That dollar amount results from a 28.1% increase compared to $370.9 billion during 2018.
Year over year, the overall value of Singaporean spending on imports accelerated by 16.8% from $406.9 billion in 2021.
Based on the average exchange rate for 2022, the Singapore dollar depreciated by -2.2% against the US dollar since 2018 and shrank by -2.6% from 2021 to 2022. Singapore’s weaker local currency makes Singapore’s imports paid for in stronger US dollars in 2022 relatively more expensive when converted starting from Singapore dollars.
Domestically, Singapore’s inflation rate in terms of average consumer prices was 6.121% for 2022 up from 2.305% in 2021.
Major Suppliers of Products Imported by Singapore
The latest available country-specific data shows that more than three-quarters (76.6%) of products imported from Singapore were supplied by exporters in: mainland China (13.4% of Singapore’s global total), Malaysia (13.2%), Taiwan (12.6%), United States of America (10%), South Korea (5.5%), Japan (5.4%), Indonesia (3.7%), United Arab Emirates (3.1%), France (2.8%), Germany (2.5%), Thailand (2.4%) and Switzerland (2%).
Applying a continental perspective, over two-thirds (69.5%) of Singapore’s total imports by value in 2022 were bought from fellow Asian countries. European trade partners supplied 14.9% of Singapore’s import purchases while another 11% worth of goods originated from North America.
Smaller percentages came from providers in Oceania (2.1%) led by Australia and New Zealand, then Africa (1.4%) and Latin America (1.2%) excluding Mexico but including the Caribbean.
Given Singapore ‘s population of 5.64 million people, its total $475.2 billion in 2022 imports translates to roughly $84,300 in yearly product demand from every person in the strategically located Asian nation. That dollar metric outpaces the average $74,600 per capita for 2021.
Singapore’s Top 10 Imports
The following product groups represent the highest dollar value in Singapore’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Singapore.
- Electrical machinery, equipment: US$154.7 billion (32.6% of total imports)
- Mineral fuels including oil: $105.2 billion (22.1%)
- Machinery including computers: $65.4 billion (13.8%)
- Gems, precious metals: $26.5 billion (5.6%)
- Optical, technical, medical apparatus: $15.7 billion (3.3%)
- Organic chemicals: $10.6 billion (2.2%)
- Plastics, plastic articles: $8.5 billion (1.8%)
- Aircraft, spacecraft: $7.2 billion (1.5%)
- Other chemical goods: $5.6 billion (1.2%)
- Pharmaceuticals: $5.2 billion (1.1%)
Singapore’s top 10 imports represent well over four-fifths (85.2%) of the overall value of its product purchases from other countries.
Imported aircraft and spacecraft was the fastest-growing top category propelled by a 45.1% year-over-year gain.
Another fast gainer year over year was the mineral fuels including oil grouping (up 39.4% from 2021), mainly propelled by greater purchases of petroleum oils (both crude and refined) as well as petroleum gas.
Imports of gems and precious metals into Singapore rose 23% ahead of imported organic chemicals which appreciated 18.2%.
The most modest increase was 2.3% among Singapore’s leading import categories was plastic both as materials and items made from plastics.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented below is at the more granular 4-digit level.
From the more detailed perspective, buyers in Singapore spent the most on electronic integrated circuits and microassemblies (22.7% of Singapore’s total imports), processed petroleum oils (13.1%), crude oil (7.1%), turbo-jets (3.7%), unwrought gold (also 3.7%), phone devices including smartphones (2.7%), machinery for making semi-conductor (2.3%), computers including optical readers (2.1%), petroleum gases (1.6%), then solar power diodes and semiconductors (1.3%).
Singapore’s Main Electrical Products Imports
In 2022, Singaporean importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.
