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Singapore has long been widely known as an Entrept or transshipment port, where goods are transshipped and sometimes processed or produced in the immediate area. Data are in current U.S. dollars. Total number of products imported by a country at the Harmonized System (HS) six digit level in any given year. For more information about the cookies we use or to find out how you can disable cookies, click here. Please see, Singapores Major Trading Partners And Figures, Starting A Small Business In Singapore For Foreigners - A Quick Guide, What does Australia import from Singapore. These countries 1 Singapore dollar is equal to 0.74 U.S. dollars and 0.67 euros as of March 2022. As soon as this statistic is updated, you will immediately be notified via e-mail. Use Ask Statista Research Service. In China, the economy is expected to continue to recover from the sequential contraction experienced in the second quarter, supported by the Chinese governments commitment to increase infrastructure spending. In a special feature included in the review, MAS said that it had carried out a study to examine how recent surges in global energy and agricultural product costs affected inflation across countries and sectors, eventually transmitting to domestic prices in Singapore. U.S. goods imports from Singapore totaled $30.8 billion in 2020, up 16.8 percent ($4.4 billion) from 2019, and up 77 percent from 2010. Latest news & insights from around the world brought to you by One IBC's experts. The top five UK trading partners by total trade in goods, excluding unspecified goods in the first half (January to June) of 2020 were the United States (US), Germany, China, the Netherlands and France; they accounted for 46.0% of UK total trade in goods, excluding unspecified goods in this period. [28] Those on academic tracks are further channeled into four- or five-year courses of instruction. Also, see export samples of a product starting with 'D' by clicking on Product Wise Export Data. facts. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. According to statistics by the Organisation for Economic Co-operation and Development, economies that are expected to see slower growth next year account for close to 30 per cent of Singapores gross domestic product. These are countries that imported the most from Singapore during 2020. So, if you are planning to trade from Singapore with (Source: IMF). "In this scenario, the US and Eurozone would be at risk of a deep and prolonged recession, with attendant spillovers to externally oriented Asian economies," said MAS. Number of distinct NTM measures in effect in a country in a particular year. Please note this indicator is not cross country comparable. Singapore supplied another 9.5% worth of Leading categories include: sugars, sweeteners, beverages bases ($3.2 billion), other feeds and grain products ($22 million), vegetable oils ($14 million), baked goods, cereals, and pasta ($11 million), and essential oils ($5 million). Singapore monthly trade data Singapore quarterly trade data, Please note the exports, imports and tariff data are based on reported data and not gap filled. (USD 49.0 billion), United States (USD 43.9 billion), Malaysia (USD 41.6 Singapores top 10 export partners in 2019 were China It is assisted by a Civil Defence Force consisting of reservists and volunteers. Available: https://www.statista.com/statistics/1193647/singapore-leading-services-trade-partners-by-value/, Leading services trading partners of Singapore in 2020, by value, Immediate access to statistics, forecasts & reports, Trade to GDP ratio of Singapore 2012-2021, Net trade in goods and services in Singapore 2013-2022, Value of trade in services in Singapore 2013-2022, Value of exports in services in Singapore 2013-2022, Value of imports of services in Singapore 2013-2022, Distribution of services exports in Singapore 2022, by type, Distribution of services imports in Singapore 2022, by type, Largest services trading partners Singapore 2020, by value, Value of merchandise trade in Singapore 2015-2022, by trade flow, Year-on-year change in merchandise trade in Singapore 2017-2021, Annual change in merchandise exports in Singapore 2016-2021, Annual change in merchandise imports Singapore 2016-2021, Export value of goods from Singapore 2022, by commodity, Largest merchandise trading partners Singapore 2021, by value, Total exports of energy products in Singapore 2011-2021, Imports of crude oil in Singapore 2005-2021, Exports of crude oil from Singapore 2005-2021, Breakdown exports energy products in Singapore 2021, by type, Breakdown of exports petroleum products in Singapore 2021 by type, Distribution of non-oil re-exports from Singapore 2022, by commodity, Distribution of non-oil domestic exports from Singapore 2022, by commodity, Breakdown of non-oil re-exports from Singapore 2022, by commodity, Breakdown of non-oil domestic exports from Singapore 2022, by commodity, Growth of non-oil domestic exports to leading markets Singapore 2022, Projected services sector growth after COVID-19 outbreak in Vietnam 2020, Italy: year-on-year exports value change of main enterprises 2013-2017, Motor vehicles and goods trade and repair services value added Philippines 2010-2018, Real estate and renting services value added Philippines 