The importance of exports to a country's economy cannot be overstated.
Exports give producers access to a worldwide market, allowing them to reach a far larger number of potential customers. Imports and exports also play a significant role in international diplomacy and government foreign policy.
Governments promote exports and prefer to see exports outnumber imports. Exports generate jobs, enhance salaries, improve the standard of living for citizens, and build foreign currency reserves and liquidity.
Because exports bring international capital into the country and imports send money out, governments frequently utilize trade restrictions, such as taxes on entering goods, to raise the price of imports and provide their domestic companies a competitive advantage.
Countries, on the other hand, frequently form trade agreements with one another in order to reduce trade barriers such as tariffs and establish mutually beneficial trading relationships.
Singapore, the only country in Southeast Asia, is one of the top ten exporters of products and services. Singapore's current export is $599,216.28, according to the World Bank's 2020 report. With the primary integrated circuits for export.
Between 2019 and 2020, the fastest-growing export markets for Singapore's Integrated Circuits were Hong Kong ($3.78 billion), China ($1.22 billion), and South Korea ($1.05 billion).
According to the Observatory of Economic Complexity (OEC), Singapore shipped $62.7 billion in integrated circuits in 2020, making it the world's fifth largest exporter.
Integrated Circuits were Singapore's top exported product in the same year. Hong Kong ($28 billion), China ($10.6 billion), Malaysia ($5.7 billion), Chinese Taipei ($4.9 billion), and South Korea ($2.83 billion) are the top destinations for Integrated Circuits exports from Singapore.
For the record, OEC is an online data visualization and dissemination platform specializing in the geography and dynamics of economic activity.
Apart from that, Malaysia is one of the leading exporters of cocoa trees to the Ivory Coast.
Cacao trees, on the other hand, can only be found in about a quarter of the world's countries. Cacao producers in nations like the Ivory Coast and Malaysia would be unable to export cacao to countries like Germany, Belgium, and the United States if the import/export market did not exist.
More crucially for chocolate lovers, those countries would be unable to export chocolate made from that cacao around the globe.
Source: WorldPopulationReview.com, OEC.world
