India Singapore Trade
India Singapore Trade Agreement
Last updated: Mar, 2023
Introduction
India and Singapore share close ties with a history rooted in strong commercial, cultural, and people-to-people links across a millennium. Singapore is the leading source of FDI, among the largest sources of External Commercial Borrowings and Foreign Portfolio Investment. It is the largest trade partner of India in the ASEAN region.
India-Singapore Trade.
- India was Singapore’s 12th largest trade partner, for the year 2021-22 with a share of 2.3% in Singapore’s overall trade.
- Singapore is India’s 6th largest trade partner with a share of 2.9% of India’s overall trade (2021-22).
- Bilateral trade stood at US$ 30.11 billion in 2021-22.
- Singapore is the 2nd largest investor in India, with a cumulative FDI inflow of US$ 140,987 million from April 2000 – September 2022.
Major exported items from India to Singapore with amount & quantity
- India exported 5,198 commodities to Singapore in FY 2021-22.
- India’s export to Singapore stood at US$ 11.15 billion in FY 2021-22.
- Major exported items from India to Singapore include minerals fuels, mineral oils & products, bituminous substances, and mineral waxes (US$ 6,100.89 million); followed by nuclear reactors, boilers, machinery, and mechanical appliances; parts thereof (US$ 595.71 million) in FY 2021-22.
- India’s export to Singapore stood at US$ 8.01 billion from April-November 2022.
- Major exported items from India to Singapore include petroleum products (US$ 3,200 million) followed by ships, boats, and floating struct (US$ 936 million), etc. during April-November 2022.
Major imported items by India from Singapore with amount & quantity
- India imported 4,211 commodities from Singapore in FY 2021-22.
- India’s imports from Singapore stood at US$ 19.17 billion in FY 2021-22.
- Major items imported by India from Singapore include nuclear reactors, boilers, machinery, and mechanical appliances; parts thereof (US$ 3,460.44 million); followed by electrical machinery & equipment & parts thereof; sound & tv recorders & reproducers & parts thereof (US$ 3,147.77) in FY 2021-22.
- India’s imports from Singapore stood at US$ 14.94 billion from April-November 2022.
- Major items imported by India from Singapore include coal, coke, and briquettes (US$ 1,999 million) followed by electronics components (US$ 1,520 million), etc. from April-November 2022.
Economic Relations and Investments
- In the year 2021-22, bilateral trade stood at US$ 30.11 billion compared to US$ 21.98 billion during 2020-21. FDI equity inflows in India from Singapore reached US$ 15.87 billion during FY2021-22. Singapore continued to be the largest source of FDI into India, with FDI inflows of US$ 17.42 bn in 2020-21 despite the Covid situation. The cumulative FDI inflows from Singapore to India stood at US$ 130.96 billion (April 2000 – March 2022) which is 22% of total FDI inflows in India.
- Singapore is also amongst the largest sources of External Commercial Borrowings for India and Foreign Portfolio Investment from Singapore has been extremely important for India. The top sectors attracting FDI Equity inflows from Singapore are the Services Sector, Computer Software & Hardware, Trading, Telecommunications, and Drugs & Pharmaceuticals.
- State governments are working with Singapore in the Smart Cities & Urban Rejuvenation as well as Skills Development initiatives. Singapore has established a Joint Committee with Maharashtra. There are regular visits of state delegations at various levels to Singapore. Ministers from Singapore also visit states in India.
Recent Trends & developments
- On 22 February 2022, External Affairs Minister Mr. S. Jaishankar met Singapore Minister of Foreign Affairs, Dr. Vivian Balakrishnan on the sidelines of the EU Ministerial Forum on Indo-Pacific. Besides forum deliberations, they spoke about travel resumption, economic cooperation, and regional developments.
- On 23 February 2022, India and Singapore signed an MoU on Cooperation in the Fields of Science, Technology, and Innovation at the inaugural session of the India-Singapore Technology Summit 2022.
- ‘InSpreneur Connect’ was organised virtually on March 03, 2022. Startups from various sectors including Edtech, Enterprise Solutions, Healthtech, Retailtech, and Sportstech, delivered their pitches during the event.
- The Indian Navy hosted the 29th edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX) from 26 to 30 October, 2022 at Visakhapatnam. SIMBEX-2022 has been conducted in two phases – Harbour Phase at Visakhapatnam from 26 to 27 October 2022 followed by the Sea Phase in the Bay of Bengal from 28 to 30 October 2022. The exercise exemplifies the high level of cooperation between India and Singapore in the maritime domain. It also highlights the commitment and contribution of the two nations toward enhancing maritime security in the Indian Ocean Region.
- India invited Singapore to participate as Guest Country in the G20 meetings and summits under India’s G20 Presidency in 2023.
Conclusion
India-Singapore relations are based on various factors including economic opportunities, shared values and approaches, and convergence of interests on key issues. The two countries host regular political engagement. Defence relations are particularly strong. Economic and technological ties are extensive and growing. Cultural and human links are very vibrant. There are over 20 regular bilateral mechanisms, dialogues, and exercises.
There is also great convergence on a broad range of international issues. Both countries are members of a number of forums, including G20, Commonwealth, East Asia Summit, IORA (Indian Ocean Rim Association), and IONS (Indian Ocean Naval Symposium).
Contacts
- High Commission India, Singapore
Address:31, Grange Road, Singapore 239702
Telephone: +65 6737 6777
Officials
H.E. Mr.P. Kumaran (High Commissioner)
Email : hc.singapore@mea.gov.in
Mr. Siddhartha Nath (Deputy High Commissioner)
Email : dhc.singapore@mea.gov.in - Embassy of Singapore, India
Address: E-6, Chandragupta Marg, Chanakyapuri, New Delhi, Delhi 110021
Telephone: 011 4600 0800
Officials
Mr Simon Wong (High Commissioner)
Ms Alice Cheng (Deputy High Commissioner and Minister-Counsellor)
Ms Suzanne Tiong (Minister-Counsellor (Administration & Consular)
Partners
