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2023
Flag → Flag
Exports $1.07BRnk 42 / 220
2023
Flag → Flag
Top Product $182MRefined Petroleum
2023
Flag → Flag
Exports $2.43BRnk 24 / 217
2023
Flag → Flag
Top Product $446MOxygen Amino Compounds
2023
Flag
Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
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Economic Complexity (ECI) ECI 1.62Rnk 6 / 132
2023
Flag  
GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
Flag
GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
Flag
 GDP$501BCURRENT US$
Rnk 30 / 195
2013-2023
Flag
GDP GROWTH63%CURRENT US$
Rnk 47 / 195
2023
Flag
GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
Flag
GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
Flag
GDP PC$84,734CURRENT US$
Rnk 8 / 196
2013-2023
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GDP PC GROWTH48.7%CURRENT US$
Rnk 50 / 195

About

Belgium-Singapore Trade: In 2023, Belgium exported $1.07B to Singapore. The main products that Belgium exported to Singapore were Refined Petroleum ($182M), Vaccines, blood, antisera, toxins and cultures ($107M), and Ethylene Polymers ($45.9M). Over the past 5 years the exports of Belgium to Singapore have decreased at an annualized rate of 2.63%, from $1.22B in 2018 to $1.07B in 2023.

In 2020, Belgium exported services to Singapore worth $1.54B, with Transportation ($668M), Other business services ($661M), and Royalties and license fees ($86.8M) being the largest in terms of value.

Singapore-Belgium Trade: In 2023, Singapore exported $2.43B to Belgium. The main products that Singapore exported to Belgium were Oxygen Amino Compounds ($446M), Glass Working Machines ($341M), and Unpackaged Medicaments ($264M). Over the past 5 years the exports of Singapore to Belgium have decreased at an annualized rate of 11.2%,  from $4.4B in 2018 to $2.43B in 2023.

In 2023, Singapore did not export any services to Belgium.

Comparison: In 2023,  Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B). That same year, Singapore ranked 6 in the Economic Complexity Index (ECI 1.62), and 24 in total exports ($333B).

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €154M and imported €96.7M from Singapore, resulting in a positive trade balance of €57.1M. Between October 2023 and October 2024 the exports of Belgium have increased by €53.6M (53.5%) from €100M to €154M, while imports decreased by €-62.1M (-39.1%) from €159M to €96.7M.

Trade In October 2024, the top exports of Belgium to Singapore were Precious stones, metals, & pearls (€28.4M), Pharmaceutical products (€23.3M), Optical, photo, & film equipment; medical... (€7.38M), Machinery, mechanical appliances, & parts (€7.34M), and Plastics & articles thereof (€5.32M). In October 2024 the top imports of Belgium from Singapore were Organic chemicals (€195M), Machinery, mechanical appliances, & parts (€60.7M), Aircraft and Spacecraft (€37.6M), Precious stones, metals, & pearls (€26.8M), and Pharmaceutical products (€25.3M).

Growth In October 2024, the increase in Belgium's year-by-year exports to Singapore was explained primarily by an increase in product exports in Pharmaceutical products (€11.9M or 104%), Machinery, mechanical appliances, & parts (€4.83M or 192%), and Paints, dyes, & varnishes (€3.82M or 2.81k%). In October 2024, the decrease in Belgium's year-by-year imports  from Singapore was explained primarily by an decrease in product imports  in Pharmaceutical products (€-12.3M or -32.7%), Machinery, mechanical appliances, & parts (€-7.5M or -11%), and Optical, photo, & film equipment; medical... (€-701k or -38.4%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)€53.6M(53.5%)
IMPORT GROWTH (October 2023 - October 2024)€-62.1M(-39.1%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Singapore and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Singapore and Belgium Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Belgium exported $1.07B to Singapore. The main products exported from Belgium to Singapore were Refined Petroleum ($182M), Vaccines, blood, antisera, toxins and cultures ($107M), and Ethylene Polymers ($45.9M). During the last 5 years the exports of Belgium to Singapore have decreased at an annualized rate of 2.63%, from $1.22B in 2018 to $1.07B in 2023.

In 2018, Singapore exported $2.43B to Belgium. The main products exported from Singapore to Belgium were Oxygen Amino Compounds ($446M), Glass Working Machines ($341M), and Unpackaged Medicaments ($264M). During the last 5 years the exports of Singapore to Belgium have decreased at an annualized rate of 11.2%, from $4.4B in 2023 to $2.43B in 2018.

Exports from Belgium (Flag) to Singapore (Flag) (2023)

Exports from Singapore (Flag) to Belgium (Flag) (2023)

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
Singapore
Top DestinationHong Kong$44.5B

This map shows whether countries import more from Belgium or Singapore. Each country is colored based on the difference in imports they receive from Belgium and Singapore or the difference in the growth in imports.

In 2023, countries that imported more from Belgium than Singapore included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

In 2023, countries that imported more from Singapore than Belgium included Hong Kong ($44.5B), Malaysia ($31.4B), and China ($36.7B).

Difference in imports from Singapore (Flag) and Belgium (Flag) (2023)

Comparative Advantage Belgium - Singapore

Flow
Scale

This chart compares trade between Belgium and Singapore by product, considering products traded by both, Belgium and Singapore.

During 2023, Belgium had a large net trade with Singapore in the exports of Chemical Products ($302M), Mineral Products ($228M), and Machines ($160M).

During 2018, Singapore had a large net trade with Belgium in the exports of Chemical Products ($1.57B), Machines ($478M), and Plastics and Rubbers ($128M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Singapore+$206MRefined Petroleum
Top Product Potential Singapore Belgium+$57.4MPackaged Medicaments

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Belgium and Singapore. This means that a dot/product with the flag of Belgium indicates it has a comparative advantage over Singapore. Similarly, a dot/product with the flag of Singapore indicates it has a comparative advantage over Belgium.

Product Space of Belgium (Flag) and Singapore (Flag) (2023)

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