National Economy:
|
GDP (billion ABD$)
|
365 (2021)
|
Inflation Rate (%)
|
4 (2021)
|
|
Real GDP Growth Rate (%)
|
7,6 (2021)
|
Rate of Unemployment (%)
|
2,4 (2021)
|
|
Population (million)
|
5,64
|
Export (fob-billion ABD$)
|
455 (2021)
|
|
Population increase (%)
|
3,4
|
Import (fob-billion ABD$)
|
403 (2021)
|
|
GDP per capita (ABD$ SAGP)
|
60
|
Turkish firms in Singapore
|
55
|
Major Trade Partners
: China, Malaysia, Hong Kong, Indonesia, USA
Major Export Items
: machinery and equipment, petroleum products, chemical products,
miscellaneous manufactured articles and oil bunkers
Major Import Items
:
integrated circuits
,
refined petroleum
,
gold
,
crude petroleum
and
gas turbines
|
Türkiye’s Export and Import with Singapore (million $)
|
|
|
2019
|
2020
|
2021
|
2022
(January-July)
|
|
Export
|
750,27
|
343,70
|
890,30
|
513,64
|
|
Import
|
286,38
|
299,59
|
395,1
|
304,29
|
|
Volume
|
1036,66
|
643,3
|
1.285,44
|
817,93
|
|
Balance
|
+463,88
|
+44,1
|
+495,16
|
+209,34
|
Source:
TSI
Bilateral Commercial and Economic Relations:
Major Exports to Singapore:
mineral fuels, oils, distillation products, etc; pearls, precious stones,
metals, coins, etc; iron and steel construction material; ships, boats and
other floating structures; electrical, electronic equipment and medicines
Major Imports from Singapore:
medical materials and medicines, part of machineries, plastic products,
optician materials, photo, technician machineries, synthetic rubber and
organic chemicals
Türkiye’s bilateral economic relations with Singapore, one of the most
dynamic countries in the Southeast Asia, has gained a significant momentum
in recent years, particularly following the Free Trade Agreement.
The annual trade volume exceeded 1 billion USD in the last years, except in
2020 due to the then-prevalent Covid-19 measures.
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 2020 around 1,5 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
in the last two years. After the all border restrictions were raised at the
beginning of 2022, the number tourist between two countries started to
increase.