Overview: In 2019 Singapore was the number 33 economy in the world in terms of GDP (current US$), the number 18 in total exports, the number 16 in total imports, the number 9 economy in terms of GDP per capita (current US$) and the number 6 most complex economy according to the Economic Complexity Index (ECI).

Exports: The top exports of Singapore are Integrated Circuits ($55.4B), Refined Petroleum ($43.1B), Gold ($11.5B), Gas Turbines ($10.3B), and Packaged Medicaments ($7.26B), exporting mostly to China ($45.8B), Hong Kong ($39.1B), Malaysia ($28.2B), United States ($24.8B), and Indonesia ($19.8B).

In 2019, Singapore was the world's biggest exporter of Oxygen Amino Compounds ($4.1B)

Imports: The top imports of Singapore are Integrated Circuits ($43.5B), Refined Petroleum ($41.4B), Crude Petroleum ($22.5B), Gold ($10.8B), and Gas Turbines ($8.37B), importing mostly from China ($52.4B), Malaysia ($36.2B), United States ($28.4B), Chinese Taipei ($22.9B), and Japan ($17B).

In 2019, Singapore was the world's biggest importer of Passenger and Cargo Ships ($7.99B), Other Glass Articles ($498M), and Bovine, Sheep, and Goat Fat ($226M)

Location: Singapore borders Indonesia and Malaysia by sea.

Latest Trends (May, 2021)

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Overview: In May 2021 Singapore exported SGD37.7B and imported SGD32.3B, resulting in a positive trade balance of SGD5.39B. Between May 2020 and May 2021 the exports of Singapore have increased by SGD9.9B (35.7%) from SGD27.8B to SGD37.7B, while imports increased by SGD8.92B (38.2%) from SGD23.4B to SGD32.3B.

Trade: In May 2021, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD15.1B), Petroleum & Products & Related Materials (SGD4.64B), Office Machines & Automatic Data-processing Machines (SGD2.17B), Oil Bunkers (SGD2.11B), and Organic Chemicals (SGD2B). In May 2021 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD12.4B), Petroleum & Products & Related Materials (SGD6.53B), Office Machines & Automatic Data-processing Machines (SGD1.94B), Telecommunications & Sound-recording & Reproducing Apparatus... (SGD1.54B), and Miscellaneous Manufactured Articles Nes (SGD1.28B).

Destinations: In May 2021, Singapore exported mostly to Hong Kong (SGD7.16B), China (SGD6.72B), United States (SGD4.52B), Malaysia (SGD4.27B), and Indonesia (SGD2.81B), and imported mostly from Malaysia (SGD5.93B), China (SGD5.8B), Chinese Taipei (SGD4.85B), United States (SGD4.23B), and South Korea (SGD2.16B).

Growth: In May 2021, the increase in Singapore's year-by-year exports was explained primarily by an increase in exports to Hong Kong (SGD2.49B or 53.2%), China (SGD1.64B or 32.3%), and Malaysia (SGD1.34B or 45.8%), and product exports increase in Electrical Machinery Apparatus & Appliances Nes... (SGD3.79B or 33.5%), Petroleum & Products & Related Materials (SGD2.6B or 128%), and Oil Bunkers (SGD916M or 76.6%). In May 2021, the increase in Singapore's year-by-year imports was explained primarily by an increase in imports from Malaysia (SGD1.93B or 48.3%), Chinese Taipei (SGD1.14B or 30.6%), and China (SGD957M or 19.8%), and product imports increase in Petroleum & Products & Related Materials (SGD4.05B or 164%), Electrical Machinery Apparatus & Appliances Nes... (SGD2.75B or 28.5%), and Miscellaneous Manufactured Articles Nes (SGD564M or 78.9%).

Historical Data

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Yearly Exports

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Value
Depth

Top Export (2019): Integrated Circuits, $55.4B

Top Destination (2019): China, $45.8B

In 2019, Singapore exported a total of $301B, making it the number 18 exporter in the world. During the last five reported years the exports of Singapore have changed by -$9.78B from $311B in 2014 to $301B in 2019.

The most recent exports are led by Integrated Circuits ($55.4B), Refined Petroleum ($43.1B), Gold ($11.5B), Gas Turbines ($10.3B), and Packaged Medicaments ($7.26B). The most common destination for the exports of Singapore are China ($45.8B), Hong Kong ($39.1B), Malaysia ($28.2B), United States ($24.8B), and Indonesia ($19.8B).

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Yearly Imports

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Value
Depth

Top Import (2019): Integrated Circuits, $43.5B

Top Origin (2019): China, $52.4B

In 2019 Singapore imported $321B, making it the number 16 trade destination in the world. During the last five reported years the imports of Singapore changed by -$37.7B from $359B in 2014 to $321B in 2019.

The most recent imports of Singapore are led by Integrated Circuits ($43.5B), Refined Petroleum ($41.4B), Crude Petroleum ($22.5B), Gold ($10.8B), and Gas Turbines ($8.37B). The most common import partners for Singapore are China ($52.4B), Malaysia ($36.2B), United States ($28.4B), Chinese Taipei ($22.9B), and Japan ($17B).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Singapore Exports Services (2018): $165B

Singapore Imports Services (2018): $163B

In 2018, Singapore exported $165B worth of services. The top services exported by Singapore in 2018 were Miscellaneous business, professional, and technical services ($46.4B), Sea transport ($41.4B), Financial services ($20.7B), Travel ($20.4B), and Air transport ($9.53B).

The top services imported by Singapore in 2018 were Sea transport ($41.5B), Miscellaneous business, professional, and technical services ($39.1B), Travel ($25.3B), Air transport ($11.8B), and Merchanting and other trade-related services ($11.2B).

Economic Complexity

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Most Specialized Products by RCA Index

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Singapore has a high level of specialization in Oxygen Amino Compounds (13.7), Glands and Other Organs (9.69), Antiknock (8.44), Other Edible Preparations (6.48), and Therapeutic Appliances (6.12). Specialization is measured using RCA, an index that takes the ratio between Singapore observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Singapore according to the product complexity index (PCI) are Equipment for photographic laboratories nes (2.25), Chemical element/compound wafers doped for electronics (2.18), Machines nes having individual functions (2.05), Measuring or checking instruments nes (1.93), and Esters of inorganic acids nes, salts, derivatives (1.83). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Singapore according to the relatedness index, are Rubber Thread (0.23), Copper Foil (0.22), Photographic Film (0.22), Blown Glass (0.22), and Watch Movements (0.21). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Singapore is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Relatedness Space

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This network shows the products most related to the production structure of Singapore. These are products that tend to be co-exported with the products that Singapore exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.

Economic Complexity Ranking

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Scale

During the last 20 years Singapore's⁩ ⁨economy has become relatively más complex, moving from the ⁩⁨21st to the 6th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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