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Trade in Singapore - statistics & facts

Singapore’s location along the historical maritime trading route between China and Europe laid the foundations for its role as a leading trading hub in Asia. Starting out as an entrepôt, it now has the second busiest container port in turnover volume worldwide, while Changi Airport ranks among the leading airports globally for international air freight. Apart from handling a large volume of merchandise trade, Singapore’s high export to import ratio placed Singapore among the countries with the highest trade surplus globally.

From an entrepôt to a global trading hub

As a land-scarce country with almost no natural resources, Singapore’s economy is heavily reliant on global trade. It is one of the leading exporting countries worldwide. However, its re-exports surpass its domestic exports. Apart from the re-exports of oil and petroleum products, other major non-oil merchandise re-exports include that of machinery and transport equipment, as well as chemical products.
Singapore’s position as major maritime and aviation transport hubs, as well as a major financial services sector in Asia, both contribute significantly to its export of services from these sectors. Singapore’s main export commodities and services provide a significant amount of revenue for the country. On the other hand, the lack of land and resources meant that Singapore heavily relies on imports for its consumption and economic needs. This includes necessities such as water and food, which it imports mainly from its neighboring countries.

Facing the uncertainties and volatilities in global trade

The COVID-19 pandemic, however, has shown how vulnerable Singapore is to the fluctuations of global trade. Merchandise trade saw negative quarterly growth in 2020, largely due to the travel restrictions imposed by countries trying to bring the pandemic under control within their own borders. The decrease in trade resulted in three consecutive quarters of negative GDP growth.

In order to ensure stability and maintain competitiveness in its trading sector, Singapore has signed several free trade agreements (FTA), both bilateral and regional as part of ASEAN. Existing bilateral FTAs include the USSFTA and the EUSFTA. Recently, Singapore, as part of ASEAN, became a signatory of the world’s largest FTA, Regional Comprehensive Economic Partnership (RCEP), consisting of 15 Asia-Pacific countries. Through eliminating tariffs and the establishing a harmonized set of trade rules among the bloc, the RCEP aims to entice businesses to move their operations and supply chains to the bloc.

Key figures

The most important key figures provide you with a compact summary of the topic of "Trade in Singapore" and take you straight to the corresponding statistics.

Merchandise trade

Trade in services

Shipping and air freight

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Trade in Singapore".

Trade in Singapore

Dossier on the topic

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Trade in Singapore - statistics & facts

Singapore’s location along the historical maritime trading route between China and Europe laid the foundations for its role as a leading trading hub in Asia. Starting out as an entrepôt, it now has the second busiest container port in turnover volume worldwide, while Changi Airport ranks among the leading airports globally for international air freight. Apart from handling a large volume of merchandise trade, Singapore’s high export to import ratio placed Singapore among the countries with the highest trade surplus globally.

From an entrepôt to a global trading hub

As a land-scarce country with almost no natural resources, Singapore’s economy is heavily reliant on global trade. It is one of the leading exporting countries worldwide. However, its re-exports surpass its domestic exports. Apart from the re-exports of oil and petroleum products, other major non-oil merchandise re-exports include that of machinery and transport equipment, as well as chemical products.
Singapore’s position as major maritime and aviation transport hubs, as well as a major financial services sector in Asia, both contribute significantly to its export of services from these sectors. Singapore’s main export commodities and services provide a significant amount of revenue for the country. On the other hand, the lack of land and resources meant that Singapore heavily relies on imports for its consumption and economic needs. This includes necessities such as water and food, which it imports mainly from its neighboring countries.

Facing the uncertainties and volatilities in global trade

The COVID-19 pandemic, however, has shown how vulnerable Singapore is to the fluctuations of global trade. Merchandise trade saw negative quarterly growth in 2020, largely due to the travel restrictions imposed by countries trying to bring the pandemic under control within their own borders. The decrease in trade resulted in three consecutive quarters of negative GDP growth.

In order to ensure stability and maintain competitiveness in its trading sector, Singapore has signed several free trade agreements (FTA), both bilateral and regional as part of ASEAN. Existing bilateral FTAs include the USSFTA and the EUSFTA. Recently, Singapore, as part of ASEAN, became a signatory of the world’s largest FTA, Regional Comprehensive Economic Partnership (RCEP), consisting of 15 Asia-Pacific countries. Through eliminating tariffs and the establishing a harmonized set of trade rules among the bloc, the RCEP aims to entice businesses to move their operations and supply chains to the bloc.

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Trade in Singapore".

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