Singapore is a country that relies on trading for its economic prosperity. In fact, it has a port and in this port, the ships of other countries come and they bring the produce and the products are packaged or refined and again shipped to other countries. Thus it has become a trade hub of the entire region. So, the economy of Singapore is largely dependent on the economies of other countries in Asia. We have seen that the top Asian countries like China, India, South Korea and Japan have suffered from economic recession of 2008 and 2009. So, Singapore suffered a lot when it comes to overseas shipment.
Now, it seems that the worst is over as far as global economic recession is concerned and this condition is reflected also in Singapore’s exports statistics. For example in December 2009, exports figure of Singapore saw healthy growth in electronic shipment and non-oil exports.
So we can expect that 2010 will be a better year compared to 2009. However, we have to remember that the impact of recession is still going on in many countries of the world and as a result we may not see a sustained and healthy growth in the export figure of the country in the next few months.
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