Singapore is Australia’s 8th largest trading partner, making up 3.3% of Australia’s trading portfolio. A Free Trade Agreement was signed in 2003, the 2nd in Australia’s history after the Closer Economic Relations agreement with New Zealand in 1983. Australia’s total exports to Singapore were worth A$12b in 2017. Goods exports to Singapore include crude/refined petroleum, gold and animal oils/fats. Major Australian imports from Singapore include edible products, computers, and refined petroleum. Australian service exports to Singapore were worth A$5.2b in 2017, made up predominantly of professional, technical and financial services.
There were over 8,300 Singaporean student enrolments in Australia in 2017. This figure has been relatively stagnant since 2006. But the number of Singaporean tourists coming to Australia have risen significantly over the last 10 years.
Singaporean investment in Australia was worth A$82b (2.5% of total stock of foreign
investment) in 2017. Singaporean investment has traditionally been concentrated in real estate, but has become more diversified. For example, Singapore Power's investment in the Victorian and South Australian electricity distribution networks in 2004; Singapore Investment Corporation's acquisition of the Mayne Group's portfolio of private hospitals in 2003; and the SingTel acquisition of Optus in 2001. The Singapore Investment Corporation also has stakes in Myer Melbourne and Westfield Parramatta.
Australian investment in Singapore was worth A$59b (2.6% of Australia’s foreign investment portfolio) in 2017. Major businesses invested in Singapore include Australia's major banks; engineering design and construction firms including Lend Lease Asia Holding and CIMIC Group and logistics groups such as Toll Holdings.