In this 3rd part we are going to explore the import/export of Cultural Goods in a specific area: South East Asia.
Singapore is the 14th largest exporter and the 15th largest importer in the world. Historically, international trade has strongly influenced the economy. According to the WTO (world trade organization), Singapore has the highest trade to GDP (Gross domestic products) ratio in the world at 407.9 percent. Due to its geostrategic location (Singapore is an island situated South East Asia and is part of the cities of the ‘4 dragons’) and developed port facilities, a large volume of Singapore’s merchandise exports involves entrepot trade – with 47 percent of exports consisting of re-exports.
As a strong advocate of free trade, Singapore has relatively few trade barriers. Trade partners with Most Favoured Nation (MFN) have zero tariff rates applied to their products apart from six lines for alcoholic beverages. There are however some import restrictions based mainly on environmental, health, and public security concerns. The import of rice also requires import licensing in order to ensure food security and price stability.
Singapore manufactures mainly for exportation, as the economy is very strong. The principal market is for commodities (main commodity group) and corresponds almost to the majority of exportation in the country. It is divided into 3 categories: Agricultural products
Mining products (including oil +++)
It is really hard to tell about the exportation of cultural goods as it is not what Singapore is well-known for even if it tends to be more important in the future with the growth of galleries, auction houses and art fairs. As a matter of fact, Singapore is a city that keeps expanding in several areas including the Arts field. This is due the creation of the Singapore Art Fair founded in 2011 by Basel ex Director Lorenzo Rudolf. The following rules must be applied most of the time...
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