International Business(Singapore) Essay Example | Topics and Well Written Essays - 2250 words

International Business(Singapore) - Essay Example The country is also a regional hub for wealth management as it ensures that there is enough revenue for the purchase of raw material and natural resources which are not available in the country. In view of this, the case study analyses Singapore’s international trade, explain how globalisation has affected its economy and its culture and evaluates the factors that are affecting its international business through SWOT analysis. Since the 1960s, research has shown that Singapore has improved in its export and import sector of the economy. It has been ranked as the 15th largest importer and 14th largest exporter in the world. International trade has a great impact on Singapore’s economy. Singapore adoption of export-oriented industrialisation made it easy for the country to succeed in the international market. Additionally, they have few barriers to the importation and exportation of goods and services. That means that the country has few trade barriers. The country also trades with the Most Favoured Nation (MFN) (Hinkelman & Shippey, 2004, p. 93). There are zero tariff rates which apply to some of their products. Additionally, they have six lines for alcohol beverages making it one of the best exporters of alcohol beverage. However, there are different import restrictions because of environmental, health, and security concerns. It considers free trade as an important factor which facilitates the grow th of the nation. Primarily, the United States is one of the largest Singapore’s trading partners. United States influences Singapore’s international trade (Koh & Lin, 2004, p. 56). From the sale of the manufactured goods such as the computer peripherals and electronics, the country imports natural resources and agricultural products. Singapore has limited arable land, thus; it depends on the aggro-technology park. Additionally, the country relies on