The paper "Singapore International Business" is a perfect example of a business case study. Singapore is a city-state that is situated in Southeast Asia. Singapore is a member of the original Four Asian Tigers. The other members were South Korea, Hong Kong, and Taiwan. Singapore has developed into a highly recognized trade-oriented economy over the past decade. In fact, Singapore’ s economy is considered to be one of the most open economies in the world, with the corruption rate in the country considered to be the 7th lowest in the world.
The economy of Singapore is believed to be one of the most business-friendly countries in the world. The reasons as to why Singapore is considered to be one of the most business-friendly and the freest countries in the world will be discussed herein. Singapore is a country that does well in both exportation, making it a great contributor to globalization and international trade. This paper will analyse Singapore’ s international trade, with consideration to the manner in which globalization has affected the social and cultural aspects of the people of Singapore, and the factors that encourage and undermine international trade in Singapore. International TradeSingapore is the 15th largest importer and the 14th largest exporter in the world.
Looking at the history of the economy of Singapore someone can be able to notice that international trade has been of high influence on their international trade. At the moment WBO suggests that Singapore has the highest trade to GDP ratio in the world (Manova 2008, p. 38). At the moment they have a trade to GDP of 408%. Many of Singapore's merchandise export activities are attributed to entrepô t trade.
This is a factor that is attributed to the country’ s geographical location and highly developed port facilities. 47% of Singapore’ s exports usually consists of re-exports. The Singapore government is a strong advocate of trade for economic development. As a result of this strong advocacy, the country has very few laws and regulations that offer a barrier to international trade. Trade partners with the Most Favoured Nation (MFN) are highly favoured because of the lack of tariff rates that apply to products.
Abshire, JE 2011,The history of Singapore,Greenwood, Santa Barbara, Calif.
Hummels, D 2007, “Transportation costs and international trade in the second era of globalization” The Journal of Economic Perspectives, 131-154.
Manova, K 2008, “Credit constraints, equity market liberalizations and international trade” Journal of International Economics, 76(1), 33-47.
Manova, K 2013, “Credit constraints, heterogeneous firms, and international trade” The Review of Economic Studies, 80(2), 711-744.
Rhee, CC 2012,Principles of international trade (import-export): the first step toward globalization,AuthorHouse, Bloomington, IN.
DHL-US website Accessed from http://www.dhl-usa.com/en/express/small_business_solutions/country_facts/country_facts_singapore.html