# data[].attributes.headline
Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance

# data[].attributes.subject
Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance

# data[].attributes.body
The Singapore dollar’s nominal effective exchange rate (S$NEER) is the exchange rate of the SingDollar managed against a trade-weighted basket of Singapore’s major trading partners. S$NEER is the main monetary policy tool used by MAS rather than interest rates. S$NEER is used by MAS as Singapore’s economy is heavily dependent on trade hence the exchange is more effective. The central bank will set the rate of appreciation of the Singapore dollar to 0%, in an attempt to support economic growth against a not so optimistic global economic perspective. Explaining this course of action MAS says "This is not a policy to depreciate the domestic currency, and only removes the modest and gradual appreciation path of the S$NEER policy band that was in place."

# data[].attributes.attachment_link.readable_text
SINGAPORE - The central bank will set the rate of the Singapore dollar's appreciation to zero per cent, in a move to support economic growth against a dimmer global economic outlook since its last meeting.

The Monetary Authority of Singapore (MAS), which uses the currency rather than interest rates to guide the economy said on Thursday (April 14): "This is not a policy to depreciate the domestic currency, and only removes the modest and gradual appreciation path of the S$NEER policy band that was in place."

The last time MAS shifted from "modest and gradual" appreciation to a zero per cent appreciation stance was in October 2008, during the global financial crisis.

The Singapore dollar tumbled 0.9 per cent to $1.36 levels to the US dollar on the news. At 8:36am, the Singdollar was trading at $1.3626 to the greenback from Wednesday's close of $1.3501.

The Singapore dollar has strengthened more than 5 per cent versus the greenback this year as traders pushed back forecasts for when the Federal Reserve will raise US interest rates due to heightened global risks.

Thursday's shift to a "neutral poliy stance" is a departure from the policy of modest and gradual S$NEER appreciation that the MAS had adopted since April 2010, after the last financial crisis. The Singapore dollar nominal effective exchange rate, or S$NEER, is a trade-weighted exchange rate in which the currencies of Singapore's larger trading partners bear more weight.

The MAS move comes as a surprise to the market - 12 of 18 private sector economists polled by Bloomberg had expected the MAS to maintain its current policy stance at the scheduled bi-annual meeting, rather than ease.

MAS eased policy in January and October last year, both times reducing the slope of the Singapore dollar's appreciation path.

MAS said on Thursday: "Compared to expectations in October 2015, the Singapore economy is now projected to expand at a more modest pace this year, against the backdrop of a less favourable external environment. MAS Core Inflation is likely to pick up gradually over 2016 as the disinflationary effects of Budgetary and other one-off measures fade. However, the increase in core inflation will be milder than earlier expected."

"CPI-All Items inflation will remain negative throughout 2016. Over the medium term, core inflation is expected to average slightly below 2 per cent."

The central bank adjusts the pace of appreciation or depreciation of the Singdollar by changing the slope, width or centre of the band. It does not disclose details of the basket, the band, and the pace of appreciation or depreciation. The MAS holds its next policy meeting in October.

# data[].attributes.attachment_link.title
Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance

# data[].attributes.attachment_link.description
SINGAPORE - The central bank will set the rate of the Singapore dollar's appreciation to zero per cent, in a move to support economic growth against a dimmer global economic outlook since its last meeting.

# data[].attributes.headline
Singapore provides temporary relief to hospitality businesses affected by coronavirus

# data[].attributes.subject
Singapore provides temporary relief to hospitality businesses affected by coronavirus

# data[].attributes.body
Singapore’s hospitality industry is hugely affected by the Covid-19 pandemic. To control the spread of the virus the worldwide lockdown drastically reduced the flow of tourists coming to Singapore. The hotels, tourist destinations and other revenue generating streams were shut down including restaurants and food and beverage vendors. The government came to their assistance. Temporary reliefs were provided and contractual obligations were relaxed to ease the pressure.

# data[].attributes.attachment_link.title
#NotAlone: Singapore provides temporary relief to hospitality businesses affected by coronavirus

# data[].attributes.attachment_link.description
At the same time, to protect the unaffected counterparty, the Act provides that any period of limitation prescribed by law or a given contract for taking action in relation to the subject inability is extended by a period beginning on the date of service of the notification for relief by the affected party and ending on the expiry of the prescribed moratorium (see below) or explicit withdrawal of notification for relief.

# data[].attributes.headline
COVID-19 IN SINGAPORE: EFFECT OF ‘CIRCUIT BREAKER’ MEASURES ON FORCE MAJEURE PROVISIONS

# data[].attributes.subject
COVID-19 IN SINGAPORE: EFFECT OF ‘CIRCUIT BREAKER’ MEASURES ON FORCE MAJEURE PROVISIONS

# data[].attributes.body
Singapore implemented the “circuit breaker” measure on 7th of April to tackle the spread of Covid-19. This heightened measure were put into place for 4 weeks beginning 7th of April,2020. During the is time all workplaces with the exception of essential services were shut down, virtual learning was enforced for all educational institutes, food vendors, hawkers and restaurants were only open for take away and delivery. On April 1st, 2020 the COVID-19 (Temporary Measures) Bill provide contractual parties with temporary relief from certain legal actions, and may potentially prevent a force majeure clause from being invoked.

# data[].attributes.attachment_link.readable_text
Increased measures to preempt the spread of coronavirus (COVID-19) in Singapore may cause disruption to commercial contracts, as parties unable to perform their obligations could invoke force majeure.

The Singapore prime minister announced on 3 April the implementation of an elevated set of measures to significantly reduce movements and interactions in public and private places, and to put in place a "circuit breaker" to preempt the trend of increasing local transmission of COVID-19. These heightened measures are likely to cause further disruption to commercial contracts, and parties who are unable to perform their contractual obligations as a result of these measures may potentially invoke force majeure.

COVID-19 'Circuit Breaker' Measures

To preempt escalating COVID-19 infections, the Singapore government is implementing heightened measures requiring Singapore residents to minimize movements and interactions in public and private places, and to stay home unless necessary for essential purposes. The enhanced measures will be in place for four weeks, from 7 April 2020 until 4 May 2020.
Essential Services

From 7 April 2020, all restaurants, hawker centres, food courts, and other food and beverage outlets will remain open but only for takeaway or delivery. Food suppliers, including supermarkets, will remain open. Retail outlets that provide items and services necessary to support the daily living needs of the population will also remain open, including supermarkets, pharmacies, and food and beverage outlets.

Essential services such as healthcare, social services, financial services, cleaning services, and water, energy, and environment-related services will also continue to operate. Other selected services required for daily living, such as hairdressers, lift maintenance services, laundry services, transport services, and telecommunications services will remain open. See the list of essential services that are allowed to continue operating.

All other physical retail outlets shall be closed.

Closure of Workplaces

From 7 April 2020 to 4 May 2020, all business, social, or other activities that cannot be conducted through telecommuting from home will be suspended. Employers that are able to continue to operate their businesses, in limited or full capacity, with their employees working from home can continue to do so.

