Singapore2021 Economic Complexity Trade : 1.74, Rank 6 of 131
2021 Economic Complexity Technology : 0.6, Rank 37 of 96
2021 Economic Complexity Research : 0.73, Rank 31 of 140
2021 Product Exports | Imports: $351B | $362B, 19 of 226 | 16 of 226
2021 Per Capita Product Exports | Imports: $64.3k | $66.3k, 1 of 219 | 46 of 219
Overview In 2021, Singapore was the number 35 economy in the world in terms of GDP (current US$), the number 19 in total exports, the number 16 in total imports, the number 6 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 ($77B), Refined Petroleum ($40.8B), Gold ($18.6B), Packaged Medicaments ($10.4B), and Machinery Having Individual Functions ($8.33B), exporting mostly to China ($56.8B), Hong Kong ($54.5B), United States ($28.1B), Malaysia ($27.7B), and Indonesia ($18.4B).
In 2021, Singapore was the world's biggest exporter of Glass Working Machines ($1.6B)
Imports The top imports of Singapore are Integrated Circuits ($65.2B), Refined Petroleum ($50B), Crude Petroleum ($22.5B), Gold ($15.1B), and Gas Turbines ($7.43B), importing mostly from China ($53.9B), Malaysia ($49.6B), Chinese Taipei ($34.1B), United States ($32.5B), and Japan ($18.2B).
In 2021, Singapore was the world's biggest importer of Bovine, Sheep, and Goat Fat ($635M) and Pig and Poultry Fat ($289M)
April, 2023
Overview In April 2023 Singapore exported SGD38.5B and imported SGD33.9B, resulting in a positive trade balance of SGD4.64B. Between April 2022 and April 2023 the exports of Singapore have decreased by SGD-9.32B (-19.5%) from SGD47.8B to SGD38.5B, while imports decreased by SGD-11B (-24.5%) from SGD44.8B to SGD33.9B.
Trade In April 2023, the top exports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD13.6B), Petroleum & Products & Related Materials (SGD6.01B), Organic Chemicals (SGD3.2B), Oil Bunkers (SGD2.9B), and Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD1.99B). In April 2023 the top imports of Singapore were Electrical Machinery Apparatus & Appliances Nes... (SGD11.9B), Petroleum & Products & Related Materials (SGD8.09B), Office Machines & Automatic Data-Processing Machines (SGD1.68B), Telecommunications & Sound-Recording & Reproducing Apparatus... (SGD1.54B), and Miscellaneous Manufactured Articles Nes (SGD1.34B).
Destinations In April 2023, Singapore exported mostly to China (SGD5.88B), United States (SGD5.7B), Malaysia (SGD4.65B), Hong Kong (SGD4.53B), and Indonesia (SGD3.43B), and imported mostly from China (SGD5.72B), Malaysia (SGD5.28B), United States (SGD5.09B), Chinese Taipei (SGD5.09B), and South Korea (SGD2.69B).
Growth In April 2023, the decrease in Singapore's year-by-year exports was explained primarily by an decrease in exports to Hong Kong (SGD-2.24B or -33.1%), China (SGD-1.6B or -21.4%), and Malaysia (SGD-1.13B or -19.6%), and product exports decrease in Electrical Machinery Apparatus & Appliances Nes... (SGD-5.48B or -28.8%), Petroleum & Products & Related Materials (SGD-2.09B or -25.8%), and Oil Bunkers (SGD-635M or -18%). In April 2023, the decrease in Singapore's year-by-year imports was explained primarily by an decrease in imports from Chinese Taipei (SGD-1.78B or -25.9%), Malaysia (SGD-1.68B or -24.2%), and United States (SGD-1.35B or -20.9%), and product imports decrease in Electrical Machinery Apparatus & Appliances Nes... (SGD-4.14B or -25.8%), Petroleum & Products & Related Materials (SGD-3.6B or -30.8%), and Gas (SGD-613M or -47.4%).
EXPORT GROWTH (April 2022 - April 2023): SGD-9.32B, (-19.5%)
IMPORT GROWTH (April 2022 - April 2023): SGD-11B, (-24.5%)
MAIN DESTINATION (April 2023): China, SGD5.88B
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.
Top Export (2021): Integrated Circuits, $77B
Top Destination (2021): China, $56.8B
In 2021, Singapore exported a total of $351B, making it the number 19 exporter in the world. During the last five reported years the exports of Singapore have changed by $93.4B from $257B in 2016 to $351B in 2021.
The most recent exports are led by Integrated Circuits ($77B), Refined Petroleum ($40.8B), Gold ($18.6B), Packaged Medicaments ($10.4B), and Machinery Having Individual Functions ($8.33B). The most common destination for the exports of Singapore are China ($56.8B), Hong Kong ($54.5B), United States ($28.1B), Malaysia ($27.7B), and Indonesia ($18.4B).
Fastest Growing Export Markets (2020 - 2021)
Fastest Growing Import Markets (2020 - 2021)
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).
Singapore has a high level of specialization in Platinum Clad Metals (13.9), Glass Working Machines (12.5), Asphalt Mixtures (10.9), Antiknock (9), and Glands and Other Organs (8.34). Specialization is measured using RCA, an index that takes the ratio between Singapore observed and expected exports in each product.
The highest complexity exports of Singapore according to the product complexity index (PCI) are Photographic (including cinematographic) laboratory apparatus and equipment, n.e.c. in chapter 90; negatoscopes;... (2.07), Chemical elements doped for use in electronics, in the form of discs,... (1.94), Esters of other inorganic acids of non-metals (other than of hydrogen halides)... (1.92), Machinery and mechanical appliances; having individual functions, n.e.c. in this chapter (1.87), and Discs, tapes, solid-state non-volatile storage devices, smart cards and other media for... (1.79). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Singapore according to the relatedness index, were Watch Movements (0.23), Photographic Film (0.22), Photographic Chemicals (0.21), Copper Foil (0.2), and Typewriters (0.2). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Singapore is not specialized in.
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.
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.
During the last 20 years Singapore's economy has become relatively more complex, moving from the 27th 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.
Have questions, comments, or concerns?
Send us an e-mail: support@oec.world
v5.1.15 owl