Trade value projected to exceed $1.2t by 2029: report

The report placed Singapore’s total trade value for 2024 at $951.6b, ranking 15th globally.

Singapore’s total trade value is projected to exceed $1.2t by 2029, according to the latest DHL Trade Atlas 2025.

The report placed Singapore’s total trade value for 2024 at $951.6b, ranking it 15th globally. Over the past five years, trade value grew by $201.7b, and further expansion of $282.1b is projected from 2024 to 2029.

Exports, which reached $494.8b in 2024 (ranking 13th globally), are forecasted to surge, driven by electronics, mineral fuels, and industrial machinery. Meanwhile, imports totalled $456.8b (16th globally), with continued growth expected as global supply chains shift.

Singapore’s trade is heavily influenced by its top five export destinations, which include China (13%), Hong Kong SAR (12%), Malaysia (9.9%), the United States (9%), and Indonesia (7.1%).

On the import side, China (14%) and Malaysia (12%) remain dominant, followed by the US (11%), Taiwan (11%), and Japan (5.5%). Singapore continues to benefit from regional trade integration and its role in global supply chains.

The nation’s export strength is led by high-value technology and energy products, with the top five categories including Electrical Machinery & Equipment (28% of total exports), Mineral Fuels, Oils, and Waxes (17%), Industrial Machinery (14%), Precious Metals & Stones (5.9%), and Organic Chemicals (5.7%).

Singapore’s import landscape reflects its status as a technology and manufacturing hub, with top products including Electrical Machinery & Equipment (27%), Mineral Fuels, Oils, and Waxes (22%), Industrial Machinery (13%), Precious Metals & Stones (6.5%), and Optical & Medical Apparatus (3.4%).

Singapore’s trade volume is forecasted to grow at 3.8% annually from 2024 to 2029, outpacing global averages. Exports will see a 3.7% increase, whilst imports are expected to grow by 3.8%, reinforcing the city-state’s dominance in global commerce.