United States (USA) and Singapore (SGP) Trade

2023

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Exports $43.2BRnk 9 / 220

2023

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About

United States-Singapore Trade: In 2023, United States exported $43.2B to Singapore. The main products that United States exported to Singapore were Crude Petroleum ($7.75B), Gas Turbines ($4.28B), and Planes, Helicopters, and/or Spacecraft ($3.81B). Over the past 5 years the exports of United States to Singapore have increased at an annualized rate of 4.59%, from $34.5B in 2018 to $43.2B in 2023.

In 2017, United States exported services to Singapore worth $21.6B, with Other business services ($12.5B), Royalties and license fees ($2.98B), and Financial services ($2.9B) being the largest in terms of value.

Singapore-United States Trade: In 2023, Singapore exported $32.9B to United States. The main products that Singapore exported to United States were Vaccines, blood, antisera, toxins and cultures ($6.15B), Other Edible Preparations ($3.05B), and Nucleic Acids ($2.99B). Over the past 5 years the exports of Singapore to United States have increased at an annualized rate of 7.09%, from $23.4B in 2018 to $32.9B in 2023.

In 2015, Singapore exported services to United States worth $13.2B, with Transportation ($6.93B), Other business services ($5.87B), and Insurance services ($156M) being the largest in terms of value.

Comparison: In 2023, United States ranked 10 in the Economic Complexity Index (ECI 1.5), and 2 in total exports ($1.86T). That same year, Singapore ranked 6 in the Economic Complexity Index (ECI 1.62), and 24 in total exports ($333B).

Company data: In 2023, leading companies such as Adidas (604), Goplus (596), and HP Inc (537) were at the forefront of exporting goods from Singapore to the United States. Conversely, Other (1.34k), General Toys Company Limited (443), and Karnaphuli Shoes Inds. Ltd (300) were notable for importing products to Singapore from the United States.

Latest Trends

November, 2024

About

Overview In November 2024, United States exported $3.19B and imported $3.39B from Singapore, resulting in a negative trade balance of $200M. Between November 2023 and November 2024 the exports of United States have decreased by $-253M (-7.34%) from $3.45B to $3.19B, while imports increased by $300M (9.68%) from $3.09B to $3.39B.

Trade In November 2024, the top exports of United States to Singapore were Crude Petroleum ($748M), Aircraft parts (gliders, balloons, and powered... ($397M), Commodities not elsewhere specified ($153M), Machines and apparatus of a kind... ($117M), and Computers ($106M). In November 2024 the top imports of United States from Singapore were Commodities not elsewhere specified ($601M), Other Edible Preparations ($440M), Packaged Medicaments ($313M), Vaccines, blood, antisera, toxins and cultures ($217M), and Therapeutic Appliances ($143M).

Origins In November 2024 the exports of United States were mainly from Texas ($712M), California ($457M), Georgia ($225M), Massachusetts ($192M), and New York ($176M), while imports destinations were mainly Kentucky ($686M), Tennessee ($393M), California ($385M), Georgia ($349M), and Illinois ($243M).

Growth In November 2024, the decrease in United States's year-by-year exports to Singapore was explained primarily by an decrease in product exports in Petroleum Gas ($-188M or -99.6%), Machines and apparatus of a kind... ($-105M or -47.3%), and Gold ($-105M or -98.5%). In November 2024, the increase in United States's year-by-year imports from Singapore was explained primarily by an increase in product imports in Commodities not elsewhere specified ($312M or 108%), Packaged Medicaments ($190M or 154%), and Vaccines, blood, antisera, toxins and cultures ($151M or 231%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (November 2023 - November 2024)$-253M(-7.34%)

IMPORT GROWTH (November 2023 - November 2024)$300M(9.68%)

MAIN EXPORTER (November 2024)Texas$712M

This section shows exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of United States over time.

To check Singapore and United States trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, United States exported $43.2B to Singapore. The main products exported from United States to Singapore were Crude Petroleum ($7.75B), Gas Turbines ($4.28B), and Planes, Helicopters, and/or Spacecraft ($3.81B). During the last 5 years the exports of United States to Singapore have increased at an annualized rate of 4.59%, from $34.5B in 2018 to $43.2B in 2023.

In 2018, Singapore exported $32.9B to United States. The main products exported from Singapore to United States were Vaccines, blood, antisera, toxins and cultures ($6.15B), Other Edible Preparations ($3.05B), and Nucleic Acids ($2.99B). During the last 5 years the exports of Singapore to United States have increased at an annualized rate of 7.09%, from $23.4B in 2023 to $32.9B in 2018.

Exports from United States () to Singapore () (2023)

Exports from Singapore () to United States () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United States
Top DestinationCanada$269B

Singapore
Top DestinationHong Kong$44.5B

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

In 2023, countries that imported more from United States than Singapore included Canada ($269B), Mexico ($243B), and China ($154B).

In 2023, countries that imported more from Singapore than United States included Hong Kong ($44.5B), Malaysia ($31.4B), and Indonesia ($18.2B).

Difference in imports from Singapore () and United States () (2023)

Comparative Advantage United States - Singapore

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between United States and Singapore by product, considering products traded by both, United States and Singapore.

During 2023, United States had a large net trade with Singapore in the exports of Machines ($14B), Mineral Products ($8.9B), and Transportation ($7.5B).

During 2018, Singapore had a large net trade with United States in the exports of Chemical Products ($13.7B), Machines ($7.13B), and Instruments ($4.53B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential United States Singapore+$712MRefined Petroleum

Top Product Potential Singapore United States+$932MRefined Petroleum

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

Year

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

Product Space of United States () and Singapore () (2023)

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