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2022
Economic Complexity
Trade 1.68Rank 6 of 133
2021
Economic Complexity
Technology 0.6Rank 37 of 96
2022
Economic Complexity
Research 0.48Rank 37 of 135
2022
Product
Exports | Imports $379B | $424B21 of 226 |  16 of 226
2022
Per Capita Product
Exports | Imports $67.2k | $75.3k1 of 220 |  4 of 220

About

Overview In 2022, Singapore was the number 33 economy in the world in terms of GDP (current US$), the number 21 in total exports, the number 16 in total imports, the number 7 economy in terms of GDP per capita (current US$) and the number 6 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Singapore are Integrated Circuits ($81.9B), Refined Petroleum ($62.9B), Machinery Having Individual Functions ($15.4B), Gold ($13.1B), and Gas Turbines ($8.48B), exporting mostly to Hong Kong ($51.6B), China ($51.2B), Malaysia ($35.9B), United States ($28.9B), and Indonesia ($22.5B).

In 2022, Singapore was the world's biggest exporter of Glass Working Machines ($1.21B), Incomplete Movement Sets ($72.3M), and Human Hair ($15M)

Imports The top imports of Singapore are Integrated Circuits ($76B), Refined Petroleum ($58.5B), Crude Petroleum ($32.6B), Gold ($17.5B), and Machinery Having Individual Functions ($11.6B), importing mostly from China ($73.3B), Malaysia ($53.8B), United States ($41.4B), Chinese Taipei ($38.6B), and South Korea ($22.5B).

In 2022, Singapore was the world's biggest importer of Other Glass Articles ($480M) and Other Nickel Products ($377M)

Location Singapore borders Indonesia and Malaysia by sea.

Latest Trends

October, 2024

About

Overview In October 2024 Singapore exported SGD42.4B and imported SGD39B, resulting in a positive trade balance of SGD3.43B. Between October 2023 and October 2024 the exports of Singapore have decreased by SGD-2.58B (-5.74%) from SGD45B to SGD42.4B, while imports decreased by SGD-979M (-2.45%) from SGD40B to SGD39B.

Trade In October 2024, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD17.4B), Petroleum & Products & Related Materials (SGD5.55B), Office Machines & Automatic Data-Processing Machines (SGD2.82B), Oil Bunkers (SGD2.71B), and Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD2.33B). In October 2024 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD14.7B), Petroleum & Products & Related Materials (SGD8.54B), Office Machines & Automatic Data-Processing Machines (SGD3.08B), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD2.21B), and Miscellaneous Manufactured Articles Nes (SGD1.5B).

Destinations In October 2024, Singapore exported mostly to China (SGD7.96B), Malaysia (SGD5.77B), Hong Kong (SGD5.55B), United States (SGD4.7B), and Indonesia (SGD3.99B), and imported mostly from Other Asia, nes (SGD6.98B), United States (SGD6.08B), China (SGD6.07B), Malaysia (SGD5.57B), and South Korea (SGD3.01B).

Growth In October 2024, the decrease in Singapore's year-by-year exports was explained primarily by an decrease in exports to China (SGD-970M or -10.9%), Hong Kong (SGD-894M or -13.9%), and Indonesia (SGD-565M or -12.4%), and product exports decrease in Petroleum & Products & Related Materials (SGD-2.82B or -33.7%), Oil Bunkers (SGD-650M or -19.4%), and Organic Chemicals (SGD-524M or -37.1%). In October 2024, the decrease in Singapore's year-by-year imports was explained primarily by an decrease in imports from China (SGD-2.18B or -26.4%), Switzerland (SGD-623M or -45.6%), and Qatar (SGD-308M or -35.8%), and product imports decrease in Organic Chemicals (SGD-1.95B or -73.9%), Petroleum & Products & Related Materials (SGD-1.84B or -17.7%), and Miscellaneous Manufactured Articles Nes (SGD-113M or -6.98%).

Latest Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)SGD-2.58B(-5.74%)
IMPORT GROWTH (October 2023 - October 2024)SGD-979M(-2.45%)
MAIN DESTINATION (October 2024)ChinaSGD7.96B

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 (2022)Integrated Circuits$81.9B
Top Destination (2022)Hong Kong$51.6B

In 2022, Singapore exported a total of $379B, making it the number 21 exporter in the world. During the last five reported years the exports of Singapore have changed by $33B from $346B in 2017 to $379B in 2022.

The most recent exports are led by Integrated Circuits ($81.9B), Refined Petroleum ($62.9B), Machinery Having Individual Functions ($15.4B), Gold ($13.1B), and Gas Turbines ($8.48B). The most common destination for the exports of Singapore are Hong Kong ($51.6B), China ($51.2B), Malaysia ($35.9B), United States ($28.9B), and Indonesia ($22.5B).

Explore Visualizations

Exports (2022)
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Destinations (2022)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2021 - 2022)
Malaysia$8.65B (+ 31.8%)
Indonesia$4.3B (+ 23.6%)
Australia$3.99B (+ 37.2%)
Fastest Growing Import Markets (2021 - 2022)
China$20.1B (+ 37.7%)
United States$8.62B (+ 26.3%)
South Korea$6.65B (+ 42%)

Total Export Growth by Market (2021 - 2022)

Potential Exports

Potential Exports

Type
Flow
Depth
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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)1.68Rank 6 of 133
Economic Complexity (Technology)0.6Rank 37 of 96
Economic Complexity (Research)0.48Rank 37 of 135

Most Specialized Products by RCA Index

Singapore has a high level of specialization in Platinum Clad Metals (12.2), Glass Working Machines (11.5), Photo Lab Equipment (9.41), Antiknock (8.88), and Fluorides (8.51). 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 Photographic Film (0.2), Copper Foil (0.19), Photographic Chemicals (0.19), Gold Clad Metals (0.19), and Other Edible Animal Products (0.18). 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.

Relatedness Space (2022)

Diversification Frontier

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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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

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.

Explore Rankings

ECI (Trade) Ranking by Country

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