Trade is booming between Singapore and the European Union, reaching a record high of €58.1bn in 2018, according to the latest data from the European Commission. This is a 9% increase from 2017.
The EU has also increased its surplus in goods trade with Singapore, which has been growing since 2015, to hit 16 billion euros in 2018, up from 13 billion in 2017.
Singapore exported €21.1bn worth of goods, mainly organic chemicals and pharmaceutical products, in 2018, an 11.7% year on year increase. Imports, mainly of machinery and transport equipment, from the European bloc also grew, rising by 4.8 per cent to reach €37.1bn.
The new trade data included services trade for 2017 but similar data for 2018 is still unavailable.
As reported by The Straits Times, the data shows that total trade in goods and services surpassed the symbolic €100bn mark for the first time in 2017. It hit €104bn, comprising €53.3bn in goods trade and €51.1bn in services trade, a statement by the EU Delegation to Singapore showed on February 21.
Meanwhile, foreign direct investment from the EU in 2017 increased by 15.8% year on year, reaching €227bn, cementing the bloc’s position as the largest foreign investor in Singapore. Singapore invested €117 in Europe, 14.7% less than 2016.
EU Ambassador to Singapore Barbara Plinkert said trade figures between the two jurisdictions was “clear evidence of the dynamic trade and investment relations between two like-minded partners who support free and fair trade”.
“The FTA and IPA will further boost economic relations as they facilitate trade and create a transparent framework for investment,” she added.