Singapore is the 15th largest export economy in the world and the 4th most complex economy according to the Economic Complexity Index (ECI). In 2017, Singapore exported $320B and imported $293B, resulting in a positive trade balance of $27.2B.
It is a well-known fact that most Singapore imports are destined for re-export. On top of Singapore’s import list is petroleum that represents 35% of its total imports, followed by computer and computer spare parts that represent 10%. Singapore imports petroleum gas in smaller amounts.
Singapore is the 14 th largest exporter and the 15 th largest importer in the world. Historically, international trade has strongly influenced the economy. According to the WTO, Singapore has the highest trade to GDP ratio in the world at 407.9 percent. Due to its geostrategic location and developed port facilities, a large volume of Singapore's merchandise exports involve entrepôt trade ...
Singapore derives most of its revenues from foreign trade. The biggest export product, with 43 percent share, is machinery and equipment. The country also exports petroleum (19 percent); chemical products (13 percent); miscellaneous manufactured articles (8 percent) and oil bunkers (7 percent).
Singapore’s top 10 exports represent 82.5% of the overall value of its global shipments. Boosted by accelerating international sales of gold, gems and precious metals was the fastest-growing among the top 10 export categories, up 97.6% from 2016 to 2017.
All goods imported into Singapore are regulated under the Customs Act, the Goods and Services Tax (GST) Act and the Regulation of Imports and Exports Act. Imported goods are subject to GST and/or duty payment. A customs permit is required to account for the import and tax payment of the goods. Dutiable goods, which incur both GST and duty, are:
Singapore services export is 149,642,100,650 in BoP, current US$ and services import is 155,580,663,560 in Bop, current US$.Singapore exports of goods and services as percentage of GDP is 172.15% and imports of goods and services as percentage of GDP is 146.27%.
Imports in Singapore decreased to 41848.70 Million SGD in December from 43069.54 Million SGD in November of 2018. Imports in Singapore averaged 14626.42 Million SGD from 1964 until 2018, reaching an all time high of 45112.24 Million SGD in October of 2018 and a record low of 266.38 Million SGD in July of 1964. The biggest import product, with 43 percent share, is machinery and equipment (with ...
Top Singapore Imports 2017. In 2017, Singapore bought US$327.7 billion worth of imported products down by -12.2% since 2013 and up by 15.8% from 2016 to 2017.
Singapore’s top 10 imports represent more than four-fifths (83.6%) of the overall value of its product purchases from other countries. Imported gems and precious metals was the fastest-growing top category up by 76.3% year over year.