Singapore2019 Economic Complexity : 1.77, Rank 6 of 146
2019 Product Exports | Imports: $301B | $321B, 18 of 225 | 16 of 225
2019 Per Capita Product Exports | Imports: $52.7k | $56.3k, 1 of 219 | 5 of 219
2018 Service Exports | Imports : $165B | $163B, 11 of 125 | 11 of 125
Overview In 2019 Singapore was the number 33 economy in the world in terms of GDP (current US$), the number 18 in total exports, the number 16 in total imports, the number 9 economy in terms of GDP per capita (current US$) and the number 6 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Singapore are Integrated Circuits ($55.4B), Refined Petroleum ($43.1B), Gold ($11.5B), Gas Turbines ($10.3B), and Packaged Medicaments ($7.26B), exporting mostly to China ($45.8B), Hong Kong ($39.1B), Malaysia ($28.2B), United States ($24.8B), and Indonesia ($19.8B).
In 2019, Singapore was the world's biggest exporter of Oxygen Amino Compounds ($4.1B)
Imports The top imports of Singapore are Integrated Circuits ($43.5B), Refined Petroleum ($41.4B), Crude Petroleum ($22.5B), Gold ($10.8B), and Gas Turbines ($8.37B), importing mostly from China ($52.4B), Malaysia ($36.2B), United States ($28.4B), Chinese Taipei ($22.9B), and Japan ($17B).
In 2019, Singapore was the world's biggest importer of Passenger and Cargo Ships ($7.99B), Other Glass Articles ($498M), and Bovine, Sheep, and Goat Fat ($226M)
August, 2021
Overview In August 2021 Singapore exported SGD41.8B and imported SGD35.8B, resulting in a positive trade balance of SGD5.97B. Between August 2020 and August 2021 the exports of Singapore have increased by SGD9.1B (27.8%) from SGD32.7B to SGD41.8B, while imports increased by SGD8.52B (31.2%) from SGD27.3B to SGD35.8B.
Trade In August 2021, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD18.2B), Petroleum & Products & Related Materials (SGD5.17B), Oil Bunkers (SGD2.33B), Office Machines & Automatic Data-processing Machines (SGD2.33B), and Miscellaneous Manufactured Articles Nes (SGD1.8B). In August 2021 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD14B), Petroleum & Products & Related Materials (SGD7.69B), Office Machines & Automatic Data-processing Machines (SGD2.32B), Telecommunications & Sound-recording & Reproducing Apparatus... (SGD1.43B), and Miscellaneous Manufactured Articles Nes (SGD1.32B).
Destinations In August 2021, Singapore exported mostly to China (SGD8.14B), Hong Kong (SGD7.17B), Malaysia (SGD4.62B), United States (SGD4.24B), and Indonesia (SGD3.09B), and imported mostly from Chinese Taipei (SGD6.52B), Malaysia (SGD5.73B), China (SGD5.47B), United States (SGD4.81B), and South Korea (SGD2.54B).
Growth In August 2021, the increase in Singapore's year-by-year exports was explained primarily by an increase in exports to Hong Kong (SGD2.06B or 40.5%), Chinese Taipei (SGD949M or 46.8%), and Malaysia (SGD841M or 22.2%), and product exports increase in Electrical Machinery Apparatus & Appliances Nes... (SGD4.73B or 35%), Petroleum & Products & Related Materials (SGD1.99B or 62.6%), and Oil Bunkers (SGD670M or 40.3%). In August 2021, the increase in Singapore's year-by-year imports was explained primarily by an increase in imports from Chinese Taipei (SGD2.28B or 53.9%), United States (SGD1.33B or 38.4%), and South Korea (SGD1.1B or 76.6%), and product imports increase in Electrical Machinery Apparatus & Appliances Nes... (SGD3.54B or 33.9%), Petroleum & Products & Related Materials (SGD3.04B or 65.3%), and Miscellaneous Manufactured Articles Nes (SGD372M or 39%).
EXPORT GROWTH (August 2020 - August 2021): SGD9.1B, (27.8%)
IMPORT GROWTH (August 2020 - August 2021): SGD8.52B, (31.2%)
MAIN DESTINATION (August 2021): China, SGD8.14B
This section shows exports and imports data at subnational level for Singapore. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Singapore over time.
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Top Export (2019): Integrated Circuits, $55.4B
Top Destination (2019): China, $45.8B
In 2019, Singapore exported a total of $301B, making it the number 18 exporter in the world. During the last five reported years the exports of Singapore have changed by -$9.78B from $311B in 2014 to $301B in 2019.
The most recent exports are led by Integrated Circuits ($55.4B), Refined Petroleum ($43.1B), Gold ($11.5B), Gas Turbines ($10.3B), and Packaged Medicaments ($7.26B). The most common destination for the exports of Singapore are China ($45.8B), Hong Kong ($39.1B), Malaysia ($28.2B), United States ($24.8B), and Indonesia ($19.8B).
Top Import (2019): Integrated Circuits, $43.5B
Top Origin (2019): China, $52.4B
In 2019 Singapore imported $321B, making it the number 16 trade destination in the world. During the last five reported years the imports of Singapore changed by -$37.7B from $359B in 2014 to $321B in 2019.
The most recent imports of Singapore are led by Integrated Circuits ($43.5B), Refined Petroleum ($41.4B), Crude Petroleum ($22.5B), Gold ($10.8B), and Gas Turbines ($8.37B). The most common import partners for Singapore are China ($52.4B), Malaysia ($36.2B), United States ($28.4B), Chinese Taipei ($22.9B), and Japan ($17B).
Fastest Growing Export Markets (2018 - 2019)
Fastest Growing Import Markets (2018 - 2019)
Singapore Exports Services (2018): $165B
Singapore Imports Services (2018): $163B
In 2018, Singapore exported $165B worth of services. The top services exported by Singapore in 2018 were Miscellaneous business, professional, and technical services ($46.4B), Sea transport ($41.4B), Financial services ($20.7B), Travel ($20.4B), and Air transport ($9.53B).
The top services imported by Singapore in 2018 were Sea transport ($41.5B), Miscellaneous business, professional, and technical services ($39.1B), Travel ($25.3B), Air transport ($11.8B), and Merchanting and other trade-related services ($11.2B).
The top product import tariffs by their MFN Ad Valorem value for Singapore are Beer made from malt (3.53M%) and Alcoholic liqueurs nes (12.1%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Singapore are:
Singapore has a high level of specialization in Oxygen Amino Compounds (13.7), Glands and Other Organs (9.69), Antiknock (8.44), Other Edible Preparations (6.48), and Therapeutic Appliances (6.12). Specialization is measured using RCA, an index that takes the ratio between Singapore observed and expected exports in each product.
The highest complexity exports of Singapore according to the product complexity index (PCI) are Equipment for photographic laboratories nes (2.25), Chemical element/compound wafers doped for electronics (2.18), Machines nes having individual functions (2.05), Measuring or checking instruments nes (1.93), and Esters of inorganic acids nes, salts, derivatives (1.83). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Singapore according to the relatedness index, are Rubber Thread (0.23), Copper Foil (0.22), Photographic Film (0.22), Blown Glass (0.22), and Watch Movements (0.21). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Singapore is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Singapore's economy has become relatively more complex, moving from the 21st to the 6th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.