Essential services and their related supply chains, as well as entities that form a part of the global supply chain, are exempt from the suspension and can continue to operate from their premises. They will, however, need to operate with the minimum staff needed on their premises for the continued running of their services, and must implement strict safe distancing measures.

Except for those allowed to commute for work, Singapore residents should remain largely within their places of residence and should minimise the time they spend outside, other than to buy meals or other essentials or procure essential services.

Home-Based Learning for Schools

From 8 April 2020 to 4 May 2020, schools and institutes of higher learning will shift to full home-based learning, while preschool and student care centres will suspend services.
Closure of Recreation Venues, Attractions, and Places of Worship

From 7 April 2020, all attractions, theme parks, museums, and casinos will be closed. Sports and recreation facilities, such as public swimming pools, country clubs, gyms, and fitness studios, will also be closed. All recreational facilities in hotels will be closed.

Organised sporting programmes and religious services will remain suspended, and places of worship will be closed.

Impact of 'Circuit Breaker' Measures on Force Majeure Provisions

Force majeure provisions are generally included in contracts to cover extraordinary events such as the outbreak of war and natural disasters. Typically, a force majeure clause allows for the contract to be terminated or for a party to avoid liability for nonperformance upon the occurrence of certain specified events or unforeseen events beyond the reasonable control of either party, which render the performance of the contractual obligations impossible or radically different from what was contemplated by the parties.

Under the expanded set of measures being implemented in Singapore, only essential services are permitted to operate. Businesses that are not considered essential services are not permitted to operate, unless they can operate remotely.

Businesses performing "essential services" may find it challenging to rely on force majeure provisions as they are permitted, even under the "circuit breaker" measures, to continue operations. Depending on the specific wording of the force majeure clause, a party to an essential services contract may still be able to invoke the force majeure provision if it is unable to perform its obligations as a result of COVID-19, or if the enhanced government measures to curb the spread of COVID-19 have resulted in the disruption of certain nonessential services (e.g., IT providers) on which the party relies to perform its obligations.

Additionally, businesses should also bear in mind that the new COVID-19 (Temporary Measures) Bill, which was announced on 1 April 2020, prohibits a contracting party from taking certain legal actions against a nonperforming party (e.g., court and insolvency proceedings, enforcement of security, and termination of leases of nonresidential property) in respect of certain categories of contracts (e.g., leases for nonresidential property, construction contracts, supply contracts, and goods and services contracts for events) for six months from the commencement of the act. These measures provide contractual parties with temporary relief from certain legal actions, and may potentially prevent a force majeure clause from being invoked.

Coronavirus COVID-19 Task Force

For our clients, we have formed a multidisciplinary Coronavirus COVID-19 Task Force to help guide you through the broad scope of legal issues brought on by this public health challenge. We also have launched a resource page to help keep you on top of developments as they unfold. If you would like to receive a daily digest of all new updates to the page, please subscribe now to receive our COVID-19 alerts.

Contacts

If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers, who are directors of Morgan Lewis Stamford LLC, a Singapore law corporation affiliated ‎with Morgan, Lewis & Bockius LLP:

# data[].attributes.attachment_link.title
COVID-19 in Singapore: Effect of 'Circuit Breaker' Measures on Force Majeure Provisions

# data[].attributes.attachment_link.description
Increased measures to preempt the spread of coronavirus (COVID-19) in Singapore may cause disruption to commercial contracts, as parties unable to perform their obligations could invoke force majeure.

# data[].attributes.headline
“MTI Downgrades GDP Forecast too “-7 to -4 Per Cent” “

# data[].attributes.subject
“MTI Downgrades GDP Forecast too “-7 to -4 Per Cent” “

# data[].attributes.body
The ministry of trade and industry (MTI) of Singapore adjusted the gross domestic product forecast of 2020 downwards from “-4% to -1%” to “-7% to -4%”. MTI also that the outbreak of the COVID-19 epidemic worldwide had culminated in a major weakening of the global economy. Since then economic disruptions have been more severe than expected in major economies around the world including Singapore’s. Some sectors such as the manufacturing, finance & insurance and information & communication saw growth whereas sectors such as construction, wholesale & retail, food services & accommodation and transportation & storage contracted.

# data[].attributes.attachment_link.readable_text
SINGAPORE - The central bank will set the rate of the Singapore dollar's appreciation to zero per cent, in a move to support economic growth against a dimmer global economic outlook since its last meeting.

The Monetary Authority of Singapore (MAS), which uses the currency rather than interest rates to guide the economy said on Thursday (April 14): "This is not a policy to depreciate the domestic currency, and only removes the modest and gradual appreciation path of the S$NEER policy band that was in place."

The last time MAS shifted from "modest and gradual" appreciation to a zero per cent appreciation stance was in October 2008, during the global financial crisis.

The Singapore dollar tumbled 0.9 per cent to $1.36 levels to the US dollar on the news. At 8:36am, the Singdollar was trading at $1.3626 to the greenback from Wednesday's close of $1.3501.

The Singapore dollar has strengthened more than 5 per cent versus the greenback this year as traders pushed back forecasts for when the Federal Reserve will raise US interest rates due to heightened global risks.

Thursday's shift to a "neutral poliy stance" is a departure from the policy of modest and gradual S$NEER appreciation that the MAS had adopted since April 2010, after the last financial crisis. The Singapore dollar nominal effective exchange rate, or S$NEER, is a trade-weighted exchange rate in which the currencies of Singapore's larger trading partners bear more weight.

The MAS move comes as a surprise to the market - 12 of 18 private sector economists polled by Bloomberg had expected the MAS to maintain its current policy stance at the scheduled bi-annual meeting, rather than ease.

MAS eased policy in January and October last year, both times reducing the slope of the Singapore dollar's appreciation path.

MAS said on Thursday: "Compared to expectations in October 2015, the Singapore economy is now projected to expand at a more modest pace this year, against the backdrop of a less favourable external environment. MAS Core Inflation is likely to pick up gradually over 2016 as the disinflationary effects of Budgetary and other one-off measures fade. However, the increase in core inflation will be milder than earlier expected."

"CPI-All Items inflation will remain negative throughout 2016. Over the medium term, core inflation is expected to average slightly below 2 per cent."

The central bank adjusts the pace of appreciation or depreciation of the Singdollar by changing the slope, width or centre of the band. It does not disclose details of the basket, the band, and the pace of appreciation or depreciation. The MAS holds its next policy meeting in October.

# data[].attributes.attachment_link.title
Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance

# data[].attributes.attachment_link.description
SINGAPORE - The central bank will set the rate of the Singapore dollar's appreciation to zero per cent, in a move to support economic growth against a dimmer global economic outlook since its last meeting.

