Singapore's offshore trade turnover hit US$700b in 2010

SINGAPORE: Singapore's offshore trade community generated US$700 billion (S$874b) in trade turnover last year, a 50.5% increase over 2009.

This achieved a compound annual growth rate of 25% over the past decade, said International Enterprise (IE) Singapore on Monday.

Singapore's economy and job market also gained from the growth of this industry last year.

Total jobs created by offshore trade reached 11,250 - an increase of 18.5% over 2009.

Total business spending from offshore trade players reached S$10.5 billion, an increase of 18% over 2009.

This boosted the ancillary services sectors especially freight & logistics, and financial services, with business spending for these two sectors totalling S$4.4 billion and S$750 million respectively.

IE Singapore is the lead government agency driving Singapore's external economy.

Mr Teo Eng Cheong, CEO of IE Singapore, said: "Offshore trade contributes significantly to our economy through business spending and high quality employment. Singapore is the biggest physical commodities trading hub in Asia.

"With global trade flows shifting to Asia, Singapore is well positioned to capture trading activities due to two key reasons. First, we are close to many source and demand markets, and second, we have a sophisticated physical and financial infrastructure for trading."