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An island country and sovereign city-state in Southeast Asia, the Republic of Singapore shipped 374.2 billion dollars worth of goods around the globe in 2020. That dollar amount reflects a 13.4 percent increase since 2016 but a minus 4.1 percent decline from 2019 to 2020.
Singapore’s Top 10 Exports
Based on the average exchange rate for 2020, the Singapore dollar appreciated by 0.1 percent against the US dollar since 2016 but declined by minus 1.1 percent from 2019 to 2020. Singapore’s weaker local currency since 2019 makes its exports paid for in stronger US dollars relatively less expensive for international buyers during 2020.
The latest available country-specific data shows that 77.9 percent of products exported from Singapore were bought by importers in China with 13.8 percent of the global total, Hong Kong with 12.4 percent, the United States with 10.7 percent, Malaysia with 8.9 percent, Indonesia with 5.7 percent, Taiwan with 4.9 percent, Japan with 4.8 percent, South Korea with 4.5 percent, Thailand with 3.8 percent, Vietnam with 3.3 percent, the Netherlands with 2.7 percent and India with 2.5 percent.
From a continental perspective, 71.0 percent of Singapore’s exports by value were delivered to Asian countries while 11.4 percent were sold to North American importers. Singapore shipped another 10.6 percent worth of goods to Europe. Smaller percentages went to Oceania led by Australia, Marshall Islands, and New Zealand got 3.9 percent, Latin America excluding Mexico but including the Caribbean got 1.7 percent then Africa got 1.3 percent.
Given Singapore’s population of 5.77 million people, its total 374.2 billion dollars in 2020 exports translates to a formidable 64,900 dollars for every resident in the export-dependent nation.
The following export product groups represent the highest dollar value in Singaporean global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Singapore.
Electrical machinery, and equipment with 132.2 billion dollars account for 35.3 percent of total exports.
Machinery including computers with 58.2 billion dollars accounts for 15.5 percent
Mineral fuels including oil with 30.3 billion dollars account for 8.1 percent
Optical, technical, and medical apparatus with 20.8 billion dollars account for 5.6 percent
Gems, precious metals with 20.3 billion dollars account for 5.4 percent
Plastics, plastic articles with 12.9 billion dollars account for 3.5 percent
Organic chemicals with 11.4 billion dollars account for 3 percent
Perfumes, cosmetics with 9.6 billion dollars account for 2.6 percent
Pharmaceuticals with 8.9 billion dollars account for 2.4 percent
Miscellaneous food preparations with 6 billion dollars account for 1.6 percent
Singapore’s top 10 exports represent 83 percent of the overall value of its global shipments.
Gems and precious metals were the fastest growers among the top 10 export categories, up by 14.5 percent from 2019 to 2020 propelled by higher international revenues of gold. In second place for improving export sales were miscellaneous food preparations with an 11.5 percent gain. Singapore’s shipments of pharmaceuticals posted the third fastest gain in value up by 10 percent.
The leading decliner among Singapore’s top 10 export categories was mineral fuels including oil thanks to a minus 36.7 percent drop year over year.
Singapore’s Top 10 Imports
Singapore imported 329.1 billion dollars worth of goods from around the globe in 2020, up 16.3 percent since 2016 but down by minus 8.3 percent from 2019 to 2020.
Based on the average exchange rate for 2020, the Singapore dollar appreciated by 0.1 percent against the US dollar since 2016 but declined by minus 1.1 percent from 2019 to 2020. Singapore’s weaker local currency since 2019 makes Singapore’s imports paid for in stronger US dollars in 2020 relatively less expensive than in 2019 when converted starting from Singapore dollars.
From a continental perspective, over two-thirds with 68.9 percent of Singapore’s total imports by value in 2020 were bought from fellow Asian countries. European trade partners supplied 15.2 percent of Singapore’s import purchases while 11.9 percent worth of goods originated from North America. Smaller percentages came from providers in Oceania with 1.8 percent led by Australia, then Africa with 1.2 percent, and Latin America with 1.1 percent excluding Mexico but including the Caribbean.
