Asia-Pacific Economic Cooperation (APEC), and the Association of Southeast Asian Nations (ASEAN). In this article, we will look into Singapore’s main Economy, major industries of Singapore, ranking, international trade and investment, government policies, challenges, opportunities of Singapore’s economy, and reason for the success of Singapore’s economy. We will also look into India-Singapore Trade Deficit.
Table of Content
- Overview of Singapore’s Economy
- History of Singapore Economy
- Major Industries in Singapore
- Singapore’s Economy Ranking
- International Trade and Investment in Singapore
- India – Singapore Trade Deficit
- Government Policies Affecting Singapore’s Economy
- Challenges and Opportunities in Singapore’s Economy