US-S'pore trade up 19% last year

TRADE between Singapore and the United States hit US$42.5 billion (S$65 billion) last year, a 19 per cent rise over 2005, the American Chamber of Commerce (AmCham) in Singapore said yesterday.

This was the second-highest growth rate among all Washington's major trading partners last year, after China. US-China trade grew 20.2 per cent.

Singapore also retained its position as the US' 15th- largest trading partner last year.

But it rose to become the US' ninth-largest export market, up from 11th spot in 2005. The value of US exports to Singapore rose to US$24.7 billion from US$20.6 billion a year earlier.

This helped Singapore remain the biggest Asean market for US exports. It accounted for 43 per cent of total US exports to Asean last year, up from 41.5 per cent in 2005.

Key US exports to Singapore in the first nine months of last year included machinery, electrical machinery, aircraft and aircraft parts, and optical and medical instruments.

AmCham Singapore executive director Dom LaVigne said the rise in bilateral trade 'continued a positive trend of growth' since the US-Singapore free trade agreement came into effect in January 2004.

Since then, two-way trade has increased 34 per cent, while US exports to Singapore have gone up almost 49 per cent.

FIONA CHAN