Bìznes Inform (May 2022)

The Current State of Foreign Trade Relations of Singapore, the Republic of Indonesia and Malaysia

  • Makarchuk Kateryna O.,
  • Nepriadkina Nataliia V.,
  • Shynkarenko Oleksii S.

DOI
https://doi.org/10.32983/2222-4459-2022-5-17-26
Journal volume & issue
Vol. 5, no. 532
pp. 17 – 26

Abstract

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The article is aimed at determining the current state of foreign trade relations between Singapore, the Republic of Indonesia and Malaysia. The modern development of trade in Southeast Asia, namely in Singapore, the Republic of Indonesia and Malaysia, allowed them to take an important place in world-wide trade. The government’s policy of openness of the economy of Singapore, the Republic of Indonesia and Malaysia, resulted in an active development of foreign trade of countries that joined the World Trade Organization, which had a positive influence on the development of their own trade. In recent years, these countries have achieved a high level of macroeconomic indicators. There was an increase in GDP, GDP per capita, etc. Significant fluctuations in economic development were associated with the global COVID-19 pandemic, which led to a decrease in the main indicators of Singapore, the Republic of Indonesia and Malaysia and a significant increase in the unemployment rate in the countries under study. The article defines that the main partners of Singapore, the Republic of Indonesia and Malaysia for export-import operations are Asian countries, which is due to close geographical location, close cooperation within the framework of the АСЕАН association and historically formed ties. The commodity structure of exports and imports of Singapore, the Republic of Indonesia and Malaysia in 2020 is analyzed. It is noted that the main export items of these countries are: electric machines and related equipment, mineral fuel, mineral oils and their distillation products, etc. The place of Singapore, the Republic of Indonesia and Malaysia in international rankings is analyzed. Thus, in the Competitiveness Ranking and Economic Freedom Ranking, Singapore ranks first and is the country with the freest economy among the countries of the Asia-Pacific region. The Republic of Indonesia and Malaysia need to continue reforming their sectors of the national economy to improve their place in the rankings.

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