2010-2018, Real GDP growth services sector Philippines 2015-2021, Real GDP growth services sector Thailand 2015-2021, Service industry gross value added Philippines 2022, by sector, Information and communication sector value added Philippines 2020-2022, Real GDP growth services sector Myanmar 2015-2021, Public administration and social security services value added Philippines 2010-2018, Percentage change gross added value of the services sector in Belgium 2016-2024, Annual growth rate of real gross value added in Australia FY 1990-FY 2021, Value added of the service sector in Italy 2018, by region, Services sector R&D spending New Zealand 2012-2018, Leading services trading partners of Singapore in 2020, by value (in billion Singapore dollars), Find your information in our database containing over 20,000 reports. Share with others! China, the United States, Indonesia, Malaysia, and Japan are Singapore's principal trading partners. to incorporate the statistic into your presentation at any time. As a Premium user you get access to background information and details about the release of this statistic. The proportion of goods imported from non-EU . Below given chart and table shows percentage share of Singapores 10 largest Is this article helpful. Profit from the additional features of your individual account. It has a long history of being a middleman, transporting raw materials such as rubber, wood and spices from Southeast Asia in exchange for finished products, which are exported to its major trading partners. The risk of the global economy slipping into a deeper and more protracted downturn is substantial, MAS noted. This year,year-on-year headline inflation rose from 5.4 per cent in the second quarter, to 6 per cent in the third quarter. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). According to Singapore According to the Department of Commerce, U.S. exports of goods and services to Singapore supported an estimated 235 thousand jobs in 2019 (latest data available) (115 thousand supported by goods exports and 120 thousand supported by services exports). If you are an admin, please authenticate by logging in again. "In Asia, a further depreciation of local currencies against the US dollar could intensify imported inflationary pressures given the prevalence of the dollar in international trade invoicing, with stronger effects for economies that are net importers of food and energy.". SINGAPOREMajor economies around the world will be buffeted by the double whammy of slowing growth and "multi-decade" high inflation in the coming months, muddying the economic outlook for Singapore as its main trading partners take a hit, the Monetary Authority of Singapore (MAS) said on Thursday (Oct 27). Tariffs can be based on the MFN tariffs which applied to all trading partners, Services Service Policy Restrictive Database. Amid the spectre of slowing growth and high inflation in the coming months, Singapore's main trading partners are not spared; Dragged down by a slowdown in trade, Singapore's economy is also . Cultural activities in Singapore are largely derivative, springing from one or another of the major civilizations of China, India, Indonesia, or the West. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments. In addition, should inflation turn out to be more entrenched and persistent than expected, or if labour market pressures fail to ease, then central banks may be compelled to adopt more restrictive policy settings, which would further drive up interest rates and curb global demand. Log in, mainland China: US$64 billion (12.4% of Singapores total exports), United Arab Emirates: $5.9 billion (1.2%), Taiwan: -US$32.3 billion (country-specific trade deficit in 2022), Hong Kong: US$54.8 billion (country-specific trade surplus in 2022), Medical Technology (medical/healthcare equipment), Singapore Technologies Engineering (electronics manufacturing), Singapore Telecommunications Limited (communications), Ltt Veneer Singapore (soybean flours, hams), Sephora Singapore (copper pipes/tubes, cabinets), Wajilam Export Singapore (wood, chocolate). The range and quality of medical services is notably high, with a large number of doctors and dentists. a continental perspective, 66% of Singapores total imports by value in 2019 Singapore's largest trading partner was China, which shared 13.2% to total Singapore imports and 13.2% to total Singapore exports. At the time, the inflation rate was driven by a spike in energy prices, before collapsing in September that year when the global financial crisis began. Leading merchandise trading partners of Singapore in 2021, by value (in billion Singapore dollars) [Graph]. This year, year-on-year headline inflation rose from 5.4 per cent in the second quarter, to 6 per cent in the third quarter. U.S. imports from Singapore are up 104 percent from 2003 (pre-FTA). U.S. exports of services to Singapore were an estimated $24.7 billion in 2020, 2.8 percent ($703 million) less than 2019, but 132 percent greater than 2010 levels. Also shown is each import country's percentage of total Singaporean exports. and over 1Mio. TODAY pic, Deputy law minister: Dr Mahathir's remarks lack legal basis, Federal Constitution reflects Malaysia as multiracial, multireligious, Former Perak convenience store employee apologises, returns stolen money to owner, Penang