Singapore-India trade reaches USD 35.6 billion in 2022-23

A senior diplomat at the Indian High Commission in Singapore announced that bilateral trade between Singapore and India surged to USD 35.6 billion in 2022-23, marking an impressive 18.2% increase from the previous year.

 

T Prabakar, the First Secretary (Commerce) at the high commission, revealed this data during his address at the Institute of Company Secretaries of India (ICSI) Third International Conference held in Singapore from April 5-6.

 

Prabakar mentioned that Singapore stands as the sixth largest export destination for India globally and the eighth largest source of imports for the country during the same period.

 

The substantial foreign direct investment (FDI) equity inflows from Singapore into India, amounting to USD 17.2 billion in 2022-23. The cumulative FDI inflows from Singapore to India from April 2000 to December 2023 totaled USD 155.612 billion, representing 23% of the total FDI inflows into India.

 

Prabakar provided an overview of the multifaceted India-Singapore relations, highlighting Singapore's significant role as one of India's largest sources of External Commercial Borrowings. 

 

The conference, spanning two days, dived into various trade and technology-related topics, with ICSI members seeking insights into Singaporean business laws that could complement corporate and small enterprises in India.