Reported as of September 3, 2019, Singapore exported $192 billion worth of goods during the first 6 months of 2019 down -6.1% compared to the same period one year earlier. Ominously, given that Singapore is often considered a bellwether for future global economic performance, Singapore’s exports sales decline accelerated to -10.3% for June 2019 compared to Singaporean shipments for June 2018.
From a continental perspective, almost three-quarters (73%) of Singaporean exports by value in 2018 were delivered to fellow Asian countries while another 10% is sold to European importers. Singapore shipped 8.2% worth of products to North American clients. Smaller percentages went to importers in Oceania (4.9%) led by Australia, Latin America (2.2%) excluding Mexico but including the Caribbean, then Africa (1.4%).
Given Singapore’s population of 6 million people, its total $411.7 billion in 2018 exports translates to a formidable $69,000 for every resident in the exports-dependent nation.
In macroeconomic terms, Singapore’s total exported goods represent 72.8% of its overall Gross Domestic Product for 2018 ($565.8 billion valued in Purchasing Power Parity US dollars). That 72.8% for exports to overall GDP in PPP for 2018 compares to 87.6% for 2014, seeming to indicate a relatively decreasing reliance on products sold on international markets for Singapore’s total economic performance. And while this article focuses on exported goods, it is interesting to note that Singapore also provided $184 billion worth of exports-related services to global customers for an additional 32.5% of GDP in PPP. These metrics include a significant amount of re-exporting activity.
Another key indicator of a country’s economic performance is its unemployment rate. Singapore’s unemployment rate was 2.2% at June 2019 up from 2% one year earlier, according to Trading Economics.
Singapore’s Top 10 Exports
Top 10
The following export product groups represent the highest dollar value in Singaporean global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from Singapore.
- Electrical machinery, equipment: US$128.7 billion (31.3% of total exports)
- Machinery including computers: $58.7 billion (14.3%)
- Mineral fuels including oil: $54 billion (13.1%)
- Optical, technical, medical apparatus: $19.2 billion (4.7%)
- Gems, precious metals: $17 billion (4.1%)
- Organic chemicals: $16.9 billion (4.1%)
- Plastics, plastic articles: $15.9 billion (3.9%)
- Perfumes, cosmetics: $8.4 billion (2%)
- Pharmaceuticals: $8.4 billion (2%)
- Aircraft, spacecraft: $7.4 billion (1.8%)
Singapore’s top 10 exports represent 81.3% of the overall value of its global shipments.
Pharmaceuticals was the fastest-growing among the top 10 export categories, up 41.7% from 2017 to 2018.
In second place for improving export sales was the perfumes and cosmetics category which appreciated by 28.6%.
Singapore’s mineral fuels-related goods posted the third-fastest gain in value, up 13% year over year propelled by expanding international sales of refined petroleum oils.
Gems and precious was the only declining top category from 2017 to 2018 via its -0.4% slowdown.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Singapore’s Most Valuable Export Products further down near the bottom of this article.
Advantages
Overall, Singapore posted a $41.3 billion trade surplus in 2018. Singapore’s trade surplus shrank -9.4% from $45.5 billion in black ink one year earlier.
The following types of Singaporean product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Electrical machinery, equipment: US$27.1 billion (Down by -12.5% since 2017)
- Organic chemicals: $10 billion (Up by 6.6%)
- Plastics, plastic articles: $7.2 billion (Up by 4.2%)
- Optical, technical, medical apparatus: $7.1 billion (Up by 12.5%)
- Machinery including computers: $5.7 billion (Down by -21.4%)
- Pharmaceuticals: $5.4 billion (Up by 59.6%)
- Miscellaneous food preparations: $4.1 billion (Up by 301.8%)
- Perfumes, cosmetics: $3.9 billion (Up by 36.3%)
- Other chemical goods: $1.2 billion (Up by 46.4%)
- Cereal/milk preparations: $1.1 billion (Up by 6%)
Singapore has highly positive net exports in the international trade of electronics including consumer gadgets. In turn, these cashflows indicate Singapore’s strong competitive advantages under the electrical machinery and equipment category.
Opportunities
Below are exports from Singapore that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Singapore’s goods trail Singaporean importer spending on foreign products.