wedding videographer who charges RM200 per job becomes a hit, fully booked until May 2024 (VIDEO), HK starCecilia Cheung gives watch to fan who waited to greet her at airport, Six state elections: EC sets polling day for August 12 , nomination day on July 29, Chiak pa boey? ", Singapore Department of Statistics, Leading services trading partners of Singapore in 2020, by value (in billion Singapore dollars) Statista, https://www.statista.com/statistics/1193647/singapore-leading-services-trade-partners-by-value/ (last visited July 05, 2023), Leading services trading partners of Singapore in 2020, by value (in billion Singapore dollars) [Graph], Singapore Department of Statistics, March 21, 2022. Economic Policy & Debt: Balance of payments: Current account: Goods, services & income. HS Code Export USD$ (85) Electrical Machinery: $166,996,608,487 Leading domestic export categories include: animal fats ($227 million), vegetable oils (excluding soybean) ($160 million), dairy products ($85 million), food preparations ($63 million), and essential oils ($47 million). The 20 countries with the highest trade surplus in 2022, Import value of goods to Singapore 2022, by commodity, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. A number of parties contest elections, but since 1959 Singaporean politics have been dominated by the Peoples Action Party (PAP). The following tables are based on 2016 data as shown on the CIA World Factbook. As soon as this statistic is updated, you will immediately be notified via e-mail. Major imports are machinery and transport equipment and crude petroleum, while machinery and refined petroleum products are the major exports. Since 2013, China has been Singapore's largest trading partner, and Singapore has been China's largest foreign investor. Singapore seaport is currently connected with 600 ports in 123 countries and territories, through more than 200 shipping routes. SINGAPORE, Oct 28 Major economies around the world will be buffeted by the double whammy of slowing growth and multi-decade high inflation in the coming months, muddying the economic outlook for Singapore as its main trading partners take a hit, the Monetary Authority of Singapore (MAS) said yesterday (October 27). Currently, you are using a shared account. For more information click, Number of products at HS 6 digit level that are affected in a particular year. Market Value: 226,068 (millions) Last Updated: June, 2019, Market Value: 234,088 (millions) Last Updated: June, 2019. billion), United Arab Emirates (USD 11.5 billion) and Germany (USD 9.9 Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 42.7% from 2021 to 2022. From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States. Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. Chart. You need at least a Starter Account to use this feature. This also includes each import countrys percentage of total Singaporean exports GDP. Singapore is an important international air transit hub and gateway to Asia. U.S. exports to Singapore account for 1.9 percent of overall U.S. exports in 2020. "Leading services trading partners of Singapore in 2020, by value (in billion Singapore dollars)." Then you can access your favorite statistics via the star in the header. See also Economy of China Internationalization of the renminbi List of countries by leading trade partners 1 Singapore dollar is equal to 0.75 U.S. dollars and 0.70 euros as of January 2023. If you are an admin, please authenticate by logging in again. U.S. goods and services trade with Singapore totaled an estimated $93.7 billion in 2020. The PAPs ability to maintain its control largely has been attributable to Singapores rapid economic growth and improved social welfare. Analyze Singapore trade statistics to have It measures the uniform tariff equivalent of the country tariff and non-tariff barriers (NTB) that would generate the same level of import value for the country in a given year. Singapores top 10 import partners in 2019 were China Singapore For viewing trade, tariff data for country or region by year click here . billion), Taipei, Chinese (USD 16.3 billion), Thailand (USD 15.3 billion), Singapore Department of Statistics. "Leading Services Trading Partners of Singapore in 2020, by Value (in Billion Singapore Dollars). These countries accounted 68.9% to overall value of import shipments. The study also found that the cost impact varies quite substantially across industries. Singapores manufacturing and transport services sectors are heavily affected by energy cost shocks. Singapore Department of Statistics. The U.S. goods trade deficit with Singapore was $3.9 billion in . Traditional Chinese and Indian music, painting, and drama are practiced by numerous cultural societies and professional groups. Copyright 2023 Mediacorp Pte Ltd. All rights reserved. Any key trade agreement failure with China may adversely affect the Singaporean market. Therefore, this city-state still remains an attractive destination to incorporate and boost your import and export profits. For India NTM's in Chapter A and B are not covered. The president is head of state; until 1991 the largely ceremonial post of president was filled by parliamentary election, but in that year the constitution was amended to allow for the direct popular election of the president and for presidential powers