India-Singapore Bilateral Trade Clocks 18.2% Growth; Touches To USD 35.6 Bn In 2022-23

New Delhi, Apr 6 (KNN) A senior diplomat from the Indian High Commission announced that the trade between India and Singapore soared to USD 35.6 billion during the fiscal year 2022-23, marking an impressive growth of 18.2 per cent.

T Prabakar, the First Secretary (Commerce) at the Indian High Commission, delivered this update while addressing the Institute of Company Secretaries of India (ICSI) Third International Conference in Singapore, held from April 5-6.

Providing a breakdown of the trade figures, Prabakar revealed that India's imports from Singapore for the fiscal year 2022-23 amounted to USD 23.6 billion, showcasing a remarkable growth of 24.4 per cent.

Meanwhile, exports from India to Singapore totalled USD 12 billion, marking an increase of USD 7.6 billion compared to the previous financial year.

The diplomat emphasised Singapore's significance in India's trade landscape, highlighting that Singapore stood as India's eighth largest trade partner for the year 2022-23, accounting for 3.1 per cent of India's overall trade.

Additionally, Singapore emerged as the sixth largest export destination globally for India and the eighth largest source of imports during the same period.

Beyond trade in goods, Prabakar shed light on the burgeoning foreign direct investment (FDI) ties between the two nations.

He noted that FDI equity inflows into India from Singapore in 2022-23 reached USD 17.2 billion, contributing significantly to India's economic growth.

The cumulative FDI inflows from Singapore to India from April 2000 to December 2023 stood at USD 155.612 billion, representing 23 per cent of the total FDI inflows into India during that period.

Moreover, Prabakar underscored the depth of India-Singapore relations, highlighting Singapore's role as one of India's largest sources of External Commercial borrowings.

(KNN Bureau)