Republic of Singapore

Updated: 2018-07-31

Area: 719.9 square kilometers (2017)

Population: 5.61 million (date to June 2017)

Capital: Singapore

Overview:

Singapore is located at the southern tip of the Malay Peninsula, at the entrance to the Strait of Malacca, with Malaysia to the north and Indonesia to the south. It consists of Singapore Island and 63 small islands nearby, of which the Singapore Island accounts for 88.5 percent of the country's total area. It has a tropical maritime climate with high temperature, humidity and rain all year round.

Economy:

Singapore's economy is mainly driven by foreign trade in electronics, petrochemical industry, finance, shipping and service industries. It is highly dependent on China, the United States, Japan, Europe and its peripheral markets. The total foreign trade volume is four times that of the GDP. In 2017, the economic data is as follows:

GDP: 323.9 billion dollars

Per capita GDP: $55,000

GDP growth rate: 3.6 percent

Currency: Singapore Dollar

Industry:

Singapore's industries mainly include manufacturing and construction. Manufacturing products include electronics, chemistry and chemical products, biomedicine, precision machinery, transportation equipment, petroleum products, and oil refining. Singapore is the third largest oil refining center in the world.

Agriculture:

The land used for agricultural production accounts for about 1 percent of the total land area, and the output value accounts for less than 0.1 percent of the national economy. Agriculture in Singapore is mainly composed of horticultural cultivation, poultry breeding, aquaculture and vegetable cultivation. Most of the food and vegetables are imported from Malaysia, China, Indonesia and Australia.

Tourism:

Tourism is one of the main sources of foreign exchange. Tourists mainly come from China, ASEAN countries, Australia, India and Japan. Main scenic spots are: Sentosa Island, botanical garden, Night Zoo and so on.

Foreign trade: 


2013

2014

2015

2016

2017

Total amount

980.2

982.7

884

870.2

967.1

Amount of exports

513.4

518.9

476.2

466.9

515

Amount of imports

466.8

463.8

407.7

403.3

452.1

Trade gap

46.6

55.1

68.5

63.3

63

(Unit: billion Singapore dollar)

The main export commodities are: refined oil (24 percent), electronic components (22 percent), chemicals (10 percent) and industrial machinery (2 percent). The main imported commodities are: refined oil (22 percent), electronic components (17 percent), crude oil (10 percent), chemicals (excluding plastics) (6 percent) and power generation equipment (3 percent). The main trading partners are: China, Malaysia, EU, Indonesia, and the United States.