Exporting to Singapore

Singapore Export Guide | Trade Finance Global

Exporting to Singapore

Singapore’s exports peaked at $9,196 million recently due to the country’s existing infrastructure and skilled workforce that allowed it to purchase raw goods and manufacture them for re-export such as in the industries of water fabrication and oil refining. Citing the Harmonized System (HS) classification the top exports of Singapore are namely: refined petroleum (at least $60 billion), integrated circuits ($40 billion) and oxygen amino compounds (around $6 billion). Meanwhile, Hong Kong ($30 billion), China ($30 billion) and Indonesia ($30 billion) were considered top export destinations of Singaporean products.

Singapore Country Profile

Official Name (Local Language) Republic of Singapore
Capital Singapore
Population 5,781,728
Currency Singapore Dollar
GDP $296.6 billion
Languages Chinese; English
Telephone Dial In 65

Singapore Imports Profile

Imports ($m USD)

327,710

Number of Import Products

4,309

Number of Import Partners

222

Top 5 import partners

Country

Trade

% Partner Share

China

45,344

13.84

Malaysia

38,86

11.86

United States

34,619

10.56

Other Asia, nes

27,139

8.28

Japan

20,485

6.25

Top 5 Import Products at HS 6 digit level

Export product

Number

Monolithic integrated circuits, nes

18.1%

Petroleum oils, etc, (excl. crude); preparation

14.3%

Petroleum oils and oils obtained from bituminou

6.5%

Gold in other semi-manufactured forms, non-monetary

4.0%

Parts of turbo-jets or turbo-propellers

2.7%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Singapore

Agriculture

%

Product list

0%

Orchids, vegetables; poultry, eggs; fish, ornamental fish

Industry

%

Industry list

26.6%

Electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade

Services

%

Services list

73.4%

Importing from Singapore: What is trade finance?

Singapore’s exports peaked at $9,196 million recently due to the country’s existing infrastructure and skilled workforce that allowed it to purchase raw goods and manufacture them for re-export such as in the industries of water fabrication and oil refining. Citing the Harmonized System (HS) classification the top exports of Singapore are namely: refined petroleum (at least $60 billion), integrated circuits ($40 billion) and oxygen amino compounds (around $6 billion). Meanwhile, Hong Kong ($30 billion), China ($30 billion) and Indonesia ($30 billion) were considered top export destinations of Singaporean products.

Singapore Quick Links

Information

Singapore_Map

Exporting to Singapore? Contact our local experts

Singapore_Flag

Singapore Economic Statistics

Government Website

https://www.gov.sg/

Sovereign Ratings

https://countryeconomy.com/ratings/singapore

Central Bank

Monetary Authority of Singapore

Currency USD Exchange Rate

1.379

Unemployment Rate

2.1%

Population below poverty line

NA

Inflation Rate

-0.8%

Prime Lending Rate

1.17%

GDP

$296.6 billion

GDP Pro Capita (PPP)

$87,100

Currency Name

Singapore Dollar

Currency Code

SGD

World Bank Classification

High Income

Competitive Industrial Performance

2/138

Corruption Perceptions Index

6/180

Ease of Doing Business

2/190

Enabling Trade Index

1/136

Currency in Singapore

About the Author

Natasha Roston is Head of People and Growth at Trade Finance Global (TFG). 

She builds partnerships to create innovative trade finance education projects and experiences. A key advocate for TFG’s annual Women In Trade campaigns, Natasha wrote a piece on the impact of gender stereotypes for gender equality in the workplace in 2022. Natasha is also responsible for TFG careers, culture, and team growth. A Level 2 Qualified Coach and Mental Health First Aid Champion, she leads internal training, supporting the holistic wellbeing of the team.

Before joining TFG Natasha worked in education for over a decade. Initially as a classroom teacher, and then in academic and pastoral leadership roles. Following this, she worked in EdTech as a Learning Design Coach for Aula’s Higher Education platform.

Natasha holds an MA from Tel Aviv University, a History PGCE from The Institute of Education and a BA from the University of Nottingham. Currently, she is studying for her Level 3 Certificate in International Trade from the Institute of Export & International Trade. In addition to her work at TFG, Natasha volunteers for the Young Women’s Trust as a Work It Out – CV Volunteer. 

 

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