# data[].attributes.headline
Lower oil prices no silver bullet for Singapore

# data[].attributes.subject
Lower oil prices no silver bullet for Singapore

# data[].attributes.body
On a normal scenario, Singapore might’ve been one of the winners from the oil war between the Organisation of Petroleum Exporting Countries (OPEC) and Russia, analysts revealed. But the COVID-19 outbreak and its effect on people’s purchasing power has sunk this pathway.

Global oil prices dived 30% after talks of production cuts between Organisation of Petroleum Exporting Countries (OPEC) and Russia deteriorated. As of the evening of March 9, oil prices at the Brent Crude and WTI Crude Indexes are riding at US$30-36.

Markets plunged overnight when stocks opened on Monday, and Singapore was not spared—with the Straits Times Index (STI) falling 6% in one day.

# data[].attributes.headline
History of petrol industries in Singapore

# data[].attributes.subject
History of petrol industries in Singapore

# data[].attributes.body
The petroleum industry in Singapore dates back to 1891. In 2007, the country exported approximately 68.1 million tons of petroleum. The same year, the Singaporean government published a report titled Energy for Growth, describing how the industry would be sustained.

# data[].attributes.body
The slump in oil prices will weigh on Singapore's economic growth and manufacturing output, and if they stay low for longer, may cut profits of lenders as well.

While the mention of oil in Singapore is usually linked to big names in the Republic's offshore rig-building and refining industry, a high-profile bankruptcy has put the spotlight on trouble brewing in the fuel trading business.

# data[].attributes.body
The economy of Singapore is highly dependent on the oil industries.The values of the oil industry output and oil trade both exceed that of any other commodity in the economy. Value added in the industry is substantial and government revenue generated by this section is estimated to be significant. Forward and backward linkage of the oil industry to the rest of the industries is strong.

# data[].attributes.headline
Oil price rout: How falling oil prices impact the Singapore economy, businesses and consumers

# data[].attributes.subject
Oil price rout: How falling oil prices impact the Singapore economy, businesses and consumers

# data[].attributes.body
The price of oil this week plunged more than 55 per cent to under US$50 a barrel since June last year. This is the lowest price since the depths of the 2009 recession, and some analysts are saying the  rout could continue to US$35 a barrel in the near term.The Arabic phrase for "oil below US$50" is now a trending hashtag in the Middle East.
Pump prices have fallen again, bringing a litre of petrol back to what it cost in 2009 - the last time crude oil was near the current level of less than US$50 a barrel.

The latest round of price reductions started last Thursday, at Singapore Petroleum Co (SPC) and Caltex. By last Friday, Shell and Esso had followed suit.

# data[].attributes.attachment_link.readable_text
The price of oil this week plunged more than 55 per cent to under US$50 a barrel since June last year. This is the lowest price since the depths of the 2009 recession, and some analysts are saying the rout could continue to US$35 a barrel in the near term.The Arabic phrase for "oil below US$50" is now a trending hashtag in the Middle East.

Here are some stories from The Straits Times archives which explain the oil price crash and its implications for the economy, key industries and consumers.
Singapore will benefit from cheaper oil: Analysts
Singapore will be a big winner from cheaper oil although the central bank may have to let the currency weaken if inflation sinks too low, analysts said yesterday.
A smoother ride on growth path

The latest dramatic plunge in oil prices to below US$49 a barrel, with no apparent bottom in sight, has come as a shock to investors and analysts, given the relatively stable state of the global economy.

But the fall is also an unexpected bonanza for consumers, and should act as an international stimulus for growth and, in turn, Singapore's economy. Read more here
Pump prices slide again, hitting six-year lows
Pump prices have fallen again, bringing a litre of petrol back to what it cost in 2009 - the last time crude oil was near the current level of less than US$50 a barrel.

Petrochemical industry
Stressful year for oil and gas sector
Oil and gas producers and the firms that service the energy industry are in for a tough year as slumping oil prices hit new lows, said Moody's Investors Service yesterday.

Airline and shipping companies
Some airlines cut fuel levy
Air travellers may be close to reaping the savings from lower crude prices that motorists have been enjoying at the pump.
Maersk sees stable but slower growth in regional demand
Container shipping giant Maersk Line has so far not seen major benefits from the fall in bunker and crude oil prices, and its profit outlook is still driven primarily by global trade levels.
The ringgit rout: Good or bad for Singapore?
The Malaysian ringgit, Asia's worst-performing currency in 2014, fell to fresh historic lows at the start of the new year on news that crude oil prices had broken below the psychologically significant US$50 threshold.
Singapore gets its first taste of deflation in five years
The relatively rare phenomenon of negative inflation hit Singapore last month - its first appearance in five years.

The effect - also known as deflation - occurs when prices in one month decline over the same period a year earlier.

Property and stock markets
When falling oil prices weaken property demand

Just by comparing the charts tracking the movement of crude oil prices and the local real estate prices, there would appear to be some correlation between the two asset classes.
Oil woes 'unlikely to rein in stocks'
Trouble in Europe and a plunge in crude oil prices are unlikely to halt the climb in global stocks this year, said DBS Bank.

Its chief investment officer of group wealth management and private banking, Mr Lim Say Boon, said at a briefing yesterday that "the stock market started the year with a new wall of worries". Read more here

# data[].attributes.attachment_link.title
Oil price rout: How falling oil prices impact the Singapore economy, businesses and consumers

# data[].attributes.attachment_link.description
The price of oil this week plunged more than 55 per cent to under US$50 a barrel since June last year. This is the lowest price since the depths of the 2009 recession, and some analysts are saying the rout could continue to US$35 a barrel in the near term.The Arabic phrase for "oil below US$50" is now a trending hashtag in the Middle East..

# data[].attributes.headline
Characteristics of petroleum market for Singapore

# data[].attributes.subject
Characteristics of petroleum market for Singapore

# data[].attributes.body
- Singapore is the largest reffing and trading center in the region

- The country does not have any oil reserves of its own

- Country has to depend on the international market for its trading activities

- More than two-third of the products are exported after processing

- The import dependence and export oriented nature of the market makes Singapore refiners more vulnerable to market changes.

# data[].attributes.headline
How big is the petroleum industry in Singapore

# data[].attributes.subject
How big is the petroleum industry in Singapore

# data[].attributes.body
20,000 barrels per day is Singapore's oil production which is 5% of the nation's GDP.

# data[].attributes.body
Major headlines for Singaporean dollar and petroleum are from 2015 including:

Oil price crash brings out Singapore dollar bears:

The Singapore dollar dropped more than 7 percent against the U.S. dollar over the past six months as the Federal Reserve brought its asset purchase program to an end and appears on course for further weakness given lower oil prices. Deutsche Bank believes it could weaken to S$1.40 this year, a level not seen since July 2010, while Standard Chartered expects it to hit S$1.37; the USD/SGD is currently trading at S$1.33.

# data[].attributes.attachment_link.readable_text
Bearish forecasts for the Singapore dollar are growing amid expectations that crude oil's recent tumble will result in looser monetary policy.

