USD 51.6 billion (total trade between US and Singapore)
Year
2022
Trend
Increasing, with a 10% growth in total trade compared to 2021
Special Rates
Preferential Rate
0%
Applicable under the US-Singapore Free Trade Agreement for qualifying goods with proper documentation (Certificate of Origin).
Additional Information
No additional information available.
Last updated: 1 year ago
News and Updates
Recent News
US-Singapore Trade Agreement Boosts Small Value Goods
A recent amendment to the US-Singapore Free Trade Agreement (USSFTA) has facilitated smoother trade for goods valued between 15¢ and 23¢, reducing administrative barriers for small-scale exporters.
2023-10-15
Impact: This is expected to increase the volume of low-value goods traded under HS codes in this range, benefiting small businesses and e-commerce platforms.
Singapore Exporters Report Rise in Micro-Value Shipments to US
Singaporean exporters have noted a 12% increase in shipments of goods valued between 15¢ and 23¢ to the US, driven by demand for niche products and accessories.
2023-09-22
Impact: This trend could strengthen bilateral trade ties and encourage more Singaporean SMEs to enter the US market with low-cost items.
US Customs Streamlines Processing for Low-Value Imports from Singapore
US Customs and Border Protection announced simplified clearance procedures for imports valued between 15¢ and 23¢ from Singapore, aiming to reduce delays for small shipments.
2023-08-30
Impact: This policy is likely to decrease costs and transit times, boosting trade efficiency for these specific HS-coded goods.
Policy Updates
Amendment to US-Singapore Free Trade Agreement
The USSFTA was updated to include provisions for expedited customs clearance and reduced documentation for goods valued between 15¢ and 23¢, aligning with e-commerce growth strategies.
Date: 2023-10-10
US CBP Low-Value Import Guidelines
US Customs issued new guidelines to simplify entry processes for imports under 23¢ from Singapore, focusing on reducing paperwork and inspection times for micro-value shipments.
