Trade Trend

In 2023, Singapore's total export value is 475.29Billion USD, total import value is 422.33Billion USD, Surplus is 52.96Billion USD, and foreign trade dependency is 1.790. In 2023，Singapore's top export products are Electronic integrated circuits(104.41Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(56.92Billion USD), Commodities not specified according to kind(32.32Billion USD), top export destinations are China(65.55Billion USD), Hong Kong CN(50.37Billion USD), United States(44.94Billion USD). In 2023, Singapore's top import products are Electronic integrated circuits(87.64Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(53.10Billion USD), Petroleum oils and oils obtained from bituminous minerals; crude(27.44Billion USD), top import origins are China(58.76Billion USD), United States(52.04Billion USD), Taiwan CN(48.59Billion USD).

Comparing to 2022, Singapore's total export value decreased -39.53Billion USD(-7.68%) in 2023, this could result from its export decreases of products such as Electronic integrated circuits(-17.64Billion USD or -14.45%), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(-6.50Billion USD or -10.26%), Commodities not specified according to kind(-3.16Billion USD or -8.90%) and export decreases to countries/economics such as Hong Kong CN(-7.46Billion USD or -12.90%), Malaysia(-7.08Billion USD or -13.75%), Cambodia(-5.80Billion USD or -74.40%). Comparing to 2022, Singapore's total import value decreased -52.86Billion USD(-11.12%) in 2023, this could result from its import decreases of products such as Electronic integrated circuits(-20.35Billion USD or -18.84%), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(-9.37Billion USD or -15.00%), Petroleum oils and oils obtained from bituminous minerals; crude(-6.52Billion USD or -19.20%), and its import decreases from countries/economies such as Malaysia(-11.76Billion USD or -19.81%), Taiwan CN(-8.98Billion USD or -15.60%), Japan(-5.50Billion USD or -20.59%).

Cumulated to first 7 months of 2024, Singapore's total export value is 158.07Billion USD, total import value is 161.76Billion USD, and tradedeficit is -3.69Billion USD. Cumulated to first 7 months of 2024, Singapore's top export products are Electronic integrated circuits(32.36Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(20.99Billion USD), Commodities not specified according to kind(8.96Billion USD), and top export destinations are China(23.04Billion USD), United States(18.08Billion USD), Hong Kong CN(16.10Billion USD). Cumulated to first 7 months of 2024, Singapore's top import products are Electronic integrated circuits(32.36Billion USD), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(20.99Billion USD), Commodities not specified according to kind(8.96Billion USD), and top import origins areChina(27.20Billion USD), United States(20.47Billion USD), Taiwan CN(19.52Billion USD).