- Total two-way trade: $22.7 billion (2016)
- Two-way trade in goods: $12.6 billion
- Two-way trade in services: $10.1 billion
- Total two-way investment stock: $160.4 billion (2016)
- Australian investment in Singapore: $61.5 billion (2016)
- Singapore investment in Australia: $98.9 billion (2016)
SAFTA AANZFTA RCEP TPP
Singapore is a stable, sophisticated and wealthy city‑state characterised by its ease and transparency of doing business, status as a logistics hub and centre for finance. Singapore's outward-looking, export-oriented approach to trade has established the country as a strategic global hub, with strong interconnectivity to ASEAN's growing middle class population.
Over 3,500 multinational corporations are based in Singapore.
Singapore has a diversified economy with key sectors including manufacturing, business services and financial services. Recent economic reforms have helped Singapore become a financial, trade and wealth management hub for the region and a global hub for currency and commodity trading, transhipment and oil and gas refining.
Singapore is a leading innovative nation, ranking sixth in the World Innovation Index. In 2017, the Government announced a five-year economic transformation supported by increased investment in public infrastructure and technology-driven innovation.
Singapore is Australia's largest trade and investment partner in ASEAN, and an important focus for Australia's commercial engagement in the region. The Comprehensive Strategic Partnership elevates Australia's relationship with Singapore to further enhance people, business and government links. Opportunities in Singapore include:
Advanced manufacturing: As a hub for multinational corporations and global value (production) chains, there are opportunities in the aerospace and defence sectors for Australian capabilities in advanced manufacturing, materials and services.
Oil and gas supply chain: Singapore is the world's third largest oil trading hub and home to almost all of the global energy majors and engineering procurement and construction management companies. Opportunities exist for Australian companies in global supply chains, especially in solutions, processes and new technology sectors to enhance operational efficiencies.
Innovation: Singapore's 'Smart Nation' program and focus on innovation and commercialisation of technologies provide opportunities for collaboration and commercial partnerships across sectors including cyber security and big data.
Infrastructure and construction: Australian pension funds and asset managers will benefit from the infrastructure project pipeline in Singapore, with opportunities to invest and partner with construction and engineering companies preparing for the US$1 trillion-plus per annum of infrastructure to be built across the region.
Education and training: Education trends in Singapore are focused on developing workforce skills, innovation and technology. There's a high priority on developing an industry-ready workforce through training in specialised skills and innovation. Targeted, skills-based training and research on niche 'borderless education' and institutional research are areas of potential collaboration.
Healthcare services and technologies: One in four Singapore citizens is predicted to be over 65 years by 2030.30 This will create demand for healthcare services, medtech and biotech services. Australia's extensive capabilities across these sectors can support Singapore, especially in new medical technologies.
Food service and retail: Singapore's small but sophisticated consumer class creates significant opportunities for Australian exporters of agrifood, premium food, wine and consumer goods. Suppliers will also benefit from improved logistics across the region, enabling them to provide quality Australian food into the expanding ASEAN market via Singapore.