The Singapore dollar dropped more than 7 percent against the U.S. dollar over the past six months as the Federal Reserve brought its asset purchase program to an end and appears on course for further weakness given lower oil prices. Deutsche Bank believes it could weaken to S$1.40 this year, a level not seen since July 2010, while Standard Chartered expects it to hit S$1.37; the USD/SGD is currently trading at S$1.33.

Declining inflation will lend a dovish tilt to the central bank's policy bias this year amid cheaper oil prices, underpinning currency weakness, Deutsche Bank said in a recent report.

Read More Signs point to easing bias for Singapore

"Given the 50 percent annual plunge in oil, core inflation should fall to under 1 percent on year by April. This we believe will open up room for the Monetary Authority of Singapore (MAS) to ease policy," it said, referring to the country's central bank.

Energy and food items combined have a weighting of 27 percent in Singapore's consumer price inflation basket. Brent crude prices have plunged more than 50 percent since August, trading around $50 presently and major banks including Goldman Sachs expect the commodity to close out the year at that level.

Monetary policy in the Southeast Asian city state is based on a trade-weighted exchange rate that comprises a basket of currencies, called the Singapore Dollar Nominal Effective Exchange Rate (SGD NEER). Meanwhile, core inflation, a measure that excludes the price of accommodation and private road transport, is the main target variable for monetary policy and is expected to average between 2-3 percent this year, according to official forecasts.

"Singapore is one of the few countries that include energy prices in her measure of core inflation, given reliance on imported energy and the direct impact of foreign exchange policy on imported prices. The dramatic decline in oil prices should therefore be considered an important input to policy here," Deutsche Bank said.

Economists at Goldman Sachs recently revised down their 2015 consumer price inflation forecast to 0.9 percent from 1.5 percent on the back of oil's slide.

Deutsche Bank believes MAS easing will occur in a two-stage process: first, it will allow the SGD NEER band to break the middle band of 0.5 percent, after which the bank will lower the policy slope from 2 percent per annum presently to 1 percent at its next meeting in April.

The middle band has acted as a floor for the SGD NEER over the past two years. Anytime the Singapore dollar comes close to testing that level, officials typically resort to a drawdown of reserves to defend the currency.

Read More Singapore property:Are foreigners about to bail?

"In recent weeks however, SGD NEER has broken this level, and is now trading 40 basis points below the middle band on our model. In our view, this break acts as a signal that MAS could entertain easing in the future," Deutsche Bank said.

Last week, Standard Chartered noted that the SGD NEER traded 0.6 percent into the weaker half of the policy band, and said it had potential to drop further.

Calls for looser policy remain contrarian among the majority of analysts who say it's unlikely to happen anytime soon.

"Even with core inflation below official targets, there's no way we see MAS easing policy. Core inflation would have fall close to zero or even below that for the MAS to act. 1 or 1.5 percent is not a significant enough level," Nizam Idris, head of strategy, fixed income and currencies at Macquarie, said over the phone. He expects the currency to resume its upward trend towards the second half of the year, with a year-end target of S$1.35.

Maybank shared that view, noting that hurdles for a monetary policy change remains high. In a report last month, it said the risks were finely balanced between growth and inflation, which should see MAS likely maintain its historical policy of "modest and gradual" appreciation of the SGD NEER.

# data[].attributes.attachment_link.keywords[]
us dollar / singapore dollar fx spot rate

# data[].attributes.attachment_link.title
Oil price crash brings out Singapore dollar bears

# data[].attributes.attachment_link.description
Bearish forecasts for the Singapore dollar are growing amid expectations that crude oil's recent tumble will result in looser monetary policy. The Singapore dollar dropped more than 7 percent against the U.S. dollar over the past six months as the Federal Reserve brought its asset purchase program to an end and appears on course for further weakness given lower oil prices.

# data[].attributes.body
Singapore Petroleum Company Limited, in short SPC, is a subsidiary of Chinese state-owned company PetroChina. It is involved in the exploration and production of petroleum, refining, trading and petroleum product distribution.

# data[].attributes.attachment_link.keywords[]
live crude oil price in singapore dollars | oil sgd | live crude oil prices  | live futures prices and charts | commodities | exchange rates uk

# data[].attributes.attachment_link.title
Live Crude Oil Price in Singapore Dollars | OIL SGD

# data[].attributes.attachment_link.description
Live Crude Oil Price in Singapore Dollars | OIL SGD | Live Crude Oil Prices | Live Futures Prices and Charts | Commodities | Exchange Rates UK

# data[].attributes.headline
 Role of the Petroleum Industry in Singapore's Economy

# data[].attributes.subject
 Role of the Petroleum Industry in Singapore's Economy

# data[].attributes.body
The oil industries in Singapore affects the economy in a number of ways. It contributes to the manufacturing output, export earning, investment expenditure, employment and government revenue. It also indirectly influences the trade and service sectors of the economy. How ever the industry itself is affected by international oi market and the external economic environment.

Sharma, S. (1989). Role of the Petroleum Industry in Singapore's Economy (Vol. 67). Institute of Southeast Asian.

# data[].attributes.body
Oil price change indirectly impacts the local currency owing to its effects on fiscal deficit and current account deficit.
The petroleum industry in Singapore is accountable for part of the country's economy, exporting about 68,100,000 tonnes (67,000,000 long tons; 75,100,000 short tons) of oil . Singapore is dubbed the undisputed oil hub in Asia.

# data[].attributes.headline
SIBOR expected to stay low for some time

# data[].attributes.subject
SIBOR expected to stay low for some time

# data[].attributes.body
The Singapore inter-bank offered rates are at the lowest in almost a decade. The SIBOR rate in May 2020 is approximately 0.6%. It fell to a record low of 0.25 in September of 2011. The global economic slow-down set off due to the Covid-19 pandemic continues to push down the cost of borrowing. Analysts say that although SIBOR was extremely low in 2011; it was only of a short period of time within which the economy was able to correct itself. Given the present circumstances it can be assumed that it is most likely going to be a long-drawn affair .

# data[].attributes.attachment_link.readable_text
Share this content

The three-month Singapore Interbank Offered Rate (SIBOR) is hovering at about 0.6 per cent in May, the lowest in almost a decade as the global economic slowdown continues to push down the cost of borrowing. Chloe Choo reports.

# data[].attributes.attachment_link.title
SIBOR expected to stay low for some time, say analysts | Video

# data[].attributes.attachment_link.description
Share this content The three-month Singapore Interbank Offered Rate (SIBOR) is hovering at about 0.6 per cent in May, the lowest in almost a decade as the global economic slowdown continues to push down the cost of borrowing. Chloe Choo reports.

