Singapore flag Singapore: Economic and Political Overview

Foreign trade figures of Singapore

Foreign Trade in Figures

Singapore's trade represents 311% of its GDP (World Bank, latest data available), one of the highest shares in the world. Main exports in 2023 included electronic integrated circuits (22% - as Singapore is a global leader in the production of semiconductors and integrated circuits), petroleum oils (12% - the country is a major refining centre, processing crude oil from various sources and exporting refined petroleum products such as gasoline, diesel, and jet fuel), machines and apparatus of a kind used for the manufacture of semiconductors (4.5%), turbojets, turbo propellers, and other gas turbines (3.7%), and telephone sets (3.5%). As the country is also a re-export base, imports were led by similar categories: electronic integrated circuits and parts thereof (20.8%), petroleum oils (19.1%), turbojets, turbopropellers, and other gas turbines (5.1%), and telephone sets (3.2% - data Comtrade). For the year, non-oil domestic exports fell by 13.1%, reversing the 3% growth in 2022, with declines in both electronics (-19.7%) and non-electronics (-11.1%). Oil domestic exports dropped by 14.2%, a sharp contrast to the 52.4% surge in 2022, mainly due to lower oil prices, though export volumes rose by 2.3%, building on a 1.7% increase the year before (data Ministry of Trade & Industry).

The main export destinations include China (13.8% of all exports in 20223), Hong Kong (10.6%), the United States (9.5%), Malaysia (9.4%), and Indonesia (7.4%), while most imports arrive from China (13.9%), the United States (12.3%), Malaysia (11.3%), South Korea (6.1%), and Japan (5% - data Comtrade). Singapore’s strategy focuses on promoting exports while reducing import barriers. It joined the RCEP, the world’s largest trade deal, covering 30% of the global economy. The agreement includes ASEAN and its FTA partners, addressing trade in goods, services, investment, and cooperation, along with rules on e-commerce, IP, procurement, competition, and SMEs.

The country has a structural trade surplus. According to WTO data, in 2023, exports of goods amounted to USD 476.2 billion and imports reached USD 423.4 billion (-7.6% amid lower energy prices and -10.9% y-o-y, respectively). With regard to services, Singapore’s exports reached USD 328 billion (-2.5% y-o-y), against USD 295.5 billion in imports. The decline in services exports was driven by a 23.9% drop in transport services, partly offset by growth in travel (80.0%), other businesses (2.6%), and financial services (4.7%). The overall trade balance was estimated to be in surplus by 37.4% of GDP by the World Bank (from 38.5% in 2022). According to preliminary estimates from EnterpriseSG, non-oil domestic exports grew 0.2% in 2024, reversing the 13.1% contraction in 2023, driven by an 8.2% rise in electronic exports, led by integrated circuits, disk media, and PCs. Non-electronic NODX fell 1.9%, a smaller decline than the 11.1% drop in 2023, mainly due to lower exports of pharmaceuticals, specialized machinery, and petrochemicals.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 359,266329,830406,226475,578423,448
Exports of Goods (million USD) 390,763362,534457,357515,802476,252
Imports of Services (million USD) 206,508210,642247,003294,949295,498
Exports of Services (million USD) 219,792216,739282,559336,511328,033

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 323.1331.7329.8333.0311.2
Trade Balance (million USD) 96,327103,694121,741150,514154,782
Trade Balance (Including Service) (million USD) 111,298109,808157,305192,076187,333
Imports of Goods and Services (Annual % Change) -0.1-1.79.63.31.0
Exports of Goods and Services (Annual % Change) -0.0-0.29.23.02.4
Imports of Goods and Services (in % of GDP) 146.8150.1146.8147.2136.9
Exports of Goods and Services (in % of GDP) 176.3181.6183.0185.8174.3

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 7.65.14.33.54.6
Volume of imports of goods and services (Annual % change) 7.65.84.64.15.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Singapore is a member of the following international economic organisations: IMF, Asia-Pacific Economic Cooperation (APEC), ICC, Association of Southeast Asian Nations (ASEAN), Colombo Plan, Common Wealth, G-77, WTO, among others. For the full list of economic and other international organisations in which participates Singapore click here. International organisation membership of Singapore is also outlined here.
Free Trade Agreements
Singapore is a member of Regional Comprehensive Economic Partnership (RCEP) signed on 15 November 2020. The complete and up-to-date list of Free Trade Agreements signed by Singapore can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
China 13.8%
Hong Kong SAR, China 10.6%
United States 9.5%
Malaysia 9.4%
Indonesia 7.4%
See More Countries 49.4%
Main Suppliers
(% of Imports)
2023
China 13.9%
United States 12.3%
Malaysia 11.3%
South Korea 6.1%
Japan 5.0%
See More Countries 51.4%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

475.4 bn USD of products exported in 2023
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 22.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 12.0%
Machines and apparatus of a kind used solely or...Machines and apparatus of a kind used solely or principally for the manufacture of semiconductor boules or wafers, semiconductor devices, electronic integrated circuits or flat panel displays; machines and apparatus specified in note 9 C to chapter 84; parts and accessories, n.e.s. 4.5%
Turbojets, turbopropellers and other gas turbinesTurbojets, turbopropellers and other gas turbines 3.7%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.5%
See More Products 54.4%
422.4 bn USD of products imported in 2023
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 20.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 12.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 6.5%
Turbojets, turbopropellers and other gas turbinesTurbojets, turbopropellers and other gas turbines 5.1%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.2%
See More Products 51.8%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

309.9 bn USD of services exported in 2023
33.80%
30.90%
11.06%
7.24%
6.80%
4.46%
2.91%
1.20%
1.09%
0.44%
0.11%
286.0 bn USD of services imported in 2023
35.27%
31.79%
8.82%
8.39%
6.36%
4.56%
2.86%
1.15%
0.50%
0.23%
0.09%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: March 2025