Singapore overall imports & exports fell by 16% in Q1

 

Singapore is a very powerful economy. It stands 35th on the list of largest economies by GDP. According to the Singapore customs data reports, the country's total trade value was estimated around $990 Billion. Singapore is the 19th largest exporter of goods in the world.  Whereas, in terms of imports, Singapore was ranked 16th biggest importer in the world.

As per the latest Singapore import export data reports, the overall exports and imports were down by 16% in the first quarter of FY 2023. In March 2023, Singapore's overall trade fell by 8.4%. The oil products had seen a major decline of 16% and the non-oil products share of imports were down to 65%.

During March 2023, Singapore's overall trade value crossed $104 billion while it was $96 Billion in the previous month. As compared to the same period last year, there is a sharp decline in imports and exports of the country.

Singapore's oil exports are mostly to Australia and Indonesia, which declined by 15% during this period. Electronics items exports were also down by 25%. Singapore's top electronics products importers like China, Taiwan and Malaysia were responsible for this decline. As, the exports to these countries reduced significantly by 15%.

In 2022, Singapore's majority of the exports were to China, Hong Kong, Malaysia, United States of America , Taiwan and Indonesia. As per Singapore export data, China had over 12% share in Singapore's total exports. Other valuable markets were South Korea, Thailand, Vietnam, Japan, and India. Asian countries had over 70% share in Singapore's total exports. 

Electronics and mineral oils are the most exported items from Singapore. In 2022, Integrated circuits accounted for over 75 billion dollars worth of exports followed by Refined Petroleum ($38 Billion), Gold ($18 Billion), Medicaments ($10 Billion) and Heavy Machinery ($8 Billion). Other top export commodities were plastics, gas turbines, photo lab equipment, broadcasting equipment, computers, vaccines, and edibles. 

Some of the most prominent import export companies from Singapore are Keppel Corporation, Wilmar International, Avago Technologies, ST Engineering, Olam International, and Golden Agri-Resources.

On the other hand, Singapore's overall imports were totaled to be $475 billion dollars in 2022. As compared to Singapore import data of 2021, there was a 17% decline in Singapore imports. Last year, it was around $405 billion. Singapore’s most favoured destination for imports are China, which is the leading supplier to Singapore having over 14% import share. 

In 2022, China accounted for over $50 Billion. After China, Malaysia was the second leading exporter to Singapore with over $48 Billion worth value. Taiwan was the third largest exporting country to Singapore followed by the United States, Japan, South Korea, Indonesia, UAE, India, France, Germany and Switzerland. 

IC's, Gold, Refined and Crude Petroleum are the most imported items by Singapore. During the fiscal year 2022, machinery imports by Singapore were totaled to be $318 Billion. Manufactured articles, chemicals, food, beverages, animal, vegetable, crude materials are other major exports from Singapore.

Latest market trends suggest that Singapore is looking to fuel its green energy requirements. It is likely to import electricity from India. Also, it is in talks with Indonesia and Malaysia to import green energy to cut its growing electricity requirements. Through Global import export data provider reports on the Singapore market, import export business owners can find business opportunities and increase their ROI.