Singapore recorded a significant growth in non-oil exports in July. These types of exports had an increase of up to 8.5%, on a year-on-year basis. The shipments made to some of the main export destinations also increased, compared to last year. Investors who are interested in opening an import/export company can talk with our accountants in Singapore about the taxation in this business field.
Singapore had a mentionable growth in its non-oil export sector, according to the data released by International Enterprise Singapore. The value of exports in July increased by 8.5 percent compared to the same period in 2016.
The value of the shipments made to Singapore’s main export partners also increased in all of its 10 main markets, like China, Thailand, and South Korea. In the case of China, the exports increased to 20.9 percent and for South Korea, they increased to 48.9 percent while those to Thailand had the most significant growth, of 55.3 percent (values reported on a year-on-year basis).
Out of the types of exported items, electronic non-oil domestic exports had the largest growth in July, 16.3 percent compared to a 5.4 percent rise in June (also on a year-on-year basis). Non-electronic goods shipments had a larger growth in June, compared to July.
The value of re-exports also increased in July to 17.5 percent, following an increase of 8.3 percent in June. The growth was attributed to more shipments of electronic and non-electronic goods.
Investors can talk to an accountant in Singapore for more information on the taxation on imports, exports, and re-exports.
Singapore is a favorable location to base an export company. Companies that engage in the export of goods can benefit from a 0% GST rate.
Export companies in the city can benefit from hiring an accounting firm in Singapore to handle all taxation matters and implement the adequate tax minimization strategies.
You can contact us for all matters related to accounting in Singapore.