Singapur: Visió econòmica i política
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 | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 359,266 | 329,830 | 406,226 | 475,578 | 423,448 |
Exports of Goods (million USD) | 390,763 | 362,534 | 457,357 | 515,802 | 476,252 |
Imports of Services (million USD) | 206,508 | 210,642 | 247,003 | 294,949 | 295,498 |
Exports of Services (million USD) | 219,792 | 216,739 | 282,559 | 336,511 | 328,033 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
Foreign Trade (in % of GDP) | 323.1 | 331.7 | 329.8 | 333.0 | 311.2 |
Trade Balance (million USD) | 96,327 | 103,694 | 121,741 | 150,514 | 154,782 |
Trade Balance (Including Service) (million USD) | 111,298 | 109,808 | 157,305 | 192,076 | 187,333 |
Imports of Goods and Services (Annual % Change) | -0.1 | -1.7 | 9.6 | 3.3 | 1.0 |
Exports of Goods and Services (Annual % Change) | -0.0 | -0.2 | 9.2 | 3.0 | 2.4 |
Imports of Goods and Services (in % of GDP) | 146.8 | 150.1 | 146.8 | 147.2 | 136.9 |
Exports of Goods and Services (in % of GDP) | 176.3 | 181.6 | 183.0 | 185.8 | 174.3 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2024 | 2025 (e) | 2026 (e) | 2027 (e) | 2028 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 7.6 | 5.1 | 4.3 | 3.5 | 4.6 |
Volume of imports of goods and services (Annual % change) | 7.6 | 5.8 | 4.6 | 4.1 | 5.9 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
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%.
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.
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: March 2025