Xifres de comerç exterior de Singapur

Foreign Trade in Figures

Singapore's trade represented 320.6% of its GDP in 2021 (World Bank, 2022). The country ranks the 15th importers and the 14th exporters of the world (WTO, 2021). Main exports include electronic integrated circuits and microassemblies, electrical machinery and equipment, mineral fuels followed by chemicals, optical and medical equipment, transportation, business services, travel and financial services. Imports, on the other hand, were led by integrated circuits, refined petroleum, electrical machinery/equipment, turbo-jets and turbo-propellers, business services, transportation, travel, royalties and license fees.The International Monetary Fund (IMF) is forecasting a increase of 4.8% in the volume of exports of goods and services of the country in 2022, after an increase of 13.1% in 2021 and fall of 5.9% in 2020 due to the COVID pandemic, and an increase of 4.9% of its imports, after an increase of 4.6% in 2021 and a fall of 5.7% in 2020.

Main export destinations include China (14% of all exports in 2021), Hong Kong (13%), the United States (11%), Malaysia (9.4%) and Indonesia (6%), while most imports arrived from China (16%), Malaysia (14%), the United States (12%), Japan (6.2%) and Indonesia (5.3%). The greatest risk to Singapore trade was the U.S. exit from the Trans-Pacific Partnership in January 2017; however, a formal signing ceremony excluding the U.S. was held in March 2018. Trade and exports also fell in 2019 due to global trade tension, weakening demand for electronics (The Strait Times). However, in December 2019, exports showed a recovery thanks to a surge in pharmaceutical shipments. On the 15th of November 2020 Singapore has signed the Regional Comprehensive Economic Partnership (RCEP) with 14 other Indo-Pacific countries. This free trade agreement is the largest trade deal in history, covering 30 per cent of the global economy. It includes the Association of Southeast Asian Nations (ASEAN : Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and ASEAN’s free trade agreement partners (Australia, China, India, Japan, New Zealand and Republic of Korea). The RCEP covers goods, services, investment, economic and technical cooperation. It also creates new rules for electronic commerce, intellectual property, government procurement, competition, and small and medium sized enterprises.

In 2021, Singapore exported for an amount of 176.2% of GDP but imported goods and services at 144.3% of GDP. The trade balance including services was therefore positive at USD 103.7 billion (World Bank, 2021). The strategy adopted by the country is to promote exports while minimizing barriers to imports. Singapore has signed the Asian Free Trade Area agreements (AFTA in the ASEAN context), the Trans-Pacific Partnership (TPP) and several bilateral agreements. All customs duties between Singapore and the E.U. are expected to disappear once the European Union-Singapore Free Trade Agreement is ratified by both countries (The Straits Times).