Given Singapore‘s population of 5.8 million people, its total of 329.1 billion dollars in 2020 imports translates to roughly 57,000 dollars in yearly product demand from every person in the strategically located Asian nation.
The following product groups represent the highest dollar value in Singapore’s import purchases during 2020. Also shown is the percentage share each product category represents in terms of overall imports into Singapore.
Electrical machinery, and equipment with 108.9 billion dollars accounting for 33.1 percent of total imports
Machinery including computers with 52.9 billion dollars accounts for 16.1 percent
Mineral fuels including oil with 49.2 billion dollars account for 15 percent
Gems, and precious metals account for 22.6 billion dollars which is 6.9 percent
Optical, technical, and medical apparatus is 12.8 billion dollars which stands at 3.9 percent
Plastics, plastic articles is 7.2 billion dollars which stands at 2.2 percent
Organic chemicals are 7.1 billion dollars which stands at 2.2 percent
Aircraft and spacecraft account for 6.5 billion dollars which are 2 percent
Perfumes and cosmetics account for 4.2 billion dollars which is 1.3 percent
Other chemical goods account for 4.2 billion dollars which is 1.3 percent
Singapore’s top 10 imports represent more than four-fifths or 83.8 percent of the overall value of its product purchases from other countries.
Imported gems and precious metals were the fastest growing top category thanks to its 19.7 percent year-over-year gain. The only other import categories to increase were electrical machinery and equipment via its 10.9 percent uptick and optical, technical, and medical apparatus up 3. percent
Leading the declining import categories were aircraft and spacecraft due to their minus 45.1 percent drop year over year.
Singapore’s Top Trading Partners
Nicknamed the Fine Country, the Republic of Singapore is a Southeast Asian island strategically located near China, Malaysia, Indonesia, and Australia.
Singapore exported 374.2 billion dollars worth of goods around the globe in 2020. That dollar amount reflects a 13.4 percent increase since 2016 but a minus 4.1 percent decline from 2019 to 2020.
Applying a continental lens, 71 percent of Singapore’s exports by value were delivered to Asian countries while 11.4 percent were sold to North American importers. Singapore shipped another 10.6 percent worth of goods to Europe.
Smaller percentages went to Oceania led by Australia, the Marshall Islands, and New Zealand which is 3.9 percent, Latin America excluding Mexico but including the Caribbean with 1.7 percent then Africa with 1.3 percent.
Singapore’s top trading partners: These are countries that imported the most Singaporean export shipments by dollar value during 2020. Also shown is each import country’s percentage of total Singaporean exports.
China with 51.5 billion dollars representing 13.8 percent of Singapore’s total exports.
Hong Kong with 46.2 billion dollars representing 12.4 percent
The United States with 40.2 billion dollars representing 10.7 percent
Malaysia with 33.3 billion dollars representing 8.9 percent
Indonesia with 21.5 billion dollars representing 5.7 percent
Taiwan with 18.3 billion dollars representing 4.9 percent
Japan with 17.9 billion dollars representing 4.8 percent
South Korea with 16.8 billion dollars representing 4.5 percent
Thailand with 14.1 billion dollars representing 3.8 percent
Vietnam with 12.5 billion dollars representing 3.3 percent
The Netherlands with 10.2 billion dollars representing 2.7 percent
India with 9.2 billion dollars representing 2.5 percent
Australia with 8.6 billion dollars representing 2.3 percent
The Philippines with 7.4 billion representing 2 percent
Germany with 5.6 billion dollars representing 1.5 percent
Over four-fifths or 83.7 percent of Singaporean exports in 2020 were delivered to the above 15 trade partners.
Among the above top importers that increased their purchases from Singapore the most from 2019 to 2020, the Netherlands was in first place up by 18.9 percent. In second place was the United States up by 16.8 percent trailed by Taiwan up by 11.3 percent and South Korea by up 10.3 percent.
Leading the decliners were importers in Australia down by minus 24.2 percent, Indonesia down by minus 21.6 percent, India down by minus 19.4 percent, Malaysia down by minus 19 percent, and the Philippines down by minus 12.7 percent.
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