Manhattan's average asking retail rents have dropped by 11 percent from six months ago to US$115 per square foot annually, making it an opportune time to cash in on attractive real estate deals.
USA has always been an important market for Tee Yih Jia, as it has a sizeable ethnic asian population
base and an even larger domestic consumer market with a good disposable income standard.
UPS EXPORT SERIES
UPS has daily flights from Singapore to every address in the US, including major cities such as New York.
New York is the leading financial centre and second largest city economy in the world. Several Fortune 500 companies, including American Express, Bristol-Myers Squibb, Citigroup, Colgate-Palmolive, Pfizer and Time Warner are headquartered in New York.
Despite the unfavourable light cast on the city as the place where the current economic downturn started, it is still a viable market for export. The challenge is in finding the right opportunities to pursue.
In this year's State of the State Address, New York governor David A. Paterson named road infrastructure projects, state-wide broadband installation, computerisation of medical records and clean-water and waste-water system projects as the areas that the state will invest in. These present an array opportunities for Singapore businesses that have expertise in infrastructure building or supply related materials.
Other products Singapore businesses can export to the US include helicopter and aircraft parts, medical instruments and diode transistors for semi-conductor devices. The demand for these exports has been stable even during the downturn.
For Singapore-based retail businesses interested in long-term US investments, now is a good time to enter the market, provided they are financially robust. Rentals are low and prime shop spaces are readily available. Higher risk investors might employ this strategy, if they intend to position themselves for the economic rebound, which could take a year or so.
Singapore is the only Asia Pacific country apart from Australia that holds a free trade agreement (FTA) with the US. It is a testimony of Singapore's healthy economic link with the US over the years. The United States-Singapore Free Trade Agreement came into force in 2004. Since then bilateral trade has increased by 40 percent, boosting Singapore's exports by 28 percent. Foreign direct investments from the US have also grown by 10.5 percent.
In this period of economic challenges, Singapore businesses need to make use of every business opportunity they can find. Exporting to countries with FTAs is one opportunity that many companies have yet to take advantage of.
Adhering to the following stipulations will help avoid delays and holds at US Customs:
Food - Domestic and foreign facilities that manufacture, process, pack or hold food for human or animal consumption must register with the US Food and Drug Administration (FDA).
Medical Items and Medicines - Shipments of medicines, surgical and hospital instruments for humans or animals require FDA clearance.
Computers - Computers containing CD/DVD drives and other electrical items require clearance from the FDA as well.
Chemicals - Importation of chemical substance in bulk or as part of a mixture or article containing a chemical substance or mixture will not be released by U.S. Customs & Border Protection without proper certification.
Radio Frequency Devices - Devices that are electronic, battery-operated, or capable of sending, receiving, or interfering with radio signals requires a declaration (FCC Form 740) that they meet with U.S. Federal Communications Commission (FCC) standards.
Need further information? UPS can advise you on any restrictions or special requirements for shipping to New York or any part of the United Stakes.
A complimentary service by www.iadvisory.com.sg
Name: Sunny Chia
Company: UPS
Expertise: Import/Export
Market: Asia Pacific, Europe
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