South Korea (KOR) and Singapore (SGP) Trade | The Observatory of Economic Complexity

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South Korea (KOR) and Singapore (SGP) Trade

2022

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Exports $22.5BRnk 7 / 220

2022

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About

South Korea-Singapore In 2022, South Korea exported $22.5B to Singapore. The main products that South Korea exported to Singapore are Integrated Circuits ($7.89B), Refined Petroleum ($7.15B), and Passenger and Cargo Ships ($1.28B). During the last 27 years the exports of South Korea to Singapore have increased at an annualized rate of 4.56%, from $6.74B in 1995 to $22.5B in 2022.

In 2005, South Korea exported services to Singapore worth $1.27B, with Transportation ($610M), Other business services ($361M), and Travel ($125M) being the largest in terms of value.

Singapore-South Korea In 2022, Singapore exported $11.9B to South Korea. The main products that Singapore exported to South Korea were Integrated Circuits ($3.28B), Machinery Having Individual Functions ($2.33B), and Refined Petroleum ($566M). During the last 27 years the exports of Singapore to South Korea have increased at an annualized rate of 5.52%, from $2.79B in 1995 to $11.9B in 2022.

In 2015, Singapore exported services to South Korea worth $1.85B, with Transportation ($1.03B), Other business services ($483M), and Insurance services ($171M) being the largest in terms of value.

Comparison In 2022, South Korea ranked 4 in the Economic Complexity Index (ECI 1.71), and 5 in total exports ($705B). That same year, Singapore ranked 5 in the Economic Complexity Index (ECI 1.53), and 21 in total exports ($379B).

Latest Trends

February, 2024

About

Overview In February 2024, South Korea exported $1.11B and imported $796M from Singapore, resulting in a positive trade balance of $318M. Between February 2023 and February 2024 the exports of South Korea have decreased by $-286M (-20.4%) from $1.4B to $1.11B, while imports decreased by $-249M (-23.8%) from $1.05B to $796M.

Trade In February 2024, the top exports of South Korea to Singapore were Mineral fuels, mineral oils and products... ($455M), Electrical machinery and electronics ($381M), Ships, boats, & floating structures ($207M), Machinery, mechanical appliances, & parts ($101M), and Precious stones, metals, & pearls ($30M). In February 2024 the top imports of South Korea from Singapore were Machinery, mechanical appliances, & parts ($253M), Electrical machinery and electronics ($250M), Optical, photo, & film equipment; medical... ($105M), Mineral fuels, mineral oils and products... ($102M), and Chemical products n.e.s. ($49.9M).

Growth In February 2024, the decrease in South Korea's year-by-year exports to Singapore was explained primarily by an decrease in product exports in Electrical machinery and electronics ($-86.4M or -18.5%), Machinery, mechanical appliances, & parts ($-29.1M or -22.3%), and Pharmaceutical products ($-12.9M or -89.6%). In February 2024, the decrease in South Korea's year-by-year imports from Singapore was explained primarily by an decrease in product imports in Machinery, mechanical appliances, & parts ($-53.8M or -17.5%), Electrical machinery and electronics ($-41.8M or -14.3%), and Chemical products n.e.s. ($-5.75M or -10.3%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$-286M(-20.4%)

IMPORT GROWTH (February 2023 - February 2024)$-249M(-23.8%)

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

To check Singapore and South Korea trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, South Korea exported $22.5B to Singapore. The main products exported from South Korea to Singapore were Integrated Circuits ($7.89B), Refined Petroleum ($7.15B), and Passenger and Cargo Ships ($1.28B). During the last 27 years the exports of South Korea to Singapore have increased at an annualized rate of 4.56%, from $6.74B in 1995 to $22.5B in 2022.

In 2022, Singapore exported $11.9B to South Korea. The main products exported from Singapore to South Korea were Integrated Circuits ($3.28B), Machinery Having Individual Functions ($2.33B), and Refined Petroleum ($566M). During the last 27 years the exports of Singapore to South Korea have increased at an annualized rate of 5.52%, from $2.79B in 1995 to $11.9B in 2022.

Exports from South Korea () to Singapore () (2022)

Exports from Singapore () to South Korea () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

South Korea
Top DestinationChina$150B

Singapore
Top DestinationHong Kong$51.6B

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

In 2021, countries that imported more from South Korea than Singapore were China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2021, countries that imported more from Singapore than South Korea were Malaysia ($35.9B), Hong Kong ($51.6B), and Indonesia ($22.5B).

Difference in imports from Singapore () and South Korea () (2022)

Comparative Advantage South Korea - Singapore

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, South Korea had a large net trade with Singapore in the exports of Machines ($11B), Mineral Products ($7.47B), and Transportation ($1.39B).

During 2022, Singapore had a large net trade with South Korea in the exports of Machines ($7.57B), Chemical Products ($1.71B), and Instruments ($968M).

Service Trade

Bilateral Service Trade

Sgp Year

In 2005, South Korea exported services to Singapore worth $1.27B, with Transportation ($610M), Other business services ($361M), and Travel ($125M) being the largest in terms of value.

In 2015, Singapore exported services to South Korea worth $1.85B, with Transportation ($1.03B), Other business services ($483M), and Insurance services ($171M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from South Korea () to Singapore () (2005)

Services Exports from Singapore () to South Korea () (2015)

Economic Complexity

Competitive Landscape

Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more South Korea has comparative advantage over Singapore. Similarly, the more yellow a dot/product is, the more Singapore has comparative advantage over South Korea.

Product Space of South Korea () and Singapore () (2022)

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