The Atradius Payment Practices Barometer for May 2018 shows that Singapore's GDP growth rate was 3.0% in 2018, with exports growing at an annual rate of 3.1% and imports growing at an annual rate of 3.1%. The top export sectors in Singapore are machinery/electrical, chemicals, miscellaneous, mineral products, and plastics/rubbers, with China, Hong Kong, Malaysia, Indonesia, and the US being the top export destinations. The top import sectors in Singapore are machinery/electrical, mineral products, miscellaneous, transportation, and stone/glass, with China, Malaysia, the US, Japan, and South Korea being the top import destinations. Despite improvements in invoice to cash turnaround and decreased payment delays, late payments by B2B customers are still prevalent in Singapore, causing cash flow issues and the need for additional financing.