# data[].attributes.headline
Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance

# data[].attributes.subject
Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance

# data[].attributes.body
The Singapore dollar’s nominal effective exchange rate (S$NEER) is the exchange rate of the SingDollar managed against a trade-weighted basket of Singapore’s major trading partners. S$NEER is the main monetary policy tool used by MAS rather than interest rates. S$NEER is used by MAS as Singapore’s economy is heavily dependent on trade hence the exchange is more effective. The central bank will set the rate of appreciation of the Singapore dollar to 0%, in an attempt to support economic growth against a not so optimistic global economic perspective. Explaining this course of action MAS says "This is not a policy to depreciate the domestic currency, and only removes the modest and gradual appreciation path of the S$NEER policy band that was in place."

# data[].attributes.attachment_link.readable_text
SINGAPORE - The central bank will set the rate of the Singapore dollar's appreciation to zero per cent, in a move to support economic growth against a dimmer global economic outlook since its last meeting.

The Monetary Authority of Singapore (MAS), which uses the currency rather than interest rates to guide the economy said on Thursday (April 14): "This is not a policy to depreciate the domestic currency, and only removes the modest and gradual appreciation path of the S$NEER policy band that was in place."

The last time MAS shifted from "modest and gradual" appreciation to a zero per cent appreciation stance was in October 2008, during the global financial crisis.

The Singapore dollar tumbled 0.9 per cent to $1.36 levels to the US dollar on the news. At 8:36am, the Singdollar was trading at $1.3626 to the greenback from Wednesday's close of $1.3501.

The Singapore dollar has strengthened more than 5 per cent versus the greenback this year as traders pushed back forecasts for when the Federal Reserve will raise US interest rates due to heightened global risks.

Thursday's shift to a "neutral poliy stance" is a departure from the policy of modest and gradual S$NEER appreciation that the MAS had adopted since April 2010, after the last financial crisis. The Singapore dollar nominal effective exchange rate, or S$NEER, is a trade-weighted exchange rate in which the currencies of Singapore's larger trading partners bear more weight.

The MAS move comes as a surprise to the market - 12 of 18 private sector economists polled by Bloomberg had expected the MAS to maintain its current policy stance at the scheduled bi-annual meeting, rather than ease.

MAS eased policy in January and October last year, both times reducing the slope of the Singapore dollar's appreciation path.

MAS said on Thursday: "Compared to expectations in October 2015, the Singapore economy is now projected to expand at a more modest pace this year, against the backdrop of a less favourable external environment. MAS Core Inflation is likely to pick up gradually over 2016 as the disinflationary effects of Budgetary and other one-off measures fade. However, the increase in core inflation will be milder than earlier expected."

"CPI-All Items inflation will remain negative throughout 2016. Over the medium term, core inflation is expected to average slightly below 2 per cent."

The central bank adjusts the pace of appreciation or depreciation of the Singdollar by changing the slope, width or centre of the band. It does not disclose details of the basket, the band, and the pace of appreciation or depreciation. The MAS holds its next policy meeting in October.

# data[].attributes.attachment_link.title
Monetary Authority of Singapore sets zero appreciation path for Singdollar with switch to neutral policy stance

# data[].attributes.attachment_link.description
SINGAPORE - The central bank will set the rate of the Singapore dollar's appreciation to zero per cent, in a move to support economic growth against a dimmer global economic outlook since its last meeting.

# data[].attributes.headline
Effect of Covid-19 on Singapore's Economy

# data[].attributes.subject
Effect of Covid-19 on Singapore's Economy

# data[].attributes.body
FITCH Solutions; a market research firm based in Singapore has projected the current account balance for Singapore in 2020 to shrink considerably due to the effects of the coronavirus pandemic. The country expects a surplus of 12.9 percent of GDP in 2020, down 4.4 percent from 17.3 percent of GDP in 2019.The downward trend would be attributed in part to a lower trade surplus for commodities, resulting from significant global economic turmoil caused by the Covid-19 pandemic.February,2020 also marked the lowest goods trade balance of S$1.9 billion since the global financial crisis of 2008/09.
https://www.businesstimes.com.sg/government-economy/singapores-current-account-surplus-to-tumble-in-2020-due-to-covid-19-fitch

# data[].attributes.body
MAS eases SGD appreciation to 'zero slope', lowers mid-point of policy band in one-two blow

SGD makes brief gains following MAS's monetary easing

Quick takes: MAS carefully nipped Singdollar strength in the bud, analysts say

# data[].attributes.body
SGD bounces slightly after fiscal blast

Singapore's COVID-19 cases exceed 800 with 70 new infections

# data[].attributes.body
AUD dive to weigh on some Singapore listcos

Singapore dollar, South Korean won get dumped as virus cases rise

SINGAPORE BUDGET 2020: SINGAPORE AIMS TO RIDE STORM WITH EYE ON FUTURE, SAYS HENG SWEE KEAT

LEAK OF CLOSED-DOOR CHAN CHUN SING MEETING 'DEEPLY DISAPPOINTING' AND A 'BETRAYAL', SAYS SINGAPORE CHINESE CHAMBER PRESIDENT

CORONAVIRUS: BUSINESSES COUNT THE COST OF THEIR CONTINUITY PLANS

# data[].attributes.body
6th Feb 2020:SGD can ease without any off-cycle action by MAS

CORONA VIRUS: IMPACT ON AVIATION SECTOR WILL BE WORSE THAN SARS OUTBREAK, SAYS KHAW BOON WAN

ICA, HSA SEIZE MORE THAN $60,000 WORTH OF E-VAPORIZERS AND ACCESSORIES

# data[].attributes.body
Analysts expect volatility in USD/SGD in the near term

ERP AT MOST LOCATIONS TO BE SUSPENDED FROM APRIL 6

# data[].attributes.body
The Singapore Dollar has hit a rough patch, hitting 1.40 against the greenback on recession fears and what might be the widest budget deficit since the late 90s. A lot is being thrown at the COVID-19 outbreak's impact on the economy, but will this punish the local currency even more? DBS Senior Currency Economist Philp Wee joins us on Forex Fridays to talk about the fate of the Sing Dollar, and why some safe havens are losing their luster.

# data[].attributes.body
Singapore used the Straits Dollar from 1845 and 1939. It was replaced by the Malayan Dollar, which in turn was replaced by the Malaya and British Borneo Dollar in 1953. Singapore used this common currency until the monetary union between Malaysia, Singapore and Brunei broke down in 1965.

Singapore became independent in 1963, and issued its first coins and notes on April 7, 1967.

Singapore pegged its dollar to British Pound Sterling until the early 1970s, then to the US Dollar for a short period of time. From 1973 to 1985, Singapore pegged its currency against a fixed and undisclosed trade-weighted basket of currencies, reflecting its diversified trade links.

From 1985 onwards, the Singapore Dollar has floated within an undisclosed bandwidth, closely monitored by the Monetary Authority of Singapore (MAS) to guard against imported inflation and ensure that Singapore's exports remain competitive.

