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Singapore is a net exporter of goods and services. Its net exports accounted for 29% of GDP in 2007. Relatively speaking, Singapore has the highest volumes of trade in the world, with imports and exports averaging double its GDP. The country has sustained high levels of trade since the 1960s when it began implementing “export-oriented industrialisation”, a policy and process aimed at speeding up the industrialisation process through the exportation of goods. It should also be noted that a significant portion of goods that are recorded as trade pass through Singapore for processing, due to the country’s location and reputation as an efficient trade hub. Singapore is well known for its low taxes, and this is reflected in its average ad valorem tax for imported goods – which is 0% (2009). The main exports are: machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, and mineral fuels. The main imports are: machinery and equipment, mineral fuels, chemicals, foodstuffs, and consumer goods.