Analysis of Singapore's Export System

1247 words (5 pages) Business Assignment

16th Apr 2020 Business Assignment Reference this

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Singapore is one out of twenty smallest countries in the world, the total land area of 682.7 square kilometers. A state situated in Southeast Asia and is known as the Republic of Singapore. With six neighboring countries that are Thailand, Bangkok, Cambodia, Indonesia, Philippines, and Malaysia. Singapore is one main island with 62 other islands; ever since they have gained their independence, the land has increased by 23% 50 square miles. The population of Singapore as of 2017 is 5.612 million people. The prime minister Lee Hsien Loong; he is the third prime minister since 2004, the president being Halimah Yacob. Since 2018 they have been commanded by the People’s Action Party (PAP) since the 1959 general decision when Lee Kuan Yew turned into Singapore’s first PM (Singapore was then a self-overseeing state inside the British Empire).

The PAP hosts have been the primary decision get-together to shape the administration from that point forward. Singapore is considered an exceptionally created and productive free-market economy. It appreciates a strikingly clear and pollution-free condition, stable costs, and GDP higher than that of most created nations. Joblessness is low. Singapore currency is “Singapore dollar,” abbreviated as “$” or “S$” to differentiate it from other dollar currencies. It is a freely exchanged countries, there is no limit on import and export to different countries, but the money that exceeds S$ 20,000 has to be announced when arrived in the country.

Singapore is the world’s 14th largest exporting economy their imports totaled to be S$464 billion and their exports to be S$519 billion. Imports include aircraft, crude oil, and petroleum products, electronic components, radio and television receivers, chemicals, food/beverages, iron/steel, motor vehicles, and textile yarns/fabrics. Importing partners are; China 13%, Hong Kong 13%, Malaysia 11%, European Union 9%, Indonesia 8%, and other different countries are about 47%. Exports are electrical machinery equipment, machinery including computers, minerals including oil, Gems, organic chemicals, these are just a few of them. Exporting and importing partners are the same countries.

I have united with Bling Inc. in Singapore to export diamonds to countries in Asia. Diamonds fall under the top 5 commodity exports of Singapore. The annual amount of diamond business is 1.77 billion in exports to places. The country has grown so fast in the past few years in the diamond business, with the country being the 13th largest exporter. The demand for diamonds is getting higher day by day, as jewelry is a popular demand. The global diamond export market and with a market share of 1.4 percent. The foundation of my business to provide high-quality diamonds for foreign export and have high customer satisfaction. Being a woman, and knowing all about jewels, I know what woman is looking for in their gem, including the quality.

Diamond exporting in Singapore is one of the main exports at $1.77 billion. This nation is one of many quickly developing exporters for diamonds and is the most elevated development rate for more than five years, as they extended their sending out qualities by 161%. Luxiee is an online company diamond marketplace in Singapore, raised to six figures, and helped you buy from the suppliers themselves. This company believes connecting through the customers online helps them find a supplier for the diamond also matches the exact model that the customer wants instead of having an intermediary person in the middle. There are many different kinds of diamonds to choose from, also set a specific size for the ring. According to this company, the one on one connections with the supplier directly gives the customers up to 300% off on the prices for the diamonds while being differentiated by other diamond suppliers from retail outlets.

Since 2014 the diamond sales market had boosted for the Antwerp World Diamond Centre, at the time, the AWDC additionally anticipated that the turnover acknowledged in the Singaporean gems market would increment by 3% every year for a long time to come. Singapore used to be a land interface between the Antwerp precious stone organizations and the Indian market. The number of extravagance brands which opened a store in Singapore climbed exponentially for a considerable length of time. Singapore turned into a regularly developing deals showcase during this period, because of its developing working class. The adornments advertise specifically was to a great extent in charge of the rising precious stone cost. Enormous amounts of unpleasant precious stones have been sent out to Singapore itself from Antwerp since 2009, representing an all-out estimation of $283 million somewhere in the range of 2008 and 2014.

Diamonds are always a girl’s best friend, but it is also an increasing product around the world. As of recently, jewels have fundamentally been exchanged reciprocally by purchasers and merchants, with no worldwide cost or straightforwardness. The new precious stone trade is autonomous of the jewel business and has guidelines to guarantee financial specialists and other industry players exchanging on the electronic stage to do as such in a straightforward manner. The trade has banking and vault administrations for money and physical repayment and may present trade exchanged assets or different subsidiaries items identified with jewels later on. Experts state the Singapore move is a reminder for Hong Kong government to play an increasingly active job to advance the urban areas item and adornments business.

Singapore is one out of twenty littlest nations on the planet, the all-out land territory of 682.7 square kilometers. A state arranged in Southeast Asia and is known as the Republic of Singapore. With six neighboring nations that are Thailand, Bangkok, Cambodia, Indonesia, Philippines, and Malaysia. This country is one of numerous rapidly creating exporters for precious stones and is the most raised advancement rate for over five years, as they expanded their conveying characteristics by 161%. Singapore transformed into a consistently creating arrangements feature during this period, as a result of it creating regular workers. The enhancements promote explicitly was responsible for the rising valuable stone expenses. The new relevant stone exchange is independent of the gem business and has rules to ensure monetary authorities and other industry players trading on the electronic stage to do in that capacity directly.

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