A Comparative Study of India-Singapore Bilate...

A Comparative Study of India-Singapore Bilateral Trade Relations Since 2010

Author Name : Ms. Anam, Prof. Nafees A. Khan

ABSTRACT Bilateral relations between India and Singapore have grown gradually over time and are on the right track. India is one of the Singapore's biggest trade partners, with two-sided trade involving the two countries totalling to USD 30.11 billion in 2021-22.Following the end of CECA, Bilateral trade expandedreaching US$27.85 billion in 2018–19 from US$6.7 billion in Fiscal Year 2004–05.Singapore is now ranked first among ASEAN nations and sixth among India's top trading partners for the years 2021–2022. This paper's main objective is to emphasize the significance of bilateral trade among the two nations. The trade intensity index and revealed comparative advantage were estimated from 2010 to 2021 to meet this goal. According to trade indexes, India has stronger trade with Singapore than it does with the rest of the world, and its trade balance is also positive with Singapore.However, beginning in 2017-18, India's trade balance with Singapore became negative, indicating that currency is flowing outward to pay for imports, indicating that the country is overly reliant on foreign goods, and so India should concentrate on exporting more items so that the trade balance would improve. Moreover, India also benefits from comparative advantages in certain goods with the same nation.