Taiwan’s beer exports to Singapore are expected to grow once a trade pact between the two sides takes effect on Saturday, the nation’s main trade promotion body said yesterday.
Under the Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP), the nation’s alcohol exports to the city-state will receive duty-free treatment.
Beer exports to Singapore totaled about NT$30 million (US$993,000) last year and are expected to grow between 50 percent and 100 percent this year due to the zero-tariff treatment, the Taiwan External Trade Development Council (TAITRA, 外貿協會) said in a statement, citing forecasts by the Taiwan Tobacco and Liquor Corp (台灣菸酒).
Given that Singapore has recently raised its alcohol taxes, Taiwanese liquor distributors are looking to the pact to boost their competitiveness in the market, TAITRA said in the statement.
Singapore has a huge beer market, as the beverage accounts for more than 90 percent of Singapore’s total alcohol consumption, TAITRA said.
Singapore was the nation’s 11th-largest export market last year, receiving products worth US$96.49 million.