Singapore Shifting Focus to China
Singapore's economy grew 38% in the first three months of this year. That is the strongest quarterly growth ever recorded in Singapore's history. The key to this recovery and of the Singapore economy as a whole is the manufacturing industry. Healthcare and electronics are the two biggest sectors for this industry in Singapore. Many companies that produce high-tech medical devices are looking to expand into China. China is a huge potential market as they grow and are looking for these high-tech equipments with their increased buying power.
Trade currently accounts for two-thirds of Singapore's economy. The EU is their largest trading partner, but Singapore is now shifting focus to China. Just under 10% of trade is currently to China, their number three trading partner. However exports expanded by more than 30% in April and are growing. With this trend, China just may pass Malaysia and the EU as the number one trading partner for Singapore in the near future.