Türkiye-Singapore Economic and Trade Relations

National Economy:

GDP (billion ABD$)

340,4 (2020)

Inflation Rate (%)

3,8

Real GDP Growth Rate (%)

7,2 (2021)

Rate of Unemployment (%)

2,6

Population (million)

5,69

Export (fob-billion ABD$)

373,7 (2020)

Population increase (%)

-0,3

Import (fob-billion ABD$)

328,7 (2020)

GDP per capita (ABD$ SAGP)

60

Turkish firms in Singapore

55


Major Trade Partners : China, Malaysia, Hong Kong, Indonesia, USA

Major Export Items : Electrical, electronic equipment; Mineral fuels, oils, distillation products, etc; Machinery, boilers, etc; Commodities not elsewhere specified

Major Import Items : Mineral fuels, oils, distillation products, etc; Electrical, electronic equipment; Machinery, boilers, etc; Optical, photo, technical, medical, etc apparatus


Türkiye’s Export and Import with Singapore (million $)

2018

2019

2020

2021 (January-November)

Export

438,020

750,274

343,498

795,287

Import

352,145

286,387

299,749

347,824

Volume

790,165

1.036,661

643,247

1.143,111

Balance

85,875

463,886

43,749

447,463

Source: TSI


Bilateral Commercial and Economic Relations:

Major Exports to Singapore: Mineral fuels, oils, distillation products, etc; Pearls, precious stones, metals, coins, etc; Ships, boats and other floating structures; Electrical, electronic equipment.

Major Imports from Singapore: Plastics and articles thereof; Machinery, nuclear reactors, boilers, etc; Optical, photo, technical, medical apparatus; Organic chemicals.

Our bilateral economic relations with Singapore, who is one of the most dynamic country in South East Asia, has gained a significant momentum in recent years, particularly following the Free Trade Agreement.

The annual trade volume reached 700 million USD increasing approximately four fold in 2015, from a modest figure of 200 million USD recorded ten years ago.

Currently, around 100 Singaporean companies operate in Türkiye, while 55 Turkish companies operate in Singapore.

The last meeting of the Türkiye-Singapore Business Council was held in Istanbul on 13 October 2014.

According to the data from the Singaporean authorities, the Singapore FDI (foreign direct investment) in Türkiye was in 2019 around 1,6 billion USD.

Number of the tourists coming from Singapore to Türkiye had been regularly increasing. However, after 2020 with the border measures imposed due to the Covid-19 pandemic, travel with touristic purposes into Singapore has been restricted and that effected the number of tourist between both countries.