As trade lies at the guts of the country’s economy, Singapore’s import and export data by country can reveal its strengths and dependencies. This article details Singapore’s latest trade figures, trading partners and the breakdown of imports and exports by country and commodity.
By providing reliable and up-to-date data from the official source, SingStat, this text is certain to assist business leaders, analysts and students spot patterns and opportunities in Singapore’s trade landscape.
Singapore International Trade Review
In 2024, Singapore’s total merchandise trade (import + export) was achieved. AUD 1,285.9 billion. This amount increased by 6.6% in comparison with the previous 12 months, reflecting continued global demand.
|
Year |
Exports (S$ billion) |
Imports (S$ billion) |
|
2024 |
S$674.50 |
S$611.4 |
|
2023 |
S$638.4 |
S$567.3 |
|
2022 |
S$710.0 |
S$655.4 |
|
2021 |
$614.1 |
S$545.9 |
|
2020 |
S$515.6 |
S$453.50 |
For non-oil commodities, machines and transport equipment, chemicals and chemical productsAND various industrial products will remain Singapore’s top exports until 2024.
|
Commodity |
Exports (S$ billion) |
Imports (S$ billion) |
|
Machines and Transport equipment |
S$363.2 |
$322.1 |
|
Chemicals i Chemical products |
S$69.50 |
S$42.8 |
|
Various Manufactured articles |
S$57.6 |
S$47.7 |
Singapore’s top trading partners in response to Total Trade
The countries that rank as Singapore’s top trading partners in 2024 include: Mainland China, MalaysiaAND USA. Singapore’s import and export data by country shows that the country has a trade surplus with mainland China and Malaysia, while the United States has a more import-weighted trade flow.
|
Degree |
Partner country |
Total trade in goods (S$ billion) |
Total trade in goods (%) |
Key notes |
|
1 |
Mainland China |
S$170.2 |
13.2 |
Singapore’s exports to China exceeded imports from China |
|
2 |
Malaysia |
$138.6 |
10.8 |
Singapore exported more goods to Malaysia than it imported |
|
3 |
United States |
S$132.0 |
10.3 |
Singapore imported more goods from the US than it exported |
|
4 |
Taiwan |
S$116.8 |
9.1 |
Singapore’s exports to Taiwan were higher than its imports |
|
5 |
EU |
S$100.8 |
7.8 |
Singapore imported more goods from the EU than it exported |
|
6 |
Hong Kong |
S$78.6 |
6.1 |
Singapore’s exports to Hong Kong were higher than its imports |
|
7 |
Indonesia |
S$74.2 |
5.8 |
Singapore imported more goods from Indonesia than it exported |
|
8 |
Republic of Korea |
S$66.8 |
5.2 |
Singapore’s exports to Korea were higher than its imports |
|
9 |
Japan |
S$53.4 |
4.2 |
Singapore imported more goods from Japan than it exported |
|
10 |
Thailand |
S$44.50 |
3.5 |
Singapore’s exports to Thailand were higher than imports |
Singapore import partners
According to SingStat (2023) data on Singapore’s imports, the United States ranked as Singapore’s top importing partner country, followed by the EU-27 and mainland China.
Below is the complete list of Singapore’s import partner countries:
|
Degree |
Partner country |
Total trade in goods (S$ billion) |
|
1 |
United States |
S$108.0 |
|
2 |
EU-27 |
S$42.2 |
|
3 |
Mainland China |
S$35.7 |
|
4 |
Hong Kong |
S$20.3 |
|
5 |
ASEAN |
S$19.7 |
|
6 |
Japan |
S$18.9 |
|
7 |
United Kingdom |
S$16.7 |
|
8 |
India |
S$13.50 |
|
9 |
Switzerland |
S$10.7 |
|
10 |
Australia |
S$9.1 |
As Singapore’s largest import partner, the United States supplies a big selection of machinery, aircraft and medical equipment. These high-value imports are crucial to Singapore’s role as a world electronics and aviation hub. This equipment also serves Singapore’s advanced manufacturing and healthcare sectors.
The EU-27 is one other key source of imports, especially chemicals and industrial machinery. Singapore distributes lots of these products in Asia, strengthening Singapore’s re-export efforts.
Meanwhile, mainland China is a vital import partner, supplying electronic components, textiles and transportation equipment. Many of those imports enter Singapore’s manufacturing and re-export supply chains, particularly within the electronics assembly and petrochemical industries.
Singapore’s export partners
In terms of export partners, the EU-27 is Singapore’s top exporting partner country in 2023. Meanwhile, the United States and Japan respectively ranked in the highest three.
Below is a listing of Singapore’s export partner countries:
|
Degree |
Partner country |
Total trade in goods (S$ billion) |
|
1 |
EU-27 |
S$73.50 |
|
2 |
United States |
$51.1 |
|
3 |
Japan |
S$43.2 |
|
4 |
Australia |
S$40.7 |
|
5 |
ASEAN |
S$38.1 |
|
6 |
Mainland China |
S$29.2 |
|
7 |
Hong Kong |
S$21.7 |
|
8 |
United Kingdom |
S$20.2 |
|
9 |
Switzerland |
S$16.50 |
|
10 |
India |
S$9.9 |
According to Singapore’s country-by-country import and export data, the EU-27 is the country’s largest export partner, driven by strong demand for electronics, refined petroleum products and chemicals. Singapore is a key supplier supporting advanced industries in Europe, including automotive and pharmaceuticals.
The United States stays a vital export destination for Singapore, especially in semiconductors, pharmaceutical products and precision instruments. As the United States is a world leader in technology and healthcare, Singapore’s exports help fuel these industries while providing regular trade revenues.
Moreover, Japan is one other Singaporean export country whose exports are dominated by chemical and pharmaceutical products and machinery and transport equipment. These goods form an integral a part of Japan’s industrial base and energy needs, making Singapore a reliable partner in supporting the Japanese economy.
Trade balance
Previously, a surplus occurs when a rustic exports more goods to a partner than it imports. Meanwhile, the deficit means the alternative – imports are higher than exports.
Looking at Singapore’s trade statistics, the United States is its largest import partner, with imports price A$108.0 billion in comparison with exports price A$51.1 billion, leading to a big trade deficit. This reflects Singapore’s dependence on high-value US goods corresponding to machinery, aircraft and medical equipment.
While we’re still leaning towards a small deficit, imports of A$35.7 billion and exports of A$29.2 billion, the situation in mainland China is more balanced. Singapore’s trade balance reflects China’s role each as a key supplier of electronic components and consumer goods and as a recipient of petrochemicals and electronics from Singapore.
In contrast, Singapore has a surplus relative to partners corresponding to the EU-27, Japan and Australia. Exports to the EU reached A$73.5 billion in comparison with imports of A$42.2 billion. That’s almost the identical as Japan, which recorded A$43.2 billion in exports in comparison with A$18.9 billion in imports. Singapore has one among the biggest surpluses relative to Australia, exporting A$40.7 billion while importing only A$9.1 billion.
These surpluses reflect strong demand from these countries for Singapore’s machinery, chemicals, pharmaceuticals, electronics and refined petroleum.
Overall, trade balances from Singapore’s import and export data by country highlight Singapore’s dependence on advanced imports from the US and China. On the opposite hand, it enjoys strong export surpluses with Europe, Japan and Australia, which together maintain its position as a world trading center.
Singapore’s import and export data by country continues to point out that the country is a trading powerhouse with a various set of international trade relationships. Overall goods trade is in surplus; the balance varies by country. Looking ahead, changes in commodity trends, global supply chain disruptions and the potential of Singapore reorienting its trade strategies must be monitored.
