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2021
Economic Complexity
Trade 1.74Rank 6 of 131
2021
Economic Complexity
Technology 0.6Rank 37 of 96
2021
Economic Complexity
Research 0.73Rank 31 of 140
2021
Product
Exports | Imports $351B | $362B19 of 226 |  16 of 226
2021
Per Capita Product
Exports | Imports $64.3k | $66.3k1 of 220 |  44 of 220

About

Overview In 2021, Singapore was the number 32 economy in the world in terms of GDP (current US$), the number 19 in total exports, the number 16 in total imports, the number 9 economy in terms of GDP per capita (current US$) and the number 6 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Singapore are Integrated Circuits ($77B), Refined Petroleum ($40.8B), Gold ($18.6B), Packaged Medicaments ($10.4B), and Machinery Having Individual Functions ($8.33B), exporting mostly to China ($56.8B), Hong Kong ($54.5B), United States ($28.1B), Malaysia ($27.7B), and Indonesia ($18.4B).

In 2021, Singapore was the world's biggest exporter of Glass Working Machines ($1.6B)

Imports The top imports of Singapore are Integrated Circuits ($65.2B), Refined Petroleum ($50B), Crude Petroleum ($22.5B), Gold ($15.1B), and Gas Turbines ($7.43B), importing mostly from China ($53.9B), Malaysia ($49.6B), Chinese Taipei ($34.1B), United States ($32.5B), and Japan ($18.2B).

In 2021, Singapore was the world's biggest importer of Bovine, Sheep, and Goat Fat ($635M) and Pig and Poultry Fat ($289M)

Location Singapore borders Indonesia and Malaysia by sea.

Latest Trends

September, 2023

About

Overview In September 2023 Singapore exported SGD42.1B and imported SGD38.6B, resulting in a positive trade balance of SGD3.5B. Between September 2022 and September 2023 the exports of Singapore have decreased by SGD-6.56B (-13.5%) from SGD48.6B to SGD42.1B, while imports decreased by SGD-4.22B (-9.87%) from SGD42.8B to SGD38.6B.

Trade In September 2023, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD16.7B), Petroleum & Products & Related Materials (SGD6.38B), Oil Bunkers (SGD3.23B), Professional Scientific & Controlling Instruments &... (SGD2.17B), and Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD2.17B). In September 2023 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD14.5B), Petroleum & Products & Related Materials (SGD9.96B), Office Machines & Automatic Data-Processing Machines (SGD1.85B), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD1.85B), and Organic Chemicals (SGD1.45B).

Destinations In September 2023, Singapore exported mostly to China (SGD8.05B), Hong Kong (SGD7B), Malaysia (SGD4.92B), United States (SGD4.78B), and Indonesia (SGD3.71B), and imported mostly from Chinese Taipei (SGD7.5B), China (SGD7.04B), United States (SGD5.62B), Malaysia (SGD5.23B), and South Korea (SGD3.05B).

Growth In September 2023, the decrease in Singapore's year-by-year exports was explained primarily by an decrease in exports to Cambodia (SGD-1.32B or -87.5%), Malaysia (SGD-970M or -16.5%), and South Korea (SGD-786M or -27.1%), and product exports decrease in Electrical Machinery Apparatus & Appliances Nes... (SGD-3.1B or -15.6%), Petroleum & Products & Related Materials (SGD-1.2B or -15.8%), and Oil Bunkers (SGD-594M or -15.5%). In September 2023, the decrease in Singapore's year-by-year imports was explained primarily by an decrease in imports from Malaysia (SGD-2.44B or -31.8%), Australia (SGD-993M or -68.6%), and United States (SGD-917M or -14%), and product imports decrease in Petroleum & Products & Related Materials (SGD-1.46B or -12.7%), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD-337M or -15.4%), and Miscellaneous Manufactured Articles Nes (SGD-315M or -18.7%).

Latest Trade

Flow
Time Scale
Color
Type
EXPORT GROWTH (September 2022 - September 2023)SGD-6.56B(-13.5%)
IMPORT GROWTH (September 2022 - September 2023)SGD-4.22B(-9.87%)
MAIN DESTINATION (September 2023)ChinaSGD8.05B

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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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2021)Integrated Circuits$77B
Top Destination (2021)China$56.8B

In 2021, Singapore exported a total of $351B, making it the number 19 exporter in the world. During the last five reported years the exports of Singapore have changed by $93.4B from $257B in 2016 to $351B in 2021.

The most recent exports are led by Integrated Circuits ($77B), Refined Petroleum ($40.8B), Gold ($18.6B), Packaged Medicaments ($10.4B), and Machinery Having Individual Functions ($8.33B). The most common destination for the exports of Singapore are China ($56.8B), Hong Kong ($54.5B), United States ($28.1B), Malaysia ($27.7B), and Indonesia ($18.4B).

Explore Visualizations

Exports (2021)
[Click to Select a Product]

Destinations (2021)
[Click to Select a Country]

Market Growth

Flow
View
Fastest Growing Export Markets (2020 - 2021)
China$13B (+ 29.8%)
Hong Kong$12.8B (+ 30.7%)
Cambodia$9.56B (+ 603%)
Fastest Growing Import Markets (2020 - 2021)
Malaysia$13.1B (+ 35.7%)
Chinese Taipei$9.27B (+ 37.3%)
United States$6.95B (+ 27.2%)

Total Export Growth by Market (2020 - 2021)

Service Trade

Service Trade

Singapore Exports Services (2020)$260B
Singapore Imports Services (2020)$241B

In 2020, Singapore exported $260B worth of services. The top services exported by Singapore in 2020 were Miscellaneous business, professional, and technical services ($89.8B), Sea transport ($80B), Financial services ($36.4B), Other royalties and license fees ($10.7B), and Insurance services ($8.26B).

The top services imported by Singapore in 2020 were Miscellaneous business, professional, and technical services ($71.5B), Sea transport ($68.9B), Air transport ($19.5B), Merchanting and other trade-related services ($15.7B), and Other royalties and license fees ($15.2B).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)1.74Rank 6 of 131
Economic Complexity (Technology)0.6Rank 37 of 96
Economic Complexity (Research)0.73Rank 31 of 140

Most Specialized Products by RCA Index

Singapore has a high level of specialization in Platinum Clad Metals (13.9), Glass Working Machines (12.5), Asphalt Mixtures (10.9), Antiknock (9), and Glands and Other Organs (8.34). Specialization is measured using RCA, an index that takes the ratio between Singapore observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Singapore according to the relatedness index, were Watch Movements (0.23), Photographic Film (0.22), Photographic Chemicals (0.21), Copper Foil (0.2), and Typewriters (0.2). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Singapore is not specialized in.

Product Space

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

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

Filter
Depth

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

Scale

During the last 20 years Singapore's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨22nd 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.

Explore Rankings

ECI Ranking by Country

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