- Mineral fuels including oil: US-$33.8 billion (Up by 37.7% since 2017)
- Aircraft, spacecraft: -$4.4 billion (Up by 215.9%)
- Gems, precious metals: -$3.4 billion (Up by 11.1%)
- Vehicles: -$1.7 billion (Up by 9%)
- Iron, steel: -$1.1 billion (Up by 31.6%)
- Articles of iron or steel: -$970.8 million (Up by 18.6%)
- Furniture, bedding, lighting, signs, prefab buildings: -$959.7 million (Up by 15.5%)
- Dairy, eggs, honey: -$827.7 million (Up by 19%)
- Salt, sulphur, stone, cement: -$819.3 million (Down by -13.2%)
- Meat: -$782 million (Up by 2.9%)
Singapore has highly negative net exports and therefore deep international trade deficits for mineral fuels-related goods, particularly crude oil, petroleum gases and refined petroleum oils.
These cashflow deficiencies clearly indicate Singapore’s competitive disadvantages in the international fossil fuel market, but also represent key opportunities for Singapore to improve its position in the global economy through focused innovations especially alternative energy sources.
Companies
Singaporean Export Companies
Seventeen corporations rank among Forbes Global 2000. Below is a sample of the major Singaporean export companies that Forbes included:
- Wilmar International (food processing)
- Keppel Corp (industrial conglomerates)
- Flextronics International (electronics)
- Avago Technologies (semiconductors)
- ST Engineering (aerospace )
- Olam International (food processing)
- Golden Agri-Resources (food processing)
- China Aviation Oil (jet fuel trading)
Wikipedia also lists exporters from Singapore. Selected examples are shown below:
- Singapore Technologies Engineering (electronics manufacturing)
- Medical Technology (medical/healthcare equipment)
- Singapore Telecommunications Limited (communications)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of Singaporean export companies:
- Wajilam Export Singapore (wood, chocolate)
- Asahi Glass Singapore (glass sheets)
- Sephora Singapore (copper pipes/tubes, cabinets)
- Ltt Veneer Singapore (soybean flours, hams)
Searchable List of Singapore’s Most Valuable Export Products
At the more granular four-digit HTS code level, the top Singaporean export products are electronic integrated circuits followed by refined petroleum oils, gold then mobile phones.
The following searchable table displays 200 of the most in-demand goods shipped from Singapore during 2018. Shown beside each product label is its total export value then the percentage increase or decrease since 2017.
| Rank | Singapore's Export Product | 2018 Value (US$) | Change |
|---|---|---|---|
| 1 | Integrated circuits/microassemblies | $82.8 billion | +3.5% |
| 2 | Processed petroleum oils | $52 billion | +13.7% |
| 3 | Turbo-jets | $11.9 billion | +82.9% |
| 4 | Gold (unwrought) | $11.1 billion | -3.7% |
| 5 | Phone system devices including smartphones | $10.8 billion | +12.3% |
| 6 | Machinery for making semi-conductors | $8.8 billion | -3.3% |
| 7 | Computers, optical readers | $8.8 billion | -3.6% |
| 8 | Solar power diodes/semi-conductors | $7.5 billion | -8.6% |
| 9 | Aircraft parts | $6.6 billion | +3.1% |
| 10 | Ethylene polymers | $6.2 billion | +8.2% |
| 11 | Unrecorded sound media | $5.4 billion | +1.2% |
| 12 | Printing machinery | $5.3 billion | -1.9% |
| 13 | Beauty/makeup/skin care preparations | $5.2 billion | +35.6% |
| 14 | Medication mixes in dosage | $4.9 billion | +23.6% |
| 15 | Other food preparations | $4.8 billion | +214.4% |
| 16 | Computer parts, accessories | $4 billion | -13.5% |
| 17 | Physical/chemical analysis tools | $3.9 billion | +18.3% |
| 18 | Amino-compounds (oxygen) | $3.7 billion | +6.7% |
| 19 | Cyclic hydrocarbons | $3.4 billion | +7.1% |
| 20 | Propylene/olefin polymers | $3.3 billion | +7.8% |
| 21 | Electrical machinery | $2.9 billion | -24.2% |
| 22 | Lower-voltage switches, fuses | $2.9 billion | +23.6% |
| 23 | Electro-medical equipment (e.g. xrays) | $2.9 billion | -2.2% |
| 24 | Jewelry | $2.4 billion | +5.2% |