- Integrated circuits/microassemblies: US$108 billion (up 14.3% from 2021)
- Phone devices including smartphones: $12.8 billion (up 5.2%)
- Solar power diodes/semi-conductors: $6.4 billion (up 4.8%)
- Electrical machinery: $3.5 billion (up 65.9%)
- Lower-voltage switches, fuses: $2.9 billion (up 4.2%)
- Unrecorded sound media: $2.61 billion (up 15.4%)
- Electrical converters/power units: $2.21 billion (up 6.2%)
- Insulated wire/cable: $1.9 billion (up 5.4%)
- Electrical capacitators: $1.8 billion (down -11.6%)
- Electrical/optical circuit boards, panels: $1.6 billion (up 6.3%)
Among these import subcategories, Singaporean purchases of electrical machinery (up 65.9%), unrecorded sound media (up 15.4%) then integrated circuits or microassemblies (up 14.3%) grew at the fastest pace from 2021 to 2022
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Singaporean businesses and consumers.
Singapore’s Main Mineral Fuels Imports Including Oil
In 2022, Singaporean importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$62.5 billion (up 33.9% from 2021)
- Crude oil: $34 billion (up 49.8%)
- Petroleum gases: $7.7 billion (up 36.5%)
- Coal tar oils (high temperature distillation): $851 million (up 126.9%)
- Coal, solid fuels made from coal: $116.2 million (up 92%)
- Electrical energy: $23.7 million (2021 data unavailable)
- Petroleum jelly, mineral waxes: $8.7 million (down -52%)
- Petroleum oil residues: $4.6 million (up 134.4%)
- Asphalt/petroleum bitumen mixes: $2.7 million (up 5.8%)
- Natural bitumen, asphalt, shale: $2.7 million (up 268.5%)
Among these import subcategories, Singaporean purchases of natural bitumen, asphalt and shale (up 268.5%), petroleum oil residues (up 134.4%) then high-temperature distilled coal tar oils (up 126.9%) grew at the fastest pace from 2021 to 2022
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuel-related products among Singaporean businesses and consumers.
Singapore’s Main Machinery Imports Including Computers
In 2022, Singaporean importers spent the most on the following 10 subcategories of machinery including computers.
- Turbo-jets: US$17.7 billion (up 18.6% from 2021)
- Machinery for making semi-conductors: $10.9 billion (up 35.8%)
- Computers, optical readers: $9.9 billion (up 14%)
- Computer parts, accessories: $4.3 billion (down -12.1%)
- Printing machinery: $2.7 billion (down -44.3%)
- Taps, valves, similar appliances: $2.1 billion (up 11.6%)
- Miscellaneous machinery: $2 billion (down -9.1%)
- Machinery parts: $1.7 billion (up 19.3%)
- Centrifuges, filters and purifiers: $1.3 billion (up 13.5%)
- Air or vacuum pumps: $1.1 billion (down -0.8%)
Among these import subcategories, Singaporean purchases of machinery for making semi-conductors (up 35.8%), machinery parts (up 19.3%) then turbo-jets (up 18.6%) grew at the fastest pace from 2021 to 2022
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Singaporean businesses and consumers.
Singapore’s Gems and Precious Metals Imports
In 2022, Singaporean importers spent the most on the following 10 subcategories of gems and precious metals.
- Gold (unwrought): US$17.7 billion (up 22% from 2021)
- Jewelry: $4.6 billion (up 47.2%)
- Diamonds (unmounted/unset): $1.5 billion (up 43.1%)
- Other precious metal items: $747.2 million (down -8%)
- Precious metal waste, scrap: $649.5 million (down -10.2%)
- Platinum (unwrought): $417.4 million (up 12.6%)
- Silver (unwrought): $237.6 million (down -36.3%)
- Precious/semi-precious stones (unstrung): $191.7 million (down -2.6%)
- Imitation jewelry: $169.1 million (up 30.1%)
- Metals clad with platinum: $166.3 million (up 1%)
Among these import subcategories, Singaporean purchases of jewelry (up 47.2%), unmounted and unset diamonds (up 43.1%) then imitation jewelry (up 30.1%) grew at the fastest pace from 2021 to 2022
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported gems and precious metals among Singaporean businesses and consumers.
See also Singapore’s Top Trading Partners , Singapore’s Top 10 Exports, Singapore’s Top 10 Major Export Companies and China’s Top Trading Partners
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 17, 2023
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 17, 2023
International Trade Centre, Trade Map. Accessed on May 17, 2023