Anything more than 3.5 times the size of Washington DC, Singapore has a population of 4,657,542 (CIA WorldFactbook). With a highly developed and successful market, it has GDP equals many of the major European countries. In recent years, Singapore has become one of the most successful countries in the world.
Statistics Department of Statistics (SDS) shows that the median household income increased by 13% in 2008 to $ 3,446. In addition, the number of households increased in the higher income market, and those homes acquired at least $ 4900 per month.
In line with the global economic crisis, Singapore dropped the economy by 19.7% in Q1 2009 compared to the last three months (BBC News). The Ministry of Industry predicted that GDP would fall by 6% to 9% this year.
Despite the terrible increase in Q1, Singapore's economy grew by 20% in Q2, suggesting that Asia is attributable to the economy today (USA Today). With an increase in GDP, the Ministry of Commerce now has a more optimistic outlook for this year's reminder and changes the forecast between 4% and 6%.
It is also assumed that total turnover of retail prices will increase by more than 31 billion in 2013.
Best Industry Segment
According to CIA WorldFactbook, United State is Singapore's second largest importer, which receives a 12.5% stake in Singapore's imports. The best industry for US exporters is machinery and equipment, petroleum fuels, chemicals, foodstuffs and consumer goods.
Tariff and Regulation Landscape
On January 1, 2004, the United States and Singapore entered into a Free Trade Agreement (FTA), signed on May 6, 2003. As the FTA's implementation, exports from the US grew more than 73 percent, especially in the export of medical devices, machinery and building equipment (US office representative). Furthermore, Americans and Singapore meet annually to review FTA and resolve business issues.
Market on the Internet
Singapore is one of Asia's largest online markets. There is a large number of tech savvy Internet users, making Singapore an ideal online marketplace.
Singapore's rapid rate is 67.4%, with 3.104.900 Internet World Stats. This figure rose by 158.7% since 2000. In addition, online shopping is becoming more popular among Internet users in Singapore.
Languages online Language
Singapore is very diverse in its languages. The main languages used in Singapore are English, Mandarin Chinese, Malay and Tamil. English and Mandarin are used by over two thirds of the population.
While many in Singapore use English and can understand US websites. Companies seeking to reach more potential consumers should optimize websites in other languages used in Singapore.
Search Engine Profile
According to comScore, 221 million were searched in Singapore in February. As usual, Google has a market share of 66%. Yahoo! comes with a 17.4% share. Then Baidu comes with 3.8%, Microsoft website with 2.5% and other search engines that consist of 10.8% left.
With a strong and technologically advanced economy, Singapore offers a great opportunity for US exporters. Although Singapore's land size is much smaller than many other countries with comparable economies, it is the key destination of business. Singapore re-exports of many products worldwide, mainly in Asia and Africa. Thus, Global eMarketer positions Singapore as Tier II for global market opportunities online.
Source by Sussy Shi