# data[].attributes.body
Singapore's non-oil domestic exports (Nodx) slumped 11.7 per cent last month, after a short-lived rise of 4.8 per cent in February, on the back of the biggest year-on-year drop for electronics exports since 2013.

It was also the biggest year-on-year monthly fall in Nodx since the 12 per cent fall in October 2016. The 11.7 per cent figure was way worse than the 2.2 per cent drop expected by analysts polled by Bloomberg.

Before February, exports had slid year on year for three straight months. March's dismal showing was led by the 26.7 per cent year-on-year plunge in electronics exports, following the 8.2 per cent drop in the previous month, which means that this sector has contracted for about a year.

# data[].attributes.attachment_link.title
Latest SINGAPORE EXPORTS News & Headlines, Top Stories Today - The Straits Times

# data[].attributes.attachment_link.description
SINGAPORE EXPORTS News - Find latest News & top stories about SINGAPORE EXPORTS. Get more information about SINGAPORE EXPORTS at straitstimes.com.

# data[].attributes.attachment_link.title
SGD - Singapore Dollar rates, news, and tools

# data[].attributes.attachment_link.description
The Singapore Dollar is the currency of Singapore. Our currency rankings show that the most popular Singapore Dollar exchange rate is the SGD to MYR rate. The currency code for Dollars is...

# data[].attributes.body
The past pattern of Singaporean dollar is full of ups and downs, from changes in economy and laws to disputes with the only land neighbor Malaysia are the things which affected the currency.

# data[].attributes.attachment_link.readable_text
Overview

The Singapore Dollar is the currency of the island state of Singapore. The currency is issued and monitored by the Monetary Authority of Singapore. All issued Singapore Dollars in circulation are fully backed by Singapore's foreign reserves to maintain public confidence.

Singapore Dollar coins circulate in denominations of 1, 5, 10, 20 and 50 cents and 1 Dollar.

Economy

Highly urbanized Singapore ranks in the world's top five as a financial center, an oil refining center, a port, and for number of US Dollar at par millionaire households per capita.

Singapore's free-market economy operates in an open and corruption-free environment with stable prices and high per-capita GDP.

Singapore's economy depends heavily on exports, which include consumer electronics, information technology products, pharmaceuticals, and financial services.

Real GDP growth is strong. It contracted slightly in 2009 because of the global financial crisis, but has since rebounded on the strength of renewed exports.

History

Singapore used the Straits Dollar from 1845 and 1939. It was replaced by the Malayan Dollar, which in turn was replaced by the Malaya and British Borneo Dollar in 1953. Singapore used this common currency until the monetary union between Malaysia, Singapore and Brunei broke down in 1965.

Singapore became independent in 1963, and issued its first coins and notes on April 7, 1967. The Singapore dollar remained at par with the Malaysian Ringgit until 1973.

Singapore pegged its dollar to British Pound Sterling until the early 1970s, then to the US Dollar for a short period of time. From 1973 to 1985, Singapore pegged its currency against a fixed and undisclosed trade-weighted basket of currencies, reflecting its diversified trade links.

From 1985 onwards, the Singapore Dollar has floated within an undisclosed bandwidth, closely monitored by the Monetary Authority of Singapore (MAS) to guard against imported inflation and ensure that Singapore's exports remain competitive.

# data[].attributes.attachment_link.description
The Singapore Dollar is the currency of the island state of Singapore. The currency is issued and monitored by the Monetary Authority of Singapore. All issued Singapore Dollars in circulation are fully backed by Singapore's foreign reserves to maintain public confidence. Singapore Dollar coins circulate in denominations of 1, 5, 10, 20 and 50 cents and 1 Dollar.

# data[].attributes.body
SGD main news and headlines which affected the currency atmost.

# data[].attributes.body
DIY closes chain home-fix closed stores because of financial problems

7% tax on Netflix and all the other overseas subscription services

Conflict of fake news law and freedom of speech

# data[].attributes.body
Imports in Singapore is expected to be 40800.00 Million SGD by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in Singapore to stand at 42000.00 in 12 months time. In the long-term, the Singapore Imports is projected to trend around 41500.00 Million SGD in 2021, according to our econometric models.

# data[].attributes.headline
Singapore's module of exports and imports

# data[].attributes.subject
Singapore's module of exports and imports

# data[].attributes.attachment_link.readable_text
Singapore is often described as one of Asia's economic tigers and is additionally renowned for its conservatism and strict local laws, it is also currently ranked as the 14th largest export economy in the world.

The country has annual exports of $315 billion and imports of $259 billion, giving it a positive trade balance of $55.4 billion.

The GDP of Singapore is $296 billion and its GDP per capita is $87,900.

Export values have risen steadily in the last thirty years and Singapore has seen a rise in the last five years from $250 billion to $315 billion per year during that period.

Singapore's Top 5 Commodity Exports

Singapore's Other Notable Exports

1. Integrated Circuits - $65.5 billion

2. Computers - $9.69 billion

3. Semiconductor Devices - $8.68 billion

4. Gas Turbines - $5.91 billion

5. Broadcasting Equipment - $5.31 billion

Leading export destinations of Singapore are China ($42.9 billion), Hong Kong ($41.6 billion), Malaysia ($35 billion), Indonesia ($25.8 billion) and the United States ($22.6 billion).

Singapore's Top 5 Commodity Imports

Singapore's Other Notable Imports

1. Integrated Circuits - $36.4 billion

2. Computers - $6.24 billion

3. Semiconductor Devices - $4.58 billion

4. Broadcasting Equipment - $4.77 billion

5. Office Machine Parts - $4.1 billion

More Information on Singapore's Imports/Exports

Refined Petroleum

Exports of refined petroleum account for 11% of Singapore's total annual exports and the country ranks as the third largest exporter in the world with an 8.6% share of a global market worth $412 billion each year.

Asian destinations import $28.9 billion of Singapore's annual $35.5 billion shipments of refined petroleum with Malaysia (25%) and Indonesia (18%) being the biggest recipients.

Gold

Exports of gold only account for 0.61% of Singapore's yearly exports and the majority of their shipments are destined for Switzerland, who take 59%, followed by Hong Kong (19%).

Singapore does not feature amongst the top fifteen gold exporting countries, who account for 82.7% of total worldwide exports.

Diamonds

The global export market for diamonds is worth $127 billion annually and Singapore is the 13th largest exporter with a 1.4% market share.

The country is one of the fastest growing diamond exporters and has recorded the highest growth rate over the last five years, expanding the value of its exports by 161% in that period.

Refined Copper

The global export market for refined copper is worth $38.7 billion each year and Singapore has a 1.5% share with exports of $578 million.

China is a major export destination for the country's refined copper exports and takes 87% of Singapore's total shipments.

Raw Tin

Worldwide shipments of raw tin total $3.34 billion each year and Singapore ranks as the second largest exporter with a 16% market share, behind Indonesia (31%) and marginally ahead of Malaysia (14%).

