India’s exports to Singapore jump 24 per cent in April

After contracting steadily for months, India’s exports to Singapore are back in black.
In April, exports grew 24%, while imports shot up by a staggering 269%, led primarily by medical equipment and healthcare supplies. Simon Wong, High Commissioner of the Republic of Singapore to India, believes the trade imbalances will further get corrected as the economic recovery picks up pace.

According to Wong, the pandemic-induced lockdowns have hit India’s exports, while the second wave forced the country to import heavily. “We have seen fewer exports, maybe because of the lockdowns…Two, imports have gone up in several areas, primarily led by health-related supplies,” he told The New Indian Express.

Foreign investments from Singapore continue to rise. Last financial year, island nation was the largest foreign investor pumping in about $17-18 billion, or about 29% of India’s total FDI. “It’s nearly a third of total FDI in India. If you look at last financial year, investments continued even during the first wave,” he said. Focus areas for future investments, Wong explained, will include data centres, real estate, fintech, startups and emerging areas like life sciences and agritech.