2023
Exports
$157MWorld Rnk 61 / 150
Flag Rnk 155 / 1202
2023
PRODUCT COMPLEXITY IN Crude Petroleum
-2.37Rnk 1015 / 1025
2023
Imports
$29.8BWorld Rnk 12 / 159
Flag Rnk 3 / 1208
2023
ECONOMIC COMPLEXITY of Singapore
1.62Rnk 6 / 132

About

Exports In 2023, Singapore exported $157M in Crude Petroleum, making it the 61st largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 155th most exported product in Singapore. The main destination of Crude Petroleum exports from Singapore are: China ($141M), Malaysia ($13.3M), Japan ($3.03M), Australia ($4.79k), and Sri Lanka ($841).

The fastest growing export markets for Crude Petroleum of Singapore between 2022 and 2023 were China ($36.6M), Malaysia ($5.43M), and Japan ($3.03M).

Imports In 2023, Singapore imported $29.8B in Crude Petroleum, becoming the 12th largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 3rd most imported product in Singapore. Singapore imports Crude Petroleum primarily from: United States ($7.75B), United Arab Emirates ($7.25B), Qatar ($3.49B), Saudi Arabia ($3.05B), and Guyana ($1.64B).

The fastest growing import markets in Crude Petroleum for Singapore between 2022 and 2023 were Guyana ($1.64B), Angola ($167M), and Qatar ($139M).

Latest Trends

Dec 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Crude Petroleum. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$157M
IMPORTS (2023)$29.8B
NET TRADE (2023)-$29.6B

In 2023, Singapore exported $157M in Crude Petroleum. The main destinations of Singapore exports on Crude Petroleum were China ($141M), Malaysia ($13.3M), Japan ($3.03M), Australia ($4.79k), and Sri Lanka ($841).

In 2023, Singapore imported $29.8B in Crude Petroleum, mainly from United States ($7.75B), United Arab Emirates ($7.25B), Qatar ($3.49B), Saudi Arabia ($3.05B), and Guyana ($1.64B).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Crude Petroleum EXPORT MARKETS FOR Singapore WERE (2022 - 2023):
China$36.6M (35.2%)
Malaysia$5.43M (69.3%)
Japan$3.03M (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Crude Petroleum BY Singapore WERE (2022 - 2023):
United States-$117k (-99.6%)
Mexico-$12.5k (-100%)
Canada-$9.13k (-98.7%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Singapore's main exporting competitors in Crude Petroleum were:
In 2023, Singapore's main importing competitors in Crude Petroleum were:

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Trade Value of Crude Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $69.5M
TOP IMPORT POTENTIALIraq+ $669M

Crude Petroleum’s highest export potential is China. With an export gap of $69.5M.   Crude Petroleum’s highest import potential is Iraq with an import gap of $669M.

See methodology.

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