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2023
Economic Complexity
Trade 1.62Rank 6 of 132
2021
Economic Complexity
Technology 0.6Rank 37 of 96
2022
Economic Complexity
Research 0.55Rank 35 of 140
2023
Product
Exports | Imports $333B | $421B24 of 226 |  16 of 226
2023
Per Capita Product
Exports | Imports $56.2k | $71.2k1 of 220 |  53 of 220

About

Overview In 2023, Singapore was the number 30 economy in the world in terms of GDP (current US$), the number 24 in total exports, the number 16 in total imports, the number 8 economy in terms of GDP per capita (current US$) and the number 6 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Singapore are Integrated Circuits ($64.2B), Refined Petroleum ($55.9B), Machinery Having Individual Functions ($18B), Vaccines, blood, antisera, toxins and cultures ($10.9B), and Gold ($10.1B), exporting mostly to Hong Kong ($44.5B), China ($36.7B), United States ($32.9B), Malaysia ($31.4B), and South Korea ($20.1B).

In 2023, Singapore was the world's biggest exporter of Tanks and Armored vehicles ($9.17B) and Glass Working Machines ($622M)

Imports The top imports of Singapore are Integrated Circuits ($85.6B), Refined Petroleum ($55.7B), Crude Petroleum ($29.8B), Gold ($13.4B), and Gas Turbines ($13.2B), importing mostly from China ($63.1B), Malaysia ($47.3B), Chinese Taipei ($47B), United States ($43.2B), and South Korea ($25.3B).

In 2023, Singapore was the world's biggest importer of Special Purpose Ships ($2.65B), Electric Locomotives ($142M), and Quilted Textiles ($24.5M)

Location Singapore borders Indonesia and Malaysia by sea.

Latest Trends

December, 2024

About

Overview In December 2024 Singapore exported SGD45.5B and imported SGD43.7B, resulting in a positive trade balance of SGD1.83B. Between December 2023 and December 2024 the exports of Singapore have increased by SGD5.33B (13.3%) from SGD40.2B to SGD45.5B, while imports increased by SGD9.03B (26.1%) from SGD34.6B to SGD43.7B.

Trade In December 2024, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD19.6B), Petroleum & Products & Related Materials (SGD5.67B), Office Machines & Automatic Data-Processing Machines (SGD3.34B), Oil Bunkers (SGD2.92B), and Professional Scientific & Controlling Instruments &... (SGD2.56B). In December 2024 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD16.9B), Petroleum & Products & Related Materials (SGD9.18B), Office Machines & Automatic Data-Processing Machines (SGD3.71B), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD2.7B), and Miscellaneous Manufactured Articles Nes (SGD1.67B).

Destinations In December 2024, Singapore exported mostly to China (SGD8.68B), Hong Kong (SGD7.48B), Malaysia (SGD5.71B), United States (SGD5.49B), and Indonesia (SGD4.36B), and imported mostly from Other Asia, nes (SGD8.85B), China (SGD7.17B), United States (SGD6.65B), Malaysia (SGD6.57B), and South Korea (SGD3.68B).

Growth In December 2024, the increase in Singapore's year-by-year exports was explained primarily by an increase in exports to Other Asia, nes (SGD1.96B or 92%), Malaysia (SGD1.32B or 29.9%), and Hong Kong (SGD1.16B or 18.4%), and product exports increase in Electrical Machinery Apparatus & Appliances Nes... (SGD3.9B or 24.9%), Office Machines & Automatic Data-Processing Machines (SGD1.51B or 82.1%), and Miscellaneous Manufactured Articles Nes (SGD228M or 14.8%). In December 2024, the increase in Singapore's year-by-year imports was explained primarily by an increase in imports from Other Asia, nes (SGD3.1B or 53.8%), Malaysia (SGD1.61B or 32.6%), and China (SGD1.27B or 21.5%), and product imports increase in Electrical Machinery Apparatus & Appliances Nes... (SGD4.33B or 34.4%), Office Machines & Automatic Data-Processing Machines (SGD2.02B or 119%), and Petroleum & Products & Related Materials (SGD1.12B or 13.9%).

Latest Trade

Time Scale
Flow
Color
EXPORT GROWTH (December 2023 - December 2024)SGD5.33B(13.3%)
IMPORT GROWTH (December 2023 - December 2024)SGD9.03B(26.1%)
MAIN DESTINATION (December 2024)ChinaSGD8.68B

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.

For full datasets download visit Bulk Download page.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Integrated Circuits$64.2B
Top Destination (2023)Hong Kong$44.5B

In 2023, Singapore exported a total of $333B, making it the number 24 exporter in the world. During the last five reported years the exports of Singapore have changed by $39.4B from $293B in 2018 to $333B in 2023.

The most recent exports are led by Integrated Circuits ($64.2B), Refined Petroleum ($55.9B), Machinery Having Individual Functions ($18B), Vaccines, blood, antisera, toxins and cultures ($10.9B), and Gold ($10.1B). The most common destination for the exports of Singapore are Hong Kong ($44.5B), China ($36.7B), United States ($32.9B), Malaysia ($31.4B), and South Korea ($20.1B).

Explore Visualizations

Exports (2023)
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Destinations (2023)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2022 - 2023)
Vietnam$10.1B (+ 161%)
South Korea$9.41B (+ 88%)
Nigeria$8.78B (+ 1.55k%)
Fastest Growing Import Markets (2022 - 2023)
France$1.88B (+ 16.6%)
Guyana$1.66B (+ 354k%)
Kuwait$1.35B (+ 302%)

Total Export Growth by Market (2022 - 2023)

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)1.62Rank 6 of 132
Economic Complexity (Technology)0.6Rank 37 of 96
Economic Complexity (Research)0.55Rank 35 of 140

Most Specialized Products by RCA Index

Singapore has a high level of specialization in Tanks and Armored vehicles (42.2), Fluorides (13.1), Glass Working Machines (10.4), Antiknock (9.33), and Glands and Other Organs (8.64). 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 Other Edible Animal Products (0.22), Photographic Chemicals (0.2), Pearls (0.19), Photographic Film (0.19), and Copper Foil (0.19). 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 (2023)

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 ⁩⁨17th 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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