| 25 | Machinery parts | $2.3 billion | -15.7% |
| 26 | Miscellaneous machinery | $2.3 billion | +7.2% |
| 27 | Blood fractions (including antisera) | $2.3 billion | +112.5% |
| 28 | Alcohol (including spirits, liqueurs) | $2.2 billion | +11.5% |
| 29 | Orthopedic appliances | $2.1 billion | +17% |
| 30 | Other measuring/testing machines | $2.1 billion | +18.8% |
| 31 | Automobile parts/accessories | $2 billion | +4.9% |
| 32 | Anti-knock/oxidation/gum inhibitors | $1.9 billion | +4.1% |
| 33 | Acyclic alcohols | $1.9 billion | +19.9% |
| 34 | Heterocyclics, nucleic acids | $1.8 billion | +14.6% |
| 35 | Electrical capacitators | $1.7 billion | +27.9% |
| 36 | Scents used for beverage or industrial manufacturing | $1.6 billion | +25% |
| 37 | Polyacetal/ether/carbonates | $1.6 billion | +10.8% |
| 38 | Diamonds (unmounted/unset) | $1.5 billion | +3.7% |
| 39 | Electrical converters/power units | $1.5 billion | +15.1% |
| 40 | Flour/meal/starch/malt extract food preparations | $1.5 billion | +8.1% |
| 41 | Electrical/optical circuit boards, panels | $1.5 billion | +20.5% |
| 42 | Other diagnostic/lab reagents | $1.5 billion | +8.5% |
| 43 | Cases, handbags, wallets | $1.4 billion | +14.4% |
| 44 | Taps, valves, similar appliances | $1.2 billion | +19.8% |
| 45 | Mechano-therapy appliances | $1.2 billion | +21.5% |
| 46 | Synthetic rubber | $1.2 billion | -3.6% |
| 47 | Electric circuit parts, fuses, switches | $1.2 billion | +67.7% |
| 48 | Piston engines | $1.1 billion | +531.5% |
| 49 | Perfumes, toilet waters | $1.1 billion | +13% |
| 50 | Piston engine parts | $1.1 billion | -2.6% |
| 51 | Move/grade/scrape/boring machinery | $1.1 billion | +410% |
| 52 | Cigars/cigarellos, cigarettes | $1.1 billion | +1% |
| 53 | Petroleum oil residues | $1.1 billion | +27.2% |
| 54 | Ball, roller bearings | $1.1 billion | -7.2% |
| 55 | Optical fiber cables, sheets, plates | $1 billion | -16.3% |
| 56 | Oscilloscopes, spectrum analyzers | $1 billion | -1.3% |
| 57 | Chemicals used in electronics | $1 billion | +24.5% |
| 58 | TV receiver/transmit/digital cameras | $987.3 million | +10.3% |
| 59 | Wrist/pocket watches (precious metal case) | $905.7 million | +16.4% |
| 60 | Insulated wire/cable | $894.8 million | +18.2% |
| 61 | Saturated acyclic mono acids | $879.4 million | +25.7% |
| 62 | Electric storage batteries | $873.1 million | +18.6% |
| 63 | Chemical industry products/residuals | $857.3 million | +15.3% |
| 64 | Motorcycle parts/accessories | $826.4 million | +5.9% |
| 65 | Electric motors, generators | $821.4 million | +26.9% |
| 66 | Liquid pumps and elevators | $812.8 million | +22.3% |
| 67 | Air or vacuum pumps | $809.7 million | -12% |
| 68 | Refrigerators, freezers | $794.9 million | +21.4% |
| 69 | Primary batteries/cells | $792.3 million | +0.3% |
| 70 | Chemical woodpulp (non-dissolving) | $781.6 million | +136.6% |
| 71 | Aircraft, spacecraft | $775.6 million | +264.3% |
| 72 | Miscellaneous plastic items | $774.8 million | +10% |
| 73 | Acyclic hydrocarbons | $738.7 million | -13% |
| 74 | Sulphonamides | $728 million | +2.9% |
| 75 | Regulate/control instruments | $723.9 million | +21% |
| 76 | Survey/hydro/weather instruments | $700.6 million | +15.4% |
| 77 | Iron or steel tubes, pipes | $694.2 million | +136.7% |
| 78 | TV/radio/radar device parts | $692.4 million | -24.7% |
| 79 | X-ray equipment | $689.7 million | -3.9% |
| 80 | Centrifuges, filters and purifiers | $652.2 million | +5.2% |
| 81 | Styrene polymers | $648.5 million | +12.3% |
| 82 | Uncoated paper for writing/printing | $644.1 million | -13.4% |
| 83 | Printed circuits | $629.6 million | -4.4% |
| 84 | Sewing machines, related furniture | $586.4 million | +47.8% |
| 85 | Acrylic polymers | $576.3 million | +5.7% |
| 86 | Refined copper, unwrought alloys | $573.8 million | -22.6% |
| 87 | Radar, radio communication items | $571.3 million | -6.2% |
| 88 | Precious metal waste, scrap | $567.4 million | -0.8% |