The Netherlands is the leading export destination for Singapore's raw tin exports with 23% of its total shipments heading to this European country, followed by the United States (18%) and Thailand (12%).

A Few Interesting Facts About Singapore

If you want to read the country's national anthem you will find it written in micro-text on the back of their $1,000 note.

Singapore is one of only three current city-states in the world, Monaco and the Vatican City are the other two.

Despite the size of its economy, Singapore is in the top 20 of smallest countries in the world and is 15,000 times smaller than the United States.

Planners restrict the size of buildings in Singapore to a maximum height of 280 meters.

All figures based on OEC/IMF 2016 calculations and projections unless otherwise stated.

# data[].attributes.attachment_link.title
Singapore's Top Commodity Imports & Exports - Commodity.com

# data[].attributes.attachment_link.description
ContentsOverviewSingapore's Other Notable ExportsSingapore's Other Notable ImportsMore Information on Singapore's Imports/ExportsA Few Interesting Facts About Singapore Overview Singapore is often described as one of Asia's economic tigers and is additionally renowned for its conservatism and strict local laws, it is also currently ranked as the 14th largest export economy in the world.

# data[].attributes.headline
Import and export incentives in Singapore

# data[].attributes.subject
Import and export incentives in Singapore

# data[].attributes.body
In order to encourage the trading industry, Singapore has enabled several incentives companies operating in the city-state on in one of its free zones may benefit from. Among these are:

-       the Licensed Warehouse Scheme Type 1;

-       the Licensed Warehouse Scheme Type 2;

-       the Zero-GST Warehouse Scheme;

-       the Temporary Import Scheme;

-       the Industrial Exemption Factory Scheme.

Our company formation agents in Singapore can provide you details about the incentives available for the trading industry and can also help you in registering your company. For assistance in opening a company in Singapore, please contact us.

# data[].attributes.body
Singapore is the 15th largest export economy in the world and the 4th most complex economy according to the Economic Complexity Index (ECI). In 2017, Singapore exported $320B and imported $293B, resulting in a positive trade balance of $27.2B. In 2017 the GDP of Singapore was $323B and its GDP per capita was $93.9k.

The top exports of Singapore are Integrated Circuits ($115B), Refined Petroleum ($43.1B), Gold ($10.3B), Computers ($7.37B) and Packaged Medicaments ($6.01B), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Integrated Circuits ($57.8B), Refined Petroleum ($44.7B), Crude Petroleum ($19.8B), Gold ($12.1B) and Computers ($7.1B).

The top export destinations of Singapore are Hong Kong ($60.8B), China($50.3B), Malaysia ($28.4B), Indonesia ($17.9B) and the United States($16.6B). The top import origins are China ($42.6B), Malaysia ($35.7B), Other Asia ($25.4B), the United States ($24.3B) and South Korea ($18.2B).

Singapore is an island and borders Indonesia and Malaysia by sea.

# data[].attributes.attachment_link.readable_text
The biggest import product, with 43 percent share, is machinery and equipment (with electronics accounting for 60 percent). The country also imports: crude oil (32 percent), miscellaneous manufactures (7 percent) and chemical products (7 percent). Main import partners are: China (11 percent), Malaysia (11 percent), the United States (9 percent), South Korea (8 percent), Japan (6 percent) and Indonesia (5 percent).

# data[].attributes.attachment_link.title
Singapore Imports | 1964-2020 Data | 2021-2022 Forecast | Historical | Chart | News

# data[].attributes.attachment_link.description
Imports in Singapore decreased to 36051 Million SGD in April from 39943.77 Million SGD in March of 2020. Imports in Singapore averaged 15240.99 Million SGD from 1964 until 2020, reaching an all time high of 44569.74 Million SGD in October of 2018 and a record low of 266.38 Million SGD in July of 1964.

# data[].attributes.body
It is a well-known fact that most Singapore imports are destined for re-export. On top of Singapore’s import list is petroleum that represents 35% of its total imports, followed by computer and computer spare parts that represent 10%. Singapore imports petroleum gas in smaller amounts. Singapore companies also import broadcasting equipment and office machinery. Most part of imported products by Singapore come from China and Malaysia and represent about 20% of the city’s total imports. Other trade partners are South Korea, Japan, and India in the Middle-East, but Singapore also imports from the United States, the UAE and Germany. In smaller percentages Singapore imports from other European countries such as Switzerland, France, and the United Kingdom.

# data[].attributes.headline
Singapore non-oil exports defy coronavirus disruption to surge 17.6% in March

# data[].attributes.subject
Singapore non-oil exports defy coronavirus disruption to surge 17.6% in March

# data[].attributes.body
SINGAPORE - Singapore's non-oil domestic exports (Nodx) did the unexpected in March by jumping 17.6 per cent, albeit from a low year-ago base.

Economists polled by Reuters were expecting exports to drop 8.9 per cent, with more and more countries enforcing a lockdown due to the Covid-19 outbreak and restrictions to business activity.

March's gain follows a revised 3.1 per cent increase in February, which also benefited from a low-base effect.

The surge in March exports was led by a 20.5 per cent rise in the shipment of non-electronics products. This came from non-monetary gold which swelled 242.5 per cent, specialised machinery (up 54.2 per cent) and pharmaceuticals (up 48.6 per cent).

Demand for physical gold has soared as a safe haven asset amid the volatile swings in financial markets. Non-monetary gold exports accounted for about 70 per cent of the growth in March Nodx.

DBS Bank’s senior economist Mr Irvin Seah appreciated gold’s contribution to overall export earnings but noted that the commodity has little impact on economic growth.

Exports of electronic products also grew, by 5.8 per cent, following the 2.5 per cent increase in the previous month, according to Enterprise Singapore data released on Friday (April 17).

Singapore electronic exports largely consist of parts and intermediate components used in final electronic products.

Hence, contributing the most to the growth in electronic exports in March were disk media products, integrated circuits (ICs) and parts of ICs that increased by 50.6 per cent, 6.7 per cent and 60.1 per cent respectively.

The upturn in IC shipments came after 12 consecutive months of decline amid the global electronics downcycle.

On a month-on-month seasonally adjusted basis, Nodx rose by 12.8 per cent last month, reversing February’s 4.7 per cent decline. This gain was helped by an increase in both electronic and non-electronic domestic exports.

However, most analysts are not optimistic about the outlook for exports, given the precipitous decline in global demand, with the world economy heading for its worst recession since the Great Depression in the 1930s.

Ms Selena Ling, OCBC Bank’s head of research and strategy, said: “Nodx is likely to underperform in April and possibly in the coming months as well. With the one-month circuit breaker, and coupled with the rising probability of an extension, there may still be downsides to come.”

Oxford Economics’ analyst Sung Eun Jung expects a sharp deterioration in Singapore’s trade performance in the second quarter of the year, dragged down by weak global demand.

“Given the developing global recession, we forecast Singapore’s exports and imports to contract further before rebounding in the second half of the year,” Ms Sung said.

