Flag Singapore

Econ Complexity (2018): 1.71, Rank 6 of 137

Product Exports (2018): $323B, Rank 17 of 222

Exports Per Capita (2018): $57.2k, Rank 56 of 219

Product Imports (2018): $323B, Rank 16 of 221

Imports Per Capita (2018): $57.3k, Rank 56 of 219

Service Exports (2018): $165B, Rank 5 of 88

Service Imports (2018): $163B, Rank 6 of 88

GDP (2018): $364B, CURRENT US$
Rank 33 of 196

GDP growth (2008 - 2018): 88.1%, CURRENT US$
Rank 43 of 196

GDP PC (2018): $64,582, CURRENT US$
Rank 9 of 196

GDP PC GROWTH (2008 - 2018): 61.4%, CURRENT US$
Rank 37 of 196

Overview: In 2018 Singapore was the number 33 economy in the world in terms of GDP (current US$), the number 17 in total exports, the number 16 in total imports, and the number 6 most complex economy according to the Economic Complexity Index (ECI). In 2018, Singapore exported $323B and imported $323B, resulting in a negative trade balance of -$679M. In 2018, Singapore's exports per capita were $57.2k and its imports per capita were $57.3k.

Trade: The top exports of Singapore are Integrated Circuits ($61B), Refined Petroleum ($52.4B), Gold ($10.1B), Packaged Medicaments ($8.26B), and Gas Turbines ($7.96B). The top imports of Singapore are Refined Petroleum ($48B), Integrated Circuits ($46.3B), Crude Petroleum ($25.8B), Gold ($10.1B), and Office Machine Parts ($7.11B).

Destinations: Singapore exports mostly to China ($44.3B), Hong Kong ($41.5B), Malaysia ($32.3B), Indonesia ($24.8B), and United States ($24.6B), and imports mostly from China ($47.2B), Malaysia ($36.8B), United States ($28.9B), Chinese Taipei ($22B), and Japan ($17.8B).

Location: Singapore borders Indonesia and Malaysia by sea.

Product Exports

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Top Export (2018): Integrated Circuits, $61B

Top Destination (2018): China, $44.3B

In 2018 Singapore exported a total of $323B, making it the number 17 exporter in the world. During the last five reported years the exports of Singapore have changed by $43.9B from $279B in 2013 to $323B in 2018.

The most recent exports are led by Integrated Circuits ($61B), Refined Petroleum ($52.4B), Gold ($10.1B), Packaged Medicaments ($8.26B), and Gas Turbines ($7.96B). The most common destination for the exports of Singapore are China ($44.3B), Hong Kong ($41.5B), Malaysia ($32.3B), Indonesia ($24.8B), and United States ($24.6B).

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Product Imports

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Top Import (2018): Refined Petroleum, $48B

Top Origin (2018): China, $47.2B

In 2018 Singapore imported $323B, making it the number 16 trade destination in the world. During the last five reported years the imports of Singapore changed by -$44.4B from $368B in 2013 to $323B in 2018.

The most recent imports of Singapore are led by Refined Petroleum ($48B), Integrated Circuits ($46.3B), Crude Petroleum ($25.8B), Gold ($10.1B), and Office Machine Parts ($7.11B). The most common import partners for Singapore are China ($47.2B), Malaysia ($36.8B), United States ($28.9B), Chinese Taipei ($22B), and Japan ($17.8B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

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).

Trade Forecasts

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This section shows forecasts for total product exports and imports for Singapore. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Economic Complexity

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Economic Complexity Ranking

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During the last 20 years Singapore's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨20th 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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Most Specialized Products by RCA Index

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Singapore has a high level of specialization in Oxygen Amino Compounds (17.6), Sulfonamides (11.7), Antiknock (8.38), Glands and Other Organs (8.33), and Fluorides (7.16). 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 Chemical element/compound wafers doped for electronics (2.2), Machine-tools for non-mechanical removal of material (2.01), Machines nes having individual functions (2), Equipment for photographic laboratories nes (2), and Equipment for physical and chemical analysis (1.87). 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 Rubber Thread (0.23), Copper Foil (0.22), Photographic Film (0.21), Blown Glass (0.21), and Vacuum Flask (0.19). 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 it is currently specialized in.

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.