- Industrial Revolution
- Opening of Suez Canal
Industrial Revolution means that new machines and the discovery of new sources of power changed the way people lived and worked. Now, people could produce things more and at a shorter time. Apart from producing things at a faster rate, the Industrial Revolution have brought about new invention of steamships and a need of raw materials.
This affected Singapore's tremendously. Raw materials such as tin and rubbers are mainly found in Asia and as Singapore is strategically located between the lucrative road, this benefited Singapore. This meant that more ships would stop by Singapore to refuel and replenish their food supplies. This also made Singapore a port of call and the centre for collection from the East and distribution of manufactured goods from the West. The increase in volume in number of ships passing through Singapore now had closer contact with Britain and the rest of the world. This was advantageous to business community in Singapore and help creates Singapore as a business hub. It also provided employment opportunities for immigrants not only in Singapore but in other parts of the Malay Archipelago as mining industry and rubber plantations mushroomed all over the region.
However, the opening of Suez Canal was also an important event which have affected Singapore's trade.
The opening of Suez Canal means that cargoes and trading could take place at a shorter time to travel from Europe to Singapore. The reduction in time and distance resulted in lower cost of shipping goods. This meant that goods could be sold at a cheaper price as the goods were readily available. The opening of Suez Canal also meant that more ships would stop over in Singapore to refuel and replenish their food supplies. This would ensure that Singapore's position as the port of call is secured.
In return, this would provide Singapore with an increase in the number of immigrants coming to Singapore to seek employment. It also provided Singapore with an opportunity to provide better and faster services by opening a new harbour. Thus, the volume of trade could be increased.
In conclusion, the Industrial Revolution is the most important event that affected Singapore's trade because it paved the way for the traders from the West to come to the East at a faster and shorter time. It also opened up the East to the West as they seek more raw materials. In the process, Singapore benefited because of its central location. Even through the opening of Suez Canal had a similar effect on Singapore, it merely increase the volume of ships passing through Singapore. Unlike Industrial Revolution which revolutionised not only the way trade was conducted and the way West viewed the East vis-a-vis Singapore but also brought about advanced technology to the world and in the process Singapore benefited.