Enterprise Singapore data showed that exports to most of Singapore’s top markets increased in March, except for Malaysia, Indonesia and China. The top export markets were Thailand, the United States and Japan.

Thailand and the US were also the biggest importers of gold from Singapore.

Singapore’s oil domestic exports in March contracted by 37 per cent year on year, following a 28.6 drop in February. Oil prices have plunged to a 17-year low with demand crashing as countries lock down in response to the coronavirus pandemic.

Total exports declined by 0.6 per cent year on year in March, after the 2.4 per cent increase in February. Total imports were up 0.3 per cent, following a 9.4 per cent rise a month earlier.

# data[].attributes.attachment_link.readable_text
SINGAPORE - Singapore's non-oil domestic exports (Nodx) did the unexpected in March by jumping 17.6 per cent, albeit from a low year-ago base.

Economists polled by Reuters were expecting exports to drop 8.9 per cent, with more and more countries enforcing a lockdown due to the Covid-19 outbreak and restrictions to business activity.

March's gain follows a revised 3.1 per cent increase in February, which also benefited from a low-base effect.

The surge in March exports was led by a 20.5 per cent rise in the shipment of non-electronics products. This came from non-monetary gold which swelled 242.5 per cent, specialised machinery (up 54.2 per cent) and pharmaceuticals (up 48.6 per cent).

Demand for physical gold has soared as a safe haven asset amid the volatile swings in financial markets. Non-monetary gold exports accounted for about 70 per cent of the growth in March Nodx.

DBS Bank's senior economist Mr Irvin Seah appreciated gold's contribution to overall export earnings but noted that the commodity has little impact on economic growth.

Exports of electronic products also grew, by 5.8 per cent, following the 2.5 per cent increase in the previous month, according to Enterprise Singapore data released on Friday (April 17).

"That is a more positive surprise and should raise hopes for the country's manufacturing sector," Mr Seah said. It is quite possible that the surge in the number of people working from home could have boosted demand from some consumer electronics, he added.

Singapore electronic exports largely consist of parts and intermediate components used in final electronic products.

Hence, contributing the most to the growth in electronic exports in March were disk media products, integrated circuits (ICs) and parts of ICs that increased by 50.6 per cent, 6.7 per cent and 60.1 per cent respectively.

The upturn in IC shipments came after 12 consecutive months of decline amid the global electronics downcycle.

On a month-on-month seasonally adjusted basis, Nodx rose by 12.8 per cent last month, reversing February's 4.7 per cent decline. This gain was helped by an increase in both electronic and non-electronic domestic exports.

However, most analysts are not optimistic about the outlook for exports, given the precipitous decline in global demand, with the world economy heading for its worst recession since the Great Depression in the 1930s.

Ms Selena Ling, OCBC Bank's head of research and strategy, said: "Nodx is likely to underperform in April and possibly in the coming months as well. With the one-month circuit breaker, and coupled with the rising probability of an extension, there may still be downsides to come."

Oxford Economics' analyst Sung Eun Jung expects a sharp deterioration in Singapore's trade performance in the second quarter of the year, dragged down by weak global demand.

"Given the developing global recession, we forecast Singapore's exports and imports to contract further before rebounding in the second half of the year," Ms Sung said.

Enterprise Singapore data showed that exports to most of Singapore's top markets increased in March, except for Malaysia, Indonesia and China. The top export markets were Thailand, the United States and Japan.

Thailand and the US were also the biggest importers of gold from Singapore.

Singapore's oil domestic exports in March contracted by 37 per cent year on year, following a 28.6 drop in February. Oil prices have plunged to a 17-year low with demand crashing as countries lock down in response to the coronavirus pandemic.

Total exports declined by 0.6 per cent year on year in March, after the 2.4 per cent increase in February. Total imports were up 0.3 per cent, following a 9.4 per cent rise a month earlier.

# data[].attributes.attachment_link.title
Singapore non-oil exports defy coronavirus disruption to surge 17.6% in March

# data[].attributes.attachment_link.description
SINGAPORE - Singapore's non-oil domestic exports (Nodx) did the unexpected in March by jumping 17.6 per cent, albeit from a low year-ago base. Economists polled by Reuters were expecting exports to drop 8.9 per cent, with more and more countries enforcing a lockdown due to the Covid-19 outbreak and restrictions to business activity.

# data[].attributes.body
Both local and foreign entrepreneurs are allowed to open companies in the import-export sector in Singapore. These can operate as companies which import or export products, or as trading companies which engage in both types of activities.

In order to open a trading company as a foreign investor in Singapore, the businessman will need to apply for a work permit and then start the company registration procedure. One will need to have a local address for the company and have the documents required for the Singapore company formation procedures drafted, notarized and filed with the Accounting and Corporate Regulatory Authority (ACRA).

As a trading company, the Singapore business will also need to register with the Customs Authorities in the city-state. Obtaining a GST number is mandatory in order to register with the Customs in Singapore.

The trading company can operate in Singapore or in one of its free zones where certain customs duties apply for the import, export, and warehousing of certain products.

It must be noted that apart from the regular import and export licenses, there are certain categories of goods which require additional permits, based on the specific regulations applied by the Singapore Customs. These are called controlled goods. Among these products are:

-          high-tech products;

-          firearms;

-          foodstuff.

Foreign investors who want to set up trading companies in Singapore are invited to reach out to our local representatives for information and guidance. We can help them set up private limited companies in Singapore or any other type of company available for incorporation in this city-state.

# data[].attributes.body
As mentioned above, Singapore is one of the largest exporters in the world and its main trading partners are China, Malaysia, Indonesia, Hong Kong, and Australia. As a percentage, 14% of Singapore ’s exports go to China,  Malaysia, and Indonesia import 12% each from companies in Singapore, as for Hong Kong and Australia, represent 7,5%, respectively 6% of the territory’s total exports. Other countries Singapore exports to are the United States, India, Japan and in Europe Singapore exports its products mostly in Germany, Belgium, the United Kingdom, and the Netherlands. When it comes to exported goods, on the top of Singapore’s list is refined petroleum that represents approximately 30% of all exported goods. Singapore also exports computers and computer spare parts, packaged medicines, and gold.

# data[].attributes.body
Foreign investors interested in setting up a business in one of the largest and most prolific economic sectors of Singapore are advised to try the trading industry. Singapore is an international trading hub, as well as one of the friendliest countries in the world in terms of trading regulations.

Singapore is known for exporting various goods manufactured by local companies, among which the most appreciated are:

-          machinery and equipment, such as electronics and industrial appliances;

-          household products which range from textiles to various house appliances;

-          agricultural products, beverages, and foodstuff, as well as raw materials;

-          transport equipment and machinery, but also auto vehicles spare parts.

The regulations related to importing and exporting such products vary, however, if you are a foreign business and want to open a company in Singapore, our local consultants can advise you.