Singapore flag Singapore: Economic and Political Overview

Foreign trade figures of Singapore

Foreign Trade in Figures

Singapore's trade represents 320% of its GDP in 2025 (World Bank), one of the highest shares in the world. Main exports in 2025 included electronic integrated circuits (23.9% - as Singapore is a global leader in the production of semiconductors), refined petroleum products (9.1% - the country is a major refining centre), computers (6.8%), semiconductor manufacturing equipment (4.9%), turbojets (4.4%), and telephone sets (4.2%). As the country is also a re-export base, imports were led by similar categories: electronic integrated circuits (22.5%), refined petroleum products (8.9%), turbojets (6.4%), crude oil (5.1%), and computers (4.9% - data Comtrade). In 2025, non-oil domestic exports grew by 4.8%, faster than the 0.2% growth in 2024, with increases in both electronics (+12.7%) and non-electronics (+2.5%). Oil domestic exports declined by 9.2%, though export volumes rose by 3.4% (data Ministry of Trade & Industry).

In 2025, the main export destinations were Hong Kong (11.1% of all exports), China (10.9%), Malaysia (9.9%), the United States (9.6%), and Taiwan (8.7%), while most imports arrived from Taiwan (16.1%), China (12.5%), Malaysia (10.9%), the United States (10.6%), and South Korea (6.4% - data Comtrade). Singapore’s strategy focuses on promoting exports while reducing import barriers. It joined the RCEP, the world’s largest trade deal, covering 30% of the global economy. The agreement includes ASEAN and its FTA partners, addressing trade in goods, services, investment, and cooperation, along with rules on e-commerce, IP, procurement, competition, and SMEs.

The country has a structural trade surplus. According to WTO data, in 2025, exports of goods amounted to USD 566.9 billion and imports reached USD 505.8 billion (+12.1% and +10.3% y-o-y, respectively). With regard to services, Singapore’s exports reached USD 422.3 billion (+5.7% y-o-y), against USD 384.8 billion in imports (+5.4%). The overall trade balance was estimated to be in surplus by 35.4% of GDP by the World Bank (from 36% in 2024). According to the Ministry of Trade & Industry, total merchandise trade expanded by 8.7% in 2025 and merchandise exports rose by 9.6%, up from 5.7% in 2024. Electronics NODX grew 12.7%, led by integrated circuits, PCs, and disk media, while non-electronics NODX rose 2.5%, mainly due to higher exports of pharmaceuticals, non-monetary gold, and specialised machinery.

 
Foreign Trade Values 20212022202320242025
Imports of Goods (million USD) 406,226475,578423,448458,686505,838
Exports of Goods (million USD) 457,357515,802476,252505,658566,872
Imports of Services (million USD) 249,484299,927322,164364,936384,791
Exports of Services (million USD) 287,462343,015350,999399,431422,347

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20212022202320242025
Foreign Trade (in % of GDP) 326.5330.2323.7313.3320.3
Trade Balance (million USD) 119,875161,453161,114171,811176,195
Trade Balance (Including Service) (million USD) 157,853204,541189,949206,306213,751
Imports of Goods and Services (Annual % Change) 8.46.24.16.711.9
Exports of Goods and Services (Annual % Change) 8.45.34.45.710.8
Imports of Goods and Services (in % of GDP) 145.4145.2143.3138.6142.5
Exports of Goods and Services (in % of GDP) 181.2185.0180.4174.7177.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2026 (e)2027 (e)2028 (e)2029 (e)2030 (e)
Volume of exports of goods and services (Annual % change) 1.94.23.42.21.1
Volume of imports of goods and services (Annual % change) 1.64.43.82.51.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Singapore is a member of the following international economic organisations: IMF, Asia-Pacific Economic Cooperation (APEC), ICC, Association of Southeast Asian Nations (ASEAN), Colombo Plan, Common Wealth, G-77, WTO, among others. For the full list of economic and other international organisations in which participates Singapore click here. International organisation membership of Singapore is also outlined here.
Free Trade Agreements
Singapore is a member of Regional Comprehensive Economic Partnership (RCEP) signed on 15 November 2020. The complete and up-to-date list of Free Trade Agreements signed by Singapore can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2025
Hong Kong SAR, China 11.1%
China 10.9%
Malaysia 9.9%
United States 9.6%
Indonesia 6.8%
See More Countries 51.6%
Main Suppliers
(% of Imports)
2025
China 12.5%
Malaysia 10.9%
United States 10.6%
South Korea 6.4%
Japan 5.0%
See More Countries 54.5%

Source: Comtrade, 2026. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

566.0 bn USD of products exported in 2025
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 23.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 9.1%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 6.8%
Machines and apparatus of a kind used solely or...Machines and apparatus of a kind used solely or principally for the manufacture of semiconductor boules or wafers, semiconductor devices, electronic integrated circuits or flat panel displays; machines and apparatus specified in note 9 C to chapter 84; parts and accessories, n.e.s. 4.9%
Turbojets, turbopropellers and other gas turbinesTurbojets, turbopropellers and other gas turbines 4.4%
See More Products 50.9%
503.9 bn USD of products imported in 2025
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 22.5%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 8.9%
Turbojets, turbopropellers and other gas turbinesTurbojets, turbopropellers and other gas turbines 6.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 5.1%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 4.9%
See More Products 52.2%

Source: Comtrade, 2026. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

358.2 bn USD of services exported in 2023
31.09%
30.18%
13.58%
8.17%
5.80%
5.03%
2.31%
2.28%
0.94%
0.42%
0.10%
0.10%
326.3 bn USD of services imported in 2023
34.13%
32.98%
9.49%
7.93%
5.30%
4.72%
2.24%
2.11%
0.43%
0.40%
0.21%
0.08%

Source: United Nations Statistics Division, 2026. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: October 2026