With an open environment that is corruption-free, Singapore has a robust economy that mainly thrives from the manufacturing sector. Despite having a small domestic market and lacking in natural resources, the country’s economy is among the most advanced economies in the world. Also, the lack of foreign debt, positive surplus, and high government revenue contribute to making the economy of Singapore stable.
As of 2019, Singapore is the 2nd freest economy worldwide. Due to its highly advanced free-market economy, the transparent legal framework as well as its government integrity, the country provides high opportunities for foreign trade advancement.
However, the economy is dependent on exports which include electrical equipment, machinery, mineral fuels, plastics, aircraft and spacecraft, among others. Its imports include gold, diamonds, refined petroleum, crude petroleum, integrated circuits, computers and more, with most of its import tariffs being low or non-existent.
The country holds a number of trade agreements with some of its trading partners such as New Zealand, China, India, Korea and more.
Singapore oversees an extensive sea freight forwarding in most ports of the country, of which the biggest ones are described below:
Ranked the 2nd busiest port by cargo tonnage, this port was established in 1869 after the Suez Canal was opened. It lies to the south of the Malay Peninsula and covers about 600 hectares. The port has 52 Quay container berths and 67 berths and 190 Quay cranes. It deals with oil, petroleum, steel products, natural gas, cement among other products and has an annual capacity of more than 30 million TEU with cargo throughput amounting to 630 million tons.
The port has comprehensive road and rail connections.
This port was set up in 1963 but began its operations in 1965. It is located in Singapore and occupies about 155 hectares.
The port mainly deals with containerized, dry and liquid bulk, and general cargo such as heavy-lift project cargo. The port has a cargo throughput of around 17 million tons.
Its container terminal handles about 500,000 TEUs a year. It has good links by rail and road to other regions in Singapore.
Below describes an overview of air freight forwarding in major airports of Singapore.
Officially opened in 1981, this airport is among the top 20 busiest airports in the world by cargo traffic. It is located north-east from Marina Bay, Singapore and covers 1,300 hectares of land. It has a state-of-the-art infrastructure that handles more than 2.13 million tons of cargo annually .
The airport offers seamless multimodal connectivity and so, accessible by rail and road which link the airport to other regions.
Located in the northeastern area of Singapore, the airport was built in 1929 for military purposes. It occupies about 160 hectares.
The airport handles about 840 tons of freight each day with more than 6,000 tons of cargo. Plans are underway to expand the infrastructure of the airport so as to increase its cargo carrying capacity.
It is accessible by road which connects it to other regions in Singapore.