Overview In January 2023 Singapore exported SGD39.2B and imported SGD34.9B, resulting in a positive trade balance of SGD4.3B. Between January 2022 and January 2023 the exports of Singapore have decreased by SGD-2.37B (-5.69%) from SGD41.6B to SGD39.2B, while imports decreased by SGD-4.21B (-10.8%) from SGD39.1B to SGD34.9B.
Trade In January 2023, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD14.5B), Petroleum & Products & Related Materials (SGD6.39B), Oil Bunkers (SGD3.02B), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD2.3B), and Office Machines & Automatic Data-Processing Machines (SGD1.83B). In January 2023 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD11.3B), Petroleum & Products & Related Materials (SGD9.27B), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD2.05B), Miscellaneous Manufactured Articles Nes (SGD1.93B), and Office Machines & Automatic Data-Processing Machines (SGD1.69B).
Destinations In January 2023, Singapore exported mostly to China (SGD6.02B), Malaysia (SGD4.99B), United States (SGD4.27B), Hong Kong (SGD3.88B), and Indonesia (SGD3.88B), and imported mostly from China (SGD7.36B), United States (SGD5.24B), Malaysia (SGD4.84B), Chinese Taipei (SGD4.28B), and South Korea (SGD2.91B).
Growth In January 2023, the decrease in Singapore's year-by-year exports was explained primarily by an decrease in exports to France (SGD-371M or -45.4%), Switzerland (SGD-177M or -37.3%), and Lithuania (SGD-146M or -99%), and product exports decrease in Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD-368M or -17.1%), Medicinal & Pharmaceutical Products (SGD-90.9M or -6.68%), and Beverages (SGD-35.3M or -10.7%). In January 2023, the decrease in Singapore's year-by-year imports was explained primarily by an decrease in imports from Kuwait (SGD-186M or -91.1%), Bahamas (SGD-119M or -100%), and Netherlands (SGD-95M or -26.7%), and product imports decrease in Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD-355M or -17.9%), Beverages (SGD-73M or -20.8%), and Tobacco & Manufactures (SGD-16.7M or -18.2%).