Singapore – A Currency Manipulator?

by Patrick Liew on August 20, 2019

Singapore – A Currency Manipulator?

Singapore imports more from the U.S. than sells to the U.S.

We have a huge trade deficit with the U.S.

According to the Office of the United States Trade Representative (USTR):

“U.S. goods and services trade with Singapore totaled an estimated $90.0 billion in 2018. Exports were $54.1 billion; imports were $35.9 billion.

“The U.S. goods and services trade surplus with Singapore was $18.2 billion in 2018.

“Singapore is currently our 16th largest goods trading partner with $60.4 billion in total (two way) goods trade during 2018. Goods exports totaled $33.1 billion; goods imports totaled $27.3 billion.

“The U.S. goods trade surplus with Singapore was $5.9 billion in 2018.”

As a result of our imbalanced trade and investment relationship, Singapore supports more than 250,000 jobs for the U.S.

Therefore, Singapore has not manipulated its currency to create undue advantage over the U.S.

As a country with no major resources, Singapore’s current account surplus of more than 17% of its GDP is due to its reliance on trade.

In addition, we have one of the highest saving rates in the world because of our saving scheme through the CPF.

We have also been prudent and efficient in our national expenditures.

As a country that relies on trade to survive and progress, the MAS intervened in the forex market to ensure price stability and to control inflationary rates.

This is not an unusual practice in many developed countries.

Perhaps some leaders in the White House should sign up for an Economics 101 class.

It was not too long ago that somebody at the top didn’t even know that Singapore was not a part of Malaysia.

Perhaps, the U.S. choose to have a skewed definition of currency manipulation.

As long as another country can take liberty to disadvantaged the U.S. OR as long as the U.S. cannot assert its influence on the other country, that country is a currency manipulator.

Whatever the case, Singapore will continue to support free trade in a rules-based global economy.


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