Overview In 2020 Singapore was the number 36 economy in the world in terms of GDP (current US$), the number 19 in total exports, the number 17 in total imports, the number 10 economy in terms of GDP per capita (current US$) and the number 6 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Singapore are Integrated Circuits ($62.7B), Refined Petroleum ($27B), Gold ($11.4B), Packaged Medicaments ($9.9B), and Gas Turbines ($9.24B), exporting mostly to China ($42.9B), Hong Kong ($41.7B), United States ($27.6B), Malaysia ($22.9B), and Indonesia ($14.8B).

In 2020, Singapore was the world's biggest exporter of Asphalt Mixtures ($448M)

Imports The top imports of Singapore are Integrated Circuits ($51.1B), Refined Petroleum ($30.2B), Gold ($20.6B), Crude Petroleum ($13B), and Gas Turbines ($8.7B), importing mostly from China ($54B), Malaysia ($36.5B), United States ($25.9B), Chinese Taipei ($24.9B), and Japan ($15.8B).

In 2020, Singapore was the world's biggest importer of Other Glass Articles ($597M)and Bovine, Sheep, and Goat Fat ($341M)

Location Singapore borders Indonesiaand Malaysia by sea.

February, 2022

Historical Data

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Yearly Exports

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Top Export (2020): Integrated Circuits, $62.7B

Top Destination (2020): China, $42.9B

In 2020, Singapore exported a total of $281B, making it the number 19 exporter in the world. During the last five reported years the exports of Singapore have changed by $10.4B from $271B in 2015 to $281B in 2020.

The most recent exports are led by Integrated Circuits ($62.7B), Refined Petroleum ($27B), Gold ($11.4B), Packaged Medicaments ($9.9B), and Gas Turbines ($9.24B). The most common destination for the exports of Singapore are China ($42.9B), Hong Kong ($41.7B), United States ($27.6B), Malaysia ($22.9B), and Indonesia ($14.8B).

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Yearly Imports

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Top Import (2020): Integrated Circuits, $51.1B

Top Origin (2020): China, $54B

In 2020 Singapore imported $301B, making it the number 17 trade destination in the world. During the last five reported years the imports of Singapore changed by $7.16B from $293B in 2015 to $301B in 2020.

The most recent imports of Singapore are led by Integrated Circuits ($51.1B), Refined Petroleum ($30.2B), Gold ($20.6B), Crude Petroleum ($13B), and Gas Turbines ($8.7B). The most common import partners for Singapore are China ($54B), Malaysia ($36.5B), United States ($25.9B), Chinese Taipei ($24.9B), and Japan ($15.8B).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Tariffs by Product

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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:
1: AANZFTA ASEAN - Australia - New Zealand Free Trade Area
53: Association of Southeast Asian Nations (ASEAN ) China Free Trade Agreements
55: ASEAN Korea, Republic of Free Trade Area
56: ASEAN India Free Trade Area
57: ASEAN Japan Free Trade Area
84: Association of Southeast Asian Nations (ASEAN ) Free Trade Area
136: Most Favoured Nation duty rate treatement
184: Preferential tariff for China
188: Preferential tariff for Chinese Taipei
192: Preferential tariff for Costa Rica
217: Preferential tariff for European Free Trade Association (EFTA) countries
231: Preferential tariff for Gulf Cooperation Council (GCC)
239: Preferential tariff for India
246: Preferential tariff for Japan
247: Preferential tariff for Jordan
249: Preferential tariff for Korea, Republic of
285: Preferential tariff for Panama
289: Preferential tariff for Peru
322: Preferential tariff for Turkey
328: Preferential tariff for United States
376: Trans-Pacific Strategic Economic Partnership (Brunei, Chile, New Zealand, and Singapore)

Economic Complexity

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Most Specialized Products by RCA Index

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Singapore has a high level of specialization in Asphalt Mixtures (15.6), Fluorides (9.33), Antiknock (8.9), Oxygen Amino Compounds (8.66), and Glass Working Machines (8.64). Specialization is measured using RCA, an index that takes the ratio between Singapore observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Singapore according to the product complexity index (PCI) are Equipment for photographic laboratories nes (2.15), Chemical element/compound wafers doped for electronics (2.01), Esters of inorganic acids nes, salts, derivatives (1.96), Machines nes having individual functions (1.95), and Prepared unrecorded sound recording media (non-photo) (1.85). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Singapore according to the relatedness index, are Watch Movements (0.23), Inorganic Compounds (0.23), Photographic Film (0.23), Copper Foil (0.22), and Photographic Chemicals (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.

Relatedness Space

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This network shows the products most related to the production structure of Singapore. These are products that tend to be co-exported with the products that Singapore exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 20 years Singapore's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨28th 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.

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