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2023
Flag → Flag
Exports $25.3BRnk 6 / 142
2023
Flag → Flag
Top Product $15.3BIntegrated Circuits
2023
Flag → Flag
Exports $20.1BRnk 5 / 217
2023
Flag → Flag
Top Product $5.91BIntegrated Circuits
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag
Economic Complexity (ECI) ECI 1.62Rnk 6 / 132
2023
Flag  
GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
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GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
 GDP$501BCURRENT US$
Rnk 30 / 195
2013-2023
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GDP GROWTH63%CURRENT US$
Rnk 47 / 195
2023
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GDP PC $33,121CURRENT US$
Rnk 41 / 195
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195
2023
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GDP PC$84,734CURRENT US$
Rnk 8 / 196
2013-2023
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GDP PC GROWTH48.7%CURRENT US$
Rnk 50 / 195

About

South Korea-Singapore Trade: In 2023, South Korea exported $25.3B to Singapore. The main products that South Korea exported to Singapore were Integrated Circuits ($15.3B), Refined Petroleum ($4.49B), and Machinery Having Individual Functions ($696M). Over the past 5 years the exports of South Korea to Singapore have increased at an annualized rate of 11%, from $15B in 2018 to $25.3B in 2023.

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 Trade: In 2023, Singapore exported $20.1B to South Korea. The main products that Singapore exported to South Korea were Integrated Circuits ($5.91B), Machinery Having Individual Functions ($3.2B), and Refined Petroleum ($1.68B). Over the past 5 years the exports of Singapore to South Korea have increased at an annualized rate of 19.5%,  from $8.26B in 2018 to $20.1B in 2023.

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 2023,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B). That same year, Singapore ranked 6 in the Economic Complexity Index (ECI 1.62), and 24 in total exports ($333B).

Latest Trends

December, 2024

About

Overview In December 2024, South Korea exported $1.74B and imported $1.05B from Singapore, resulting in a positive trade balance of $694M. Between December 2023 and December 2024 the exports of South Korea have decreased by $-216M (-11%) from $1.96B to $1.74B, while imports increased by $251M (31.4%) from $798M to $1.05B.

Trade In December 2024, the top exports of South Korea to Singapore were Mineral fuels, mineral oils and products... ($685M), Ships, boats, & floating structures ($418M), Electrical machinery and electronics ($330M), Machinery, mechanical appliances, & parts ($116M), and Plastics & articles thereof ($24.1M). In December 2024 the top imports of South Korea from Singapore were Machinery, mechanical appliances, & parts ($350M), Electrical machinery and electronics ($347M), Mineral fuels, mineral oils and products... ($66.3M), Optical, photo, & film equipment; medical... ($54.5M), and Chemical products n.e.s. ($39.4M).

Growth In December 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 ($-50.7M or -13.3%), Precious stones, metals, & pearls ($-19.8M or -66.1%), and Organic chemicals ($-4.92M or -35.6%). In December 2024, the increase in South Korea's year-by-year imports  from Singapore was explained primarily by an increase in product imports  in Machinery, mechanical appliances, & parts ($96.8M or 38.2%), Electrical machinery and electronics ($96.8M or 38.7%), and Pharmaceutical products ($12.5M or 128%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2023 - December 2024)$-216M(-11%)
IMPORT GROWTH (December 2023 - December 2024)$251M(31.4%)

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.

For full datasets download visit Bulk Download page.

Explore Singapore and South Korea Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, South Korea exported $25.3B to Singapore. The main products exported from South Korea to Singapore were Integrated Circuits ($15.3B), Refined Petroleum ($4.49B), and Machinery Having Individual Functions ($696M). During the last 5 years the exports of South Korea to Singapore have increased at an annualized rate of 11%, from $15B in 2018 to $25.3B in 2023.

In 2018, Singapore exported $20.1B to South Korea. The main products exported from Singapore to South Korea were Integrated Circuits ($5.91B), Machinery Having Individual Functions ($3.2B), and Refined Petroleum ($1.68B). During the last 5 years the exports of Singapore to South Korea have increased at an annualized rate of 19.5%, from $8.26B in 2023 to $20.1B in 2018.

Exports from South Korea (Flag) to Singapore (Flag) (2023)

Exports from Singapore (Flag) to South Korea (Flag) (2023)

Market Competitiveness

Color
South Korea
Top DestinationChina$162B
Singapore
Top DestinationHong Kong$44.5B

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 2023, countries that imported more from South Korea than Singapore included China ($162B), United States ($118B), and Chinese Taipei ($28.2B).

In 2023, countries that imported more from Singapore than South Korea included Malaysia ($31.4B), Vietnam ($16.4B), and Hong Kong ($44.5B).

Difference in imports from Singapore (Flag) and South Korea (Flag) (2023)

Comparative Advantage South Korea - Singapore

Flow
Scale

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

During 2023, South Korea had a large net trade with Singapore in the exports of Machines ($17.8B), Mineral Products ($4.71B), and Chemical Products ($879M).

During 2018, Singapore had a large net trade with South Korea in the exports of Machines ($12.6B), Chemical Products ($2.98B), and Mineral Products ($1.78B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Singapore+$57.8MTelephones
Top Product Potential Singapore South Korea+$452MIntegrated Circuits

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 South Korea and Singapore. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Singapore. Similarly, a dot/product with the flag of Singapore indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Singapore (Flag) (2023)

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