SINGAPORE: New figures show that imports from Germany have jumped since 2010, though Singapore’s exports to that country have slipped a little.
The figures from trade agency International Enterprise (IE) Singapore were released just as Prime Minister Lee Hsien Loong concluded a visit to Germany and Spain. Three trade missions went to Germany in conjunction with the visit.
About $13.48 billion worth of goods and services were brought in from Germany last year, up from $12.12 billion in 2010. They comprised mainly electronic components, parts for tractors and motor vehicles, and measuring instruments.
Exports to Germany, however, fell to $6.82 billion last year, from $8.37 billion in 2010.
Singapore exports mainly machinery, computers, electronic parts and chemicals to Germany, said the Singaporean-German Chamber of Industry and Commerce.
It also supplies Germany with a small amount of food products, including live fish, pepper, and certain fats and oils, going by data from Germany’s foreign trade and inward investment agency Germany Trade & Invest.
On the whole, two-way trade between the two countries, which have enjoyed strong economic ties, has held steady at more than $20 billion annually over the past five years.
Germany was Singapore’s top trading partner in the European Union last year, and the 14th largest globally.
Singapore, in turn, was Germany’s top trading partner in ASEAN in 2013, and its 33rd-largest trading partner globally. It was also Germany’s fifth-largest trading partner in Asia, after China, Japan, South Korea and Taiwan.
Some 1,400 German firms have a presence in Singapore, across a number of key sectors such as chemicals, electronics, engineering and logistics.
They include big-name companies such as engineering giants Siemens and Bosch, automobile manufacturers BMW and Mercedes- Benz, and Deutsche Bank.
German foreign direct investment in Singapore was €1 billion (S$1.5 billion) in 2013, the largest amount of German investment in South-east Asia.
In the same year, Singapore’s direct investments in Germany reached about $1.7 billion.
Home-grown leather furniture manufacturer HTL International Holdings is among the Singapore companies with a presence in Germany.
The mainboard-listed firm, which acquired German luxury furniture brand Domicil Moebel in 2013, has a head office in Munich, as well as a total of 18 retail stores across Germany.
Defence and engineering conglomerate Singapore Technologies Engineering also owns a 35 per cent stake in Dresden-based Elbe Flugzeugwerke through its aerospace arm, ST Technologies Aerospace. Elbe Flugzeugwerke specialises in aircraft maintenance and the manufacturing of Airbus aircraft components.
There are more opportunities for collaboration between companies from both counties, particularly in the area of smart energy and advanced manufacturing, added IE Singapore assistant chief executive Satvinder Singh. “German companies can (also) develop strong partnerships with our companies and tap their extensive network in Asia to sustain long-term competitiveness in the region and global markets.”
Singapore’s bilateral trade with Spain has also grown over the past five years, reaching $1.94 billion last year, up from the $1.41 billion in 2010.
Spain was Singapore’s eighth-largest trading partner in the EU last year, and the 43rd largest globally.
More than 200 Spanish companies operate in Singapore today, including engineering firm Abeinsa, wind turbine manufacturer Gamesa, and Amadeus, which provides travel technology solutions.
