Singapore Import & Export Toolkit
Singapore is a duty-free port for almost all goods, but GST and TradeNet permits still apply. This hub covers LC cost in SGD/USD, 9% GST on imports, transhipment rules and Incoterms best practice for the world's busiest transhipment hub.
Free calculators for Singapore trade
- · PSA Singapore (Tuas, Pasir Panjang, Brani, Keppel) - world's #1 transhipment hub
- · Jurong Port
- · Sembawang
- · Integrated circuits
- · Refined petroleum
- · Petrochemicals
- · Gold
- · Machinery
- · Pharmaceuticals
- · Palm oil (re-export)
- · Integrated circuits
- · Crude petroleum
- · Refined petroleum
- · Gold
- · Machinery
- · Pharmaceuticals
Trade finance in Singapore
- · SGD LC usance interest is quoted on ACT/365 - Commonwealth convention - even though SGD is a heavily USD-correlated currency. USD LCs booked in Singapore use ACT/360.
- · MAS-regulated banks in Singapore (DBS, OCBC, UOB, plus every major global bank) issue and confirm LCs at some of the finest pricing in Asia - 0.10-0.20% per quarter for issuance, 0.15-0.35% for confirmation on decent-rated counterparts.
- · Enterprise Singapore's Trade Credit Insurance scheme and Loan Insurance Scheme reduce risk for SME exporters and can be layered under an LC.
- · Singapore Convention on Mediation and English-language SIAC arbitration make Singapore a preferred seat for trade dispute resolution.
Customs & duty in Singapore
- · Singapore Customs classifies goods under the ASEAN Harmonised Tariff Nomenclature (AHTN) - an 8-digit code aligned to the WCO HS at 6 digits.
- · Every import requires a TradeNet permit before goods are cleared - even zero-duty items. Non-controlled goods clear in minutes; controlled goods (food, chemicals, medical devices) need agency approval.
- · Customs value follows WTO transaction value. GST is charged on CIF + duty + insurance where applicable. Transhipment (goods staying within FTZ) is not subject to GST or duty.
- · For onward FTA use, a preferential Certificate of Origin (Form D for ASEAN, Form E for ASEAN-China, RCEP CoO for RCEP) must be obtained via Singapore Customs.
Incoterms 2020 practice in Singapore
- · Singapore's role as a transhipment hub means CFR Singapore and CIF Singapore appear on many bills of lading where the true final destination is elsewhere in Southeast Asia. Ensure your LC's Field 44E / 44F matches the routing.
- · DDP into Singapore is straightforward for GST-registered sellers; for non-registered sellers, DAP is the practical maximum.
HS commodity guides for Singapore
Classification, duty and worked landed-cost examples for the commodity families most active on Singapore's trade lanes.
Singapore's key trading partners
Frequently asked questions
Effectively yes for most goods. Excise duty applies only to intoxicating liquors, tobacco, motor vehicles and petroleum products. GST @ 9% still applies to all imports unless zero-rated or under a suspension scheme (MES/ACMT).
TradeNet is Singapore Customs' single-window electronic system. Every import, export and transhipment declaration must be filed via TradeNet - typically through a freight forwarder or declaring agent. Even zero-duty movements require a permit.
ACT/365, following the Commonwealth convention. USD LCs booked in Singapore use ACT/360. Our Usance LC Interest Calculator applies the correct basis per currency automatically.
Transhipment goods that stay within a Free Trade Zone (FTZ) and are re-exported without entering Singapore customs territory pay no GST and no duty. Only goods cleared into the local market attract 9% GST.