Trade between Singaporean businesses and consumers around the world via online marketplaces is experiencing solid growth on the back of a revitalised US dollar.
Singapore’s retail exporters sell to an average 41 international markets – ranked 2nd in South East Asia behind Thailand and five destinations higher than US retail exporters. Retail exporters are defined as eBay sellers with US$10,000 in sales to global customers (buyers outside of Singapore).
“The US is the top trade corridor for Singaporean retail exporters and the strengthening US dollar has been a key driver of growth,” said Jason Lee, Director, eBay South East Asia.
An exciting trend for Singapore businesses seeking new revenue streams is the speed in which entrepreneurs are able to become a retail exporter, with 22 percent of Singaporean retail exporters on eBay hitting the US$10,000 sales mark in the past year alone.
“This demonstrates the huge opportunity for savvy entrepreneurs seeking a global customer base as compared to traditional exports, which has typically been limited to larger businesses,” said Lee. “We are seeing an increasing number of success stories from Singapore – SMEs selling on eBay’s US, UK, Australia and other global marketplaces.”