| 89 | Lenses, prisms, mirrors | $564 million | +119.2% |
| 90 | Wrist/pocket watches (no precious metal case) | $540.2 million | -1.9% |
| 91 | Cellulose fiber paper | $524.5 million | +2.7% |
| 92 | Petroleum gases | $518.1 million | +11.9% |
| 93 | Electric sound/visual signal bells or alarms | $510.8 million | -11.1% |
| 94 | Electrical resistors | $503.8 million | +28.6% |
| 95 | Liquid/gas checking instruments | $503.8 million | +5.7% |
| 96 | Wine | $503.3 million | +5.8% |
| 97 | Self-adhesive plastic in rolls | $494.9 million | +13.5% |
| 98 | Dried organs, heparin | $479 million | +43.6% |
| 99 | Assembling machines for electric lamps | $471.5 million | +29.8% |
| 100 | Transmission shafts, gears, clutches | $466.4 million | +33.7% |
| 101 | Hormones, miscellaneous steroids | $465.7 million | -5.6% |
| 102 | TV receivers/monitors/projectors | $460.3 million | +4% |
| 103 | Imitation jewelry | $459.4 million | +25.8% |
| 104 | Packaged insecticides/fungicides/herbicides | $452 million | -6.6% |
| 105 | Phenols/phenol-alcohols | $450.2 million | +17.5% |
| 106 | Antibiotics | $437.9 million | +55.6% |
| 107 | Microphones/headphones/amps | $436.7 million | +1.1% |
| 108 | Lubricants including cutting oils | $434.6 million | +71.2% |
| 109 | Print/write/draw inks | $432.2 million | +11.2% |
| 110 | Synthetic organic coloring | $430.5 million | +11.1% |
| 111 | Other organic cleaning preparations | $427.7 million | +2.5% |
| 112 | Miscellaneous heterocyclics | $419.4 million | +1.5% |
| 113 | Chocolate, other cocoa preparations | $418.1 million | +14.6% |
| 114 | Temperature-change machines | $412.8 million | +12.1% |
| 115 | Electric generating sets, converters | $411.6 million | +18.7% |
| 116 | Iron or steel scrap | $411 million | -4.5% |
| 117 | Unsaturated acyclic mono acids | $405.6 million | +4.7% |
| 118 | Interchangeable hand/machine tools | $404.8 million | +14.9% |
| 119 | Miscellaneous printed matter | $404.7 million | -20.8% |
| 120 | Miscellaneous iron or steel items | $402.2 million | +21% |
| 121 | Amino-resins | $392.9 million | +7.1% |
| 122 | Precious/semi-precious stones (unstrung) | $372.2 million | +10.7% |
| 123 | Vulcanized rubber items | $358.1 million | +22.1% |
| 124 | Unwrought tin | $347.2 million | -21.4% |
| 125 | Cars | $335.3 million | +36.5% |
| 126 | Iron and steel screws, bolts, nuts, washers | $329.3 million | +15.2% |
| 127 | Medication mixes not in dosage | $327.7 million | +75.9% |
| 128 | Miscellaneous engines, motors | $324.2 million | +12.2% |
| 129 | Cermet plates, sticks, tips | $321.4 million | +4% |
| 130 | Liquid crystal/laser/optical tools | $320.5 million | -19.6% |
| 131 | Provitamins, vitamins | $311.9 million | +4.8% |
| 132 | Material removal machine-tools | $301.9 million | -2.8% |
| 133 | Hand-drawn paintings, drawings | $289.3 million | +63.4% |
| 134 | Coal tar oils (high temperature distillation) | $289.1 million | -55.1% |
| 135 | High-voltage switches, fuses | $282.3 million | +25.2% |
| 136 | Printed books, brochures | $281.8 million | +8.2% |
| 137 | Other machine parts, accessories | $281.6 million | +7.7% |
| 138 | Air conditioners | $279.4 million | +4.1% |
| 139 | Polyamides | $275.3 million | +20% |
| 140 | Iron ferroalloys | $273.1 million | +18.2% |
| 141 | Auxiliary machines | $271.3 million | -5.2% |
| 142 | Ethers | $262.2 million | -20.9% |
| 143 | Silver (unwrought) | $262.2 million | -17.9% |
| 144 | Miscellaneous iron and steel structures | $261.2 million | -29.9% |
| 145 | Plastic packing goods, lids, caps | $259.7 million | +3.5% |
| 146 | Navigational aids, compasses | $259.3 million | +2% |
| 147 | High-power microscopes | $259.1 million | +29.3% |
| 148 | Sutures, special pharmaceutical goods | $258.1 million | -0.5% |
| 149 | Plastic plates, sheets, film, tape, strips | $253.3 million | +9.3% |
| 150 | Miscellaneous aluminum items | $252.8 million | +96% |
| 151 | Light vessels, fire boats, floating docks | $252.6 million | +636.8% |
