Singapore trade hits $1.23t in 2024 driven by strong flows

The tracker showed that Singapore’s top five export flows were electrical machinery and equipment to Hong Kong SAR.

Singapore recorded total trade of approximately $1.23t (US$951.6b) in 2024, comprising $640.8b (US$494.8b) in exports and $591.6b (US$456.8b) in imports, according to the DHL Global Connectedness Tracker.

From 2018 to 2023, the top destinations for Singapore’s goods exports were China (13%), Hong Kong SAR (12%), Malaysia (9%), United States (9%), and Indonesia (7%). Other significant markets included Taiwan (China), Japan, South Korea, Thailand, and Vietnam.

On the import side, the leading sources were China (14%), Malaysia (12%), United States (11%), Taiwan (11%), and Japan (5.5%), followed by South Korea, Indonesia, France, the United Arab Emirates, and Thailand.

Singapore’s exports were dominated by electronics-related products, particularly electrical machinery and equipment (HS85) and integrated circuits.

Other major export categories between 2017 and 2022 included industrial machinery, gold, petroleum oils, organic chemicals, medical and optical apparatus, pharmaceuticals, plastics, and ships.

Imports followed a similar pattern, with the largest shares in industrial machinery and integrated circuits, alongside gold, petroleum oils, and organic chemicals. Singapore also imported significant volumes of aircraft, vehicles, plastics, and ships.

Based on product and trade partner breakdowns, the tracker showed that Singapore’s top five export flows were electrical machinery and equipment to Hong Kong SAR, mineral fuels and oils to Indonesia, industrial machinery to China, precious metals and stones to Cambodia, and organic chemicals to China.

On the import side, the top flows were electrical machinery and equipment from Taiwan (China), mineral fuels and oils from Malaysia, industrial machinery from China, precious metals and stones from Switzerland, and optical/medical apparatus from the United States.