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Singapore is an important trading partner of India with bilateral trade of about US $ 6.4 billion and ranks first in terms of India’s bilateral trade in the ASEAN region. The balance of trade has traditionally been in favour of Singapore. However, during the year 2004-05, the balance of trade tilted in favour of India to the tune of US $ 1.2 billion. Singapore’s trade with India constitutes about 37.5% of India’s total trade with ASEAN and approximately 3.4% of India’s our global trade.
(Value in US $ Million)
Year
Exports
Imports
Total
Trade Balance
1997-98
779.70
1197.88
1977.58
-418.18
1998-99
517.45
1384.16
1901.61
-866.72
1999-2000
669.00
1534.41
2203.41
-865.41
2000-01
861.00
1433.34
2294.34
-572.34
2001-02
972.31
1304.09
2276.40
-331.78
2002-03
1421.58
1434.81
2856.39
-13.23
2003-04
2124.84
2085.38
4210.22
39.46
2004-05
3795.51
2582.16
6377.67
1213.35
The profile of goods exported to Singapore is highly diversified. The major items in India’s export to Singapore during 2004-05 (with their percentage share) Petroleum: Crude & Products (45.58%), Gems & Jewellery (14.78%), Machinery And Instruments (4.99%), Transport Equipments (4.65%), Electronic Goods (4%), Dyes/Intmdtes & Coar Tar Chemical (2.44%), Manufactures Of Metals (2.03%), Aluminium Other than Products (1.38%), Non-Ferrous Metals (1.33%), Drugs, Pharmaceuticals & Fine Chemicals (1.33%), Manmade Yarn, Fabrics, Made-ups (1.32%), etc.
Similarly, the profile of India’s imports from Singapore is also highly diversified. The major commodities of our imports during 2004-05(with their share) were Electronic Goods (39.29%), Organic Chemicals (13.63%), Transport Equipments (8.74%), Printed Books, Newspapers, Journals Etc (6.66%), Machinery Except Electrical & Electronic (6.3%), Artificial Resins, Plastic Materials, Etc. (3.77%), Metalifers Ores & Metal Scrap (2.86%), Professional Inst., etc except Electronic (2.56%), Electrical Machinery except Electronic (2.24%), Computer
SB/MRS
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