| 152 | Nickel (unwrought) | $246.1 million | -5.7% |
| 153 | Warships, lifeboats | $240.1 million | +176.7% |
| 154 | Vinyl acetate polymers | $234.9 million | +29.4% |
| 155 | Electric water heaters, hair dryers | $233.8 million | -0.7% |
| 156 | Miscellaneous animal feed preparations | $233.7 million | +7.9% |
| 157 | Other clock/watch parts | $233 million | -12.2% |
| 158 | Base metal mountings, fittings | $229.7 million | +30.2% |
| 159 | Made-up clothing accessories, parts | $229 million | +6.1% |
| 160 | Personal toilet/shaving preparations, deodorants | $226.8 million | +9.8% |
| 161 | Aluminum (unwrought) | $226.5 million | +15.5% |
| 162 | Pneumatic hand tool | $224.4 million | +2.4% |
| 163 | Connector/insulating parts | $221.8 million | -6.9% |
| 164 | Electric motor parts | $216.8 million | +11.4% |
| 165 | Prepared adhesives, glues | $206 million | +8.6% |
| 166 | Heavy machinery (bulldozers, excavators, road rollers) | $200.7 million | -9% |
| 167 | Hot-rolled iron or non-alloy steel products | $200.4 million | +59.3% |
| 168 | Iron or steel pipe fittings | $200.3 million | +7.8% |
| 169 | Synthetic filament yarn | $198.2 million | +6.1% |
| 170 | Iron or non-alloy steel bars, rods | $192.5 million | +40.1% |
| 171 | Paint/varnish non-aqueous solution | $192.3 million | +4.8% |
| 172 | Rubber tires (new) | $191.8 million | -2.7% |
| 173 | Chassis fitted with engine | $189.4 million | +108.6% |
| 174 | Jerseys, pullovers (knit or crochet) | $188.2 million | +3.2% |
| 175 | Calculators, accounting/ticket machines, cash registers | $186.7 million | +13.8% |
| 176 | Electric ignition/start equipment | $186.4 million | -3.7% |
| 177 | Plastic tubes, pipes, fittings | $183.5 million | -7.4% |
| 178 | Copper plates, sheets, strips | $181.6 million | -9.9% |
| 179 | Copper waste, scrap | $180.2 million | +14.4% |
| 180 | Epoxides | $179.9 million | +5% |
| 181 | Table games, bowling equipment | $179.2 million | +25.9% |
| 182 | Moulding boxes/base | $177.6 million | +12.4% |
| 183 | Petroleum resins | $174.5 million | +78.3% |
| 184 | Lifting/loading machinery | $170.1 million | -1.9% |
| 185 | Footwear (textile) | $167.3 million | +22.2% |
| 186 | Metal sheeting joints, gaskets | $157.6 million | +19.3% |
| 187 | Motorcycles | $156.1 million | +12.5% |
| 188 | Engines (diesel) | $156 million | -15.7% |
| 189 | Footwear (leather) | $154.4 million | +4.4% |
| 190 | Hydrometers, thermometers | $152.3 million | +39.5% |
| 191 | Ketones, quinones | $152.1 million | -7% |
| 192 | Miscellaneous parts, accessories | $151.9 million | -28.1% |
| 193 | Plastic plates, sheets, film, tape, strips | $151.8 million | +7.6% |
| 194 | Cameras, flash apparatus | $148.9 million | -23.4% |
| 195 | Organic surface-active goods, soap | $147.7 million | -1% |
| 196 | Sports equipment | $147.3 million | -2.7% |
| 197 | Cocoa butter, fat, oil | $144.7 million | -4.6% |
| 198 | Other precious metal items | $142.3 million | +3.8% |
| 199 | Rubber/plastic article making machines | $139.7 million | -26.3% |
| 200 | Uncoated kraft paper | $139.5 million | -14.2% |
These 200 exported goods were worth a subtotal of US$364.2 billion or 88.5% by value for all products exported from Singapore during 2018.
See also Singapore’s Top 10 Major Export Companies, Singapore’s Top Trading Partners and Singapore’s Top 10 Imports
Research Sources:
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 3, 2019
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 3, 2019
Investopedia, Net Exports Definition. Accessed on September 3, 2019
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on September 3, 2019
Trade Map, International Trade Centre. Accessed on September 3, 2019
Wikipedia, Gross domestic product. Accessed on September 3, 2019
Wikipedia, List of Companies of Singapore. Accessed on September 3, 2019
Wikipedia, Purchasing power parity. Accessed on September 3, 2019
Zepol’s company summary highlights by country. Accessed on September 3, 2019