Singapore-Israel trade grew some 24.6% year-on-year to hit S$1.956 billion in 2013 according to figures released by IE Singapore.
In 2012, trade between the two nations totalled S$1.570 billion.
Singapore is a net importer from Israel, and Israeli exports to Singapore have generally grown over the past twelve months from S$86.4 million in January 2013 to S$124.9 million in December 2013.
Singapore’s exports to Israel have largely held steady in 2013 at a monthly average of S$51.5 billion, although in December 2013 Singapore exports surged to S$92.7 billion, the highest level in the past 24 months.
Given the good business relationship between the two countries in the public sector and increasingly in the private sector, and the trend of the past two years, expectations are buoyant that bilateral trade will continue to rise.
According to Israel’s Central Bureau of Statistics, Israel exports mostly electrical equipment to Singapore, while Singapore exports mostly machinery and computer equipment to Israel.
For more information, please contact the Economic and Trade Department.