The U.S.-Singapore Free Trade Agreement (FTA) has been in effect since 2004. Singapore also has many bilateral and regional FTAs including with Australia, China, Costa Rica, India, Japan, Jordan, South Korea, Panama, Peru, Sri Lanka and Turkey. Singapore is a participant in the Regional Comprehensive Economic Partnership regional trade negotiations, which include the ten Association of Southeast Asian Nations (ASEAN) countries plus Australia, China, Japan, Korea, India and New Zealand, and it is also a participant in the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Singapore has also concluded an FTA with the European Union which has yet to be entered into force.
USDA’s Office of Agricultural Affairs (OAA) in Singapore hereinafter referred to as “Post” reports that Singapore’s highly import dependent, multi-billion-dollar food industry is driven by robust consumer spending, high disposable incomes, and intense urbanization.
U.S. Food & Agricultural Product Imports to Singapore, By the Numbers
U.S. Consumer-Oriented Foods – US$638 million (2019)
U.S. Processed Foods – US$494.8 million (2019)
By the year 2024, Euromonitor projects the retail sales in the packaged food market in Singapore is expected to reach US$2.8 billion, a growth rate of 6.8% or US$181.2 million.
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