Singapore2021 Economic Complexity : 1.74, Rank 6 of 131
2021 Product Exports | Imports: $351B | $362B, 19 of 226 | 16 of 226
2021 Per Capita Product Exports | Imports: $64.3k | $66.3k, 1 of 219 | 46 of 219
2020 Service Exports | Imports : $260B | $241B, 4 of 65 | 6 of 65
Overview In 2021, Singapore was the number 35 economy in the world in terms of GDP (current US$), the number 19 in total exports, the number 16 in total imports, the number 6 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)
February, 2023
Overview In February 2023 Singapore exported SGD38.9B and imported SGD33.7B, resulting in a positive trade balance of SGD5.22B. Between February 2022 and February 2023 the exports of Singapore have decreased by SGD-2.32B (-5.63%) from SGD41.3B to SGD38.9B, while imports decreased by SGD-1.79B (-5.04%) from SGD35.5B to SGD33.7B.
Trade In February 2023, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD13.9B), Petroleum & Products & Related Materials (SGD6.61B), Oil Bunkers (SGD3.17B), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD2.03B), and Office Machines & Automatic Data-Processing Machines (SGD1.78B). In February 2023 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD11.5B), Petroleum & Products & Related Materials (SGD9.04B), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD1.67B), Office Machines & Automatic Data-Processing Machines (SGD1.58B), and Miscellaneous Manufactured Articles Nes (SGD1.48B).
Destinations In February 2023, Singapore exported mostly to China (SGD7.08B), Malaysia (SGD4.8B), United States (SGD4.56B), Hong Kong (SGD4.53B), and Indonesia (SGD4.2B), and imported mostly from Malaysia (SGD5.75B), China (SGD5.63B), United States (SGD4.9B), Chinese Taipei (SGD4.63B), and South Korea (SGD2.59B).
Growth In February 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 February 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%).
EXPORT GROWTH (February 2022 - February 2023): SGD-2.32B, (-5.63%)
IMPORT GROWTH (February 2022 - February 2023): SGD-1.79B, (-5.04%)
MAIN DESTINATION (February 2023): China, SGD7.08B
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 (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).
Fastest Growing Export Markets (2020 - 2021)
Fastest Growing Import Markets (2020 - 2021)
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).
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.
The highest complexity exports of Singapore according to the product complexity index (PCI) are Photo Lab Equipment (2.07), Disc Chemicals for Electronics (1.94), Other Esters (1.92), Machinery Having Individual Functions (1.87), and Blank Audio Media (1.79). 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, 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.
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 27th 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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