2023
Exports
$55.9BWorld Rnk 2 / 214
Flag Rnk 2 / 1202
2023
PRODUCT COMPLEXITY IN Refined Petroleum
-0.94Rnk 813 / 1025
2023
Imports
$55.7BWorld Rnk 2 / 226
Flag Rnk 2 / 1208
2023
ECONOMIC COMPLEXITY of Singapore
1.62Rnk 6 / 132

About

Exports In 2023, Singapore exported $55.9B in Refined Petroleum, making it the 2nd largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 2nd most exported product in Singapore. The main destination of Refined Petroleum exports from Singapore are: Indonesia ($9.27B), Malaysia ($8.87B), Australia ($8.23B), Burma ($3.25B), and New Zealand ($2.33B).

The fastest growing export markets for Refined Petroleum of Singapore between 2022 and 2023 were South Korea ($1.11B), Vietnam ($592M), and Mexico ($433M).

Imports In 2023, Singapore imported $55.7B in Refined Petroleum, becoming the 2nd largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 2nd most imported product in Singapore. Singapore imports Refined Petroleum primarily from: Malaysia ($8.91B), China ($7.03B), India ($5.36B), South Korea ($4.49B), and Brazil ($4.01B).

The fastest growing import markets in Refined Petroleum for Singapore between 2022 and 2023 were Russia ($2.04B), India ($1.73B), and Kuwait ($1.3B).

COMPANIES In 2024, leading companies such as Callaway Golf (1) and Team Hardinger (1) were at the forefront of shipping Refined Petroleum from Singapore to the United States.

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 Refined 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)$55.9B
IMPORTS (2023)$55.7B
NET TRADE (2023)$183M

In 2023, Singapore exported $55.9B in Refined Petroleum. The main destinations of Singapore exports on Refined Petroleum were Indonesia ($9.27B), Malaysia ($8.87B), Australia ($8.23B), Burma ($3.25B), and New Zealand ($2.33B).

In 2023, Singapore imported $55.7B in Refined Petroleum, mainly from Malaysia ($8.91B), China ($7.03B), India ($5.36B), South Korea ($4.49B), and Brazil ($4.01B).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Singapore WERE (2022 - 2023):
South Korea$1.11B (194%)
Vietnam$592M (39.1%)
Mexico$433M (9.05k%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Singapore WERE (2022 - 2023):
Australia-$2.3B (-21.8%)
Malaysia-$1.63B (-15.5%)
Bangladesh-$1.38B (-56.3%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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

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Trade Value of Refined Petroleum by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $932M
TOP IMPORT POTENTIALIndia+ $1.99B

Refined Petroleum’s highest export potential is United States. With an export gap of $932M.   Refined Petroleum’s highest import potential is India with an import gap of $1.99B.

See methodology.

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