to be expanded. Show publisher information as the worlds 16, See import samples of a product starting with 'G' by clicking on, Also, see export samples of a product starting with 'D' by clicking on, Top Beef Exporters in India: Report on Beef and Other Meat Exporters, 10 Major Regional Trading Blocs in the World, List of Products Exported from India - Indias Top 10 Exports, Turkeys Exports Hit Record High in 2022, Imports Also Up, India-Saudi Arabia Trade Up in 2022 Indias Imports Get Doubled, Indias Imports Down in Q1 of 2023 and Exports Up Analysis Report, The smart data feeds develop real-time supply chain analytics, India's Dairy Sector Might See Imports In 13 Years Due To Rising Prices, India and Russia Discuss Shipping via Northern Sea Route. Popular culture, based on modern mass media, is far more widespread. Singapores international airport, Changi, at the eastern end of the main island, is a major regional and overseas air hub. Meanwhile, significant tightening of global financial conditions and continued Covid-19 restrictions will continue to have an impact on economic growth in some of Singapore's major trading partners. U.S. total imports of agricultural products from Singapore totaled $3.3 billion in 2020, our 9th largest supplier of agricultural imports. globalEDGE - Your source for business knowledge Menu. Imports of goods and services represent the value of all goods and other market services received from the rest of the world. These economies include the United States, the United Kingdom, the Eurozone, comprising the 19 member states of the European Union, and Malaysia. The United States has a services trade surplus of an estimated $13.5 billion with Singapore in 2020, down 6.2 percent from 2019. Chart. billion), Taipei, Chinese (USD 32.3 billion), Japan (USD 19.3 billion), Get quick analyses with our professional research service. This also includes each import country's percentage of total Singaporean exports GDP. The Eurozone is vulnerable to further disruptions to gas supplies, which will impart strong knock-on effects on global energy prices, said MAS. Guangdong remains Singapore's top Chinese provincial trading partner 2023-06-27 - Timothy Goh timgohsm@sph.com.sg . (2022). U.S. total exports of agricultural products to Singapore totaled $1.1 billion in 2020, our 25th largest agricultural export market. Commodity Brokers, Exporters, Food Traders, Garment Traders, Importers, Jewelry Traders, Rice Traders all can be found in the offices of Singapore companies and on the wharfs of Singapore docks GeBIZ is the Singapore Government's one-stop e-procurement portal where suppliers can conduct e-commerce with the Singapore Government. Use Ask Statista Research Service. SINGAPORE, Oct 28 Major economies around the world will be buffeted by the double whammy of slowing growth and "multi-decade" high inflation in the coming months, muddying the economic outlook for Singapore as its main trading partners take a hit, the Monetary Authority of Singapore (MAS) said yesterday (October 27). It is calculated as the number of countries to which the reporter exports a particular product divided by the number of countries that report importing the product that year. Number of countries from which a particular country imports data in any given year. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. The U.S. goods and services trade surplus with Singapore was $9.6 billion in 2020. In 2021, the city-state was the United States' 12th largest export market importing US$35.3 billion worth of goods. Partner Indicator How to find data Select the required Time Period using the filter above Choose the Commodity you need using the search bar or navigation tree (6,000+ items) Select the Reporter, Partner and Trade Flow you want Choose the visualization type Customize your table or chart using the Settings button Please create an employee account to be able to mark statistics as favorites. ", Singapore Department of Statistics, Leading merchandise trading partners of Singapore in 2021, by value (in billion Singapore dollars) Statista, https://www.statista.com/statistics/1113577/singapore-leading-merchandise-trade-partners-by-value/ (last visited July 05, 2023), Leading merchandise trading partners of Singapore in 2021, by value (in billion Singapore dollars) [Graph], Singapore Department of Statistics, January 4, 2023. At the time, the inflation rate was driven by a spike in energy prices, before collapsing in September that year when the global financial crisis began. Despite being a small country, with a population of less than 10 million people, Singapores trading partners are the most diverse in the world with roughly 220 partners. "This represents a rebalancing of growth drivers from one that was predominantly led by trade in 2021," said MAS. The largest US partners with their total trade in goods (sum of imports and exports) in billions of US dollars for calendar year 2021 are as follows: Singapore is an important partner of the United States with a bilateral, gold standard Free Trade Agreement (FTA) signed in 2003 and implemented January 1, 2004 - the first U.S. FTA signed in Asia. Singapore has built on its favorable geographical position to become one of the world's leading air and sea freight hubs. (March 21, 2022). 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