Singapore2020 Economic Complexity : 1.84, Rank 6 of 127
2020 Product Exports | Imports: $281B | $301B, 19 of 226 | 17 of 226
2020 Per Capita Product Exports | Imports: $49.5k | $52.9k, 1 of 219 | 5 of 219
2018 Service Exports | Imports : $165B | $163B, 11 of 125 | 11 of 125
Overview In 2020 Singapore was the number 36 economy in the world in terms of GDP (current US$), 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)
February, 2022
Overview In February 2022 Singapore exported SGD41.3B and imported SGD35.5B, resulting in a positive trade balance of SGD5.74B. Between February 2021 and February 2022 the exports of Singapore have increased by SGD8.54B (26.1%) from SGD32.7B to SGD41.3B, while imports increased by SGD6.24B (21.3%) from SGD29.3B to SGD35.5B.
Trade In February 2022, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD16.9B), Petroleum & Products & Related Materials (SGD6.28B), Oil Bunkers (SGD2.78B), Office Machines & Automatic Data-processing Machines (SGD1.84B), and Organic Chemicals (SGD1.71B). In February 2022 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD14.1B), Petroleum & Products & Related Materials (SGD8.37B), Office Machines & Automatic Data-processing Machines (SGD1.53B), Miscellaneous Manufactured Articles Nes (SGD1.47B), and Telecommunications & Sound-recording & Reproducing Apparatus... (SGD1.36B).
Destinations In February 2022, Singapore exported mostly to China (SGD6.93B), Hong Kong (SGD6.52B), Malaysia (SGD4.8B), United States (SGD4.06B), and Indonesia (SGD3.44B), and imported mostly from Chinese Taipei (SGD6.47B), Malaysia (SGD5.33B), China (SGD4.8B), United States (SGD4.47B), and South Korea (SGD3.04B).
Growth In February 2022, the increase in Singapore's year-by-year exports was explained primarily by an increase in exports to Hong Kong (SGD967M or 20.5%), Cambodia (SGD655M or 300%), and China (SGD591M or 11.6%), and product exports increase in N/A. In February 2022, the increase in Singapore's year-by-year imports was explained primarily by an increase in imports from Chinese Taipei (SGD1.36B or 38%), China (SGD651M or 11.9%), and Malaysia (SGD574M or 11.5%), and product imports increase in Electrical Machinery Apparatus & Appliances Nes... (SGD2.58B or 27.5%), Office Machines & Automatic Data-processing Machines (SGD351M or 23.5%), and Telecommunications & Sound-recording & Reproducing Apparatus... (SGD273M or 15.9%).
EXPORT GROWTH (February 2021 - February 2022): SGD8.54B, (26.1%)
IMPORT GROWTH (February 2021 - February 2022): SGD6.24B, (21.3%)
MAIN DESTINATION (February 2022): China, SGD6.93B
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 (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).
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).
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).
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 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.
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.
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.
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 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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