2023
Exports
$1.39BWorld Rnk 43 / 219
Flag Rnk 18 / 96
2023
PRODUCT COMPLEXITY IN Iron & steel
1.66Rnk 26 / 1025
2023
Imports
$3BWorld Rnk 36 / 224
Flag Rnk 17 / 96
2023
ECONOMIC COMPLEXITY of Singapore
1.62Rnk 6 / 132

About

Exports In 2023, Singapore exported $1.39B in Iron & steel, making it the 43rd largest exporter of Iron & steel in the world. At the same year, Iron & steel was the 18th most exported product in Singapore. The main destination of Iron & steel exports from Singapore are: Malaysia ($307M), Indonesia ($236M), India ($137M), Bangladesh ($103M), and Vietnam ($67.2M).

The fastest growing export markets for Iron & steel of Singapore between 2022 and 2023 were Malaysia ($141M), Bangladesh ($84.6M), and Brunei ($40.6M).

Imports In 2023, Singapore imported $3B in Iron & steel, becoming the 36th largest importer of Iron & steel in the world. At the same year, Iron & steel was the 17th most imported product in Singapore. Singapore imports Iron & steel primarily from: China ($616M), Malaysia ($548M), Japan ($369M), Brazil ($192M), and Vietnam ($180M).

The fastest growing import markets in Iron & steel for Singapore between 2022 and 2023 were Malaysia ($55.9M), Seychelles ($37.9M), and France ($17.9M).

COMPANIES In 2024, leading companies such as SIGMA Corp (30), Sobel Westex (8), and Direct Link (2) were at the forefront of shipping Iron & steel from Singapore to the United States.

Latest Trends

Dec 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Iron & steel. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$1.39B
IMPORTS (2023)$3B
NET TRADE (2023)-$1.61B

In 2023, Singapore exported $1.39B in Iron & steel. The main destinations of Singapore exports on Iron & steel were Malaysia ($307M), Indonesia ($236M), India ($137M), Bangladesh ($103M), and Vietnam ($67.2M).

In 2023, Singapore imported $3B in Iron & steel, mainly from China ($616M), Malaysia ($548M), Japan ($369M), Brazil ($192M), and Vietnam ($180M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Iron & steel EXPORT MARKETS FOR Singapore WERE (2022 - 2023):
Malaysia$141M (84.9%)
Bangladesh$84.6M (464%)
Brunei$40.6M (205%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Iron & steel BY Singapore WERE (2022 - 2023):
India-$411M (-75.1%)
Indonesia-$69M (-22.6%)
Israel-$65.9M (-86.7%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Singapore's main exporting competitors in Iron & steel were:
China $66.2B
Germany $32.6B
Japan $31.6B
In 2023, Singapore's main importing competitors in Iron & steel were:

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Trade Value of Iron & steel by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALChina+ $54.1M
TOP IMPORT POTENTIALChina+ $97.2M

Iron & steel’s highest export potential is China. With an export gap of $54.1M.   Iron & steel’s highest import potential is China with an import gap of $97.2M.

See methodology.

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