India-Singapore bilateral trade jumps 18% to USD 35.6 billion in FY23

T Prabakar, the First Secretary (Commerce) at the high commission, said Singapore is India's eighth largest trade partner (2022-23), with a share of 3.1 percent of India's overall trade, a report in the media said.

He was addressing the Institute of Company Secretaries of India (ICSI) Third International Conference being held in Singapore from April 5-6.

Prabhakar noted that India’s imports from Singapore in FY 22-23 were USD 23.6 billion, a growth of 24.4 percent, and exports to the city-state reached USD 12 billion, improving by 7.6 billion in the last financial year, the report said.

Singapore ranks as the sixth-largest export destination for Indian good and services globally.

In terms of imports, Singapore stands as the eighth-largest source for India on a global scale during the period of 2022-23.

India-Singapore ties are growing not only in terms of merchandise, but also FDI (foreign direct investment) equity inflows into India from Singapore during 2022-23 stood at USD 17.2 billion, Prabakar said, according to the report.

He stated that the cumulative FDI inflows from Singapore to India amounted to USD 155.612 billion from April 2000 to December 2023, accounting for 23 percent of the total FDI flows into India.

Providing an overview of India-Singapore relations, Prabakar emphasized that Singapore is also among India's major sources of External Commercial Borrowings.

He further underscored the diverse strategic collaborations between the two countries in emerging domains like technologies, artificial intelligence (AI), and green energy.