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Pricing

2022
Flag → Flag
Exports $22.5BRnk 7 / 220
2022
Flag → Flag
Top Product $7.89BIntegrated Circuits
2022
Flag → Flag
Exports $11.9BRnk 10 / 215
2022
Flag → Flag
Top Product $3.28BIntegrated Circuits
2022
Flag
Economic Complexity (ECI) ECI 1.78Rnk 4 / 133
2022
Flag
Economic Complexity (ECI) ECI 1.68Rnk 6 / 133
2022
Flag  
GDP$1.67TCURRENT US$
Rnk 13 / 186
2012-2022
Flag
GDP GROWTH30.3%CURRENT US$
Rnk 100 / 186
2022
Flag
 GDP$467BCURRENT US$
Rnk 33 / 186
2012-2022
Flag
GDP GROWTH58.2%CURRENT US$
Rnk 42 / 186
2022
Flag
GDP PC $32,255CURRENT US$
Rnk 33 / 186
2012-2022
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GDP PC GROWTH26.7%CURRENT US$
Rnk 70 / 186
2022
Flag
GDP PC$82,808CURRENT US$
Rnk 7 / 186
2012-2022
Flag
GDP PC GROWTH49.1%CURRENT US$
Rnk 37 / 186

About

South Korea-Singapore Trade: In 2022, South Korea exported $22.5B to Singapore. The main products that South Korea exported to Singapore were Integrated Circuits ($7.89B), Refined Petroleum ($7.15B), and Passenger and Cargo Ships ($1.28B). Over the past 5 years the exports of South Korea to Singapore have increased at an annualized rate of 1.44%, from $20.9B in 2017 to $22.5B in 2022.

In 2005, South Korea exported services to Singapore worth $1.27B, with Transportation ($610M), Other business services ($361M), and Travel ($125M) being the largest in terms of value.

Singapore-South Korea Trade: In 2022, Singapore exported $11.9B to South Korea. The main products that Singapore exported to South Korea were Integrated Circuits ($3.28B), Machinery Having Individual Functions ($2.33B), and Refined Petroleum ($566M). Over the past 5 years the exports of Singapore to South Korea have decreased at an annualized rate of 2.34%,  from $14.4B in 2017 to $11.9B in 2022.

In 2015, Singapore exported services to South Korea worth $1.85B, with Transportation ($1.03B), Other business services ($483M), and Insurance services ($171M) being the largest in terms of value.

Comparison: In 2022,  South Korea ranked 4 in the Economic Complexity Index (ECI 1.78), and 5 in total exports ($705B). That same year, Singapore ranked 6 in the Economic Complexity Index (ECI 1.68), and 21 in total exports ($379B).

Latest Trends

October, 2024

About

Overview In October 2024, South Korea exported $1.39B and imported $1.06B from Singapore, resulting in a positive trade balance of $335M. Between October 2023 and October 2024 the exports of South Korea have decreased by $-864M (-38.3%) from $2.26B to $1.39B, while imports increased by $175M (19.8%) from $882M to $1.06B.

Trade In October 2024, the top exports of South Korea to Singapore were Mineral fuels, mineral oils and products... ($455M), Electrical machinery and electronics ($381M), Ships, boats, & floating structures ($207M), Machinery, mechanical appliances, & parts ($101M), and Precious stones, metals, & pearls ($30M). In October 2024 the top imports of South Korea from Singapore were Machinery, mechanical appliances, & parts ($253M), Electrical machinery and electronics ($250M), Optical, photo, & film equipment; medical... ($105M), Mineral fuels, mineral oils and products... ($102M), and Chemical products n.e.s. ($49.9M).

Growth In October 2024, the decrease in South Korea's year-by-year exports to Singapore was explained primarily by an decrease in product exports in Electrical machinery and electronics ($-86.4M or -18.5%), Machinery, mechanical appliances, & parts ($-29.1M or -22.3%), and Pharmaceutical products ($-12.9M or -89.6%). In October 2024, the increase in South Korea's year-by-year imports  from Singapore was explained primarily by an increase in product imports  in Mineral fuels, mineral oils and products... ($35.1M or 52.8%), Optical, photo, & film equipment; medical... ($26M or 32.9%), and Books, newspapers, & other prints ($3.46M or 345%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)$-864M(-38.3%)
IMPORT GROWTH (October 2023 - October 2024)$175M(19.8%)

This section shows exports and imports data at subnational level for South Korea. Click any date in the line plot or any product to explore the exports or imports behavior of South Korea over time.

To check Singapore and South Korea trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Singapore and South Korea Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, South Korea exported $22.5B to Singapore. The main products exported from South Korea to Singapore were Integrated Circuits ($7.89B), Refined Petroleum ($7.15B), and Passenger and Cargo Ships ($1.28B). During the last 5 years the exports of South Korea to Singapore have increased at an annualized rate of 1.44%, from $20.9B in 2017 to $22.5B in 2022.

In 2017, Singapore exported $11.9B to South Korea. The main products exported from Singapore to South Korea were Integrated Circuits ($3.28B), Machinery Having Individual Functions ($2.33B), and Refined Petroleum ($566M). During the last 5 years the exports of Singapore to South Korea have decreased at an annualized rate of 2.34%, from $14.4B in 2022 to $11.9B in 2017.

Exports from South Korea (Flag) to Singapore (Flag) (2022)

Exports from Singapore (Flag) to South Korea (Flag) (2022)

Market Competitiveness

Color
South Korea
Top DestinationChina$150B
Singapore
Top DestinationHong Kong$51.6B

This map shows whether countries import more from South Korea or Singapore. Each country is colored based on the difference in imports they receive from South Korea and Singapore or the difference in the growth in imports.

In 2022, countries that imported more from South Korea than Singapore included China ($150B), United States ($112B), and Vietnam ($60.7B).

In 2022, countries that imported more from Singapore than South Korea included Malaysia ($35.9B), Hong Kong ($51.6B), and Indonesia ($22.5B).

Difference in imports from Singapore (Flag) and South Korea (Flag) (2022)

Comparative Advantage South Korea - Singapore

Flow
Scale

This chart compares trade between South Korea and Singapore by product, considering products traded by both, South Korea and Singapore.

During 2022, South Korea had a large net trade with Singapore in the exports of Machines ($11B), Mineral Products ($7.47B), and Transportation ($1.39B).

During 2017, Singapore had a large net trade with South Korea in the exports of Machines ($7.57B), Chemical Products ($1.71B), and Instruments ($968M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential South Korea Singapore+$57.8MTelephones
Top Product Potential Singapore South Korea+$452MIntegrated Circuits

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of South Korea and Singapore. This means that a dot/product with the flag of South Korea indicates it has a comparative advantage over Singapore. Similarly, a dot/product with the flag of Singapore indicates it has a comparative advantage over South Korea.

Product Space of South Korea (Flag) and Singapore (Flag) (2022)

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