Singapore Trade and Economic

Photo credit

Janet Morris

10:58pm Thursday 29 July

Singapore Trade and Economic

Trade

Total two-way trade between Singapore and New Zealand continues to increase. In the year to December 2007, it reached NZ$2.8 billion. The balance of trade still stands strongly in Singapore's favour with imports from Singapore to New Zealand amounting to NZ$1.914 billion in the year to December 2007. Over the same period, New Zealand's exports to Singapore totalled NZ$690 million. However, New Zealand exports have been trending strongly upwards (the year to June 2007 total was NZ$514 million), so improving the balance of trade.

In December 2007, the top five New Zealand exports to Singapore and the corresponding change from the previous year (given in parentheses) are crude oil (no exports recorded in 2006), milk powder (up 21 percent), butter (up 44 percent), pet food (up 106 percent) and crustaceans (up 11 percent). The sixth-highest export category is whey and products, which recorded a 426 percent increase over the previous year.

In the same period, the top five imports into New Zealand from Singapore and the corresponding change over the previous year (given in parentheses) are petroleum oils, not crude (up 10 percent), light vessels, fire floats, etc (new), ethylene polymers (up 24 percent), computers (down 24 percent) and crude petroleum (down 74 percent).

Investment

Singapore is an important source of investment for New Zealand, with stock Foreign Direct Investment from Singapore in 2007 totalling NZ$1.636 billion.

In 2003 a New Zealand beachhead at the PhaseZ.Ro (pronounced ‘Phasezero') technology park in Singapore was opened by Trade Minister Jim Sutton to encourage New Zealand businesses to use the location as a launch pad into the rest of Asia. This has been relocated to serviced office facilities in Suntec City and Battery Road. Investment New Zealand also opened a regional investment office in Singapore in 2003.