Singapore imported US$422.3 billion worth of goods from around the globe in 2023.

That dollar amount results from a 17.6% increase compared to $359 billion five years earlier during 2019.

Year over year, the overall value of Singaporean spending on imports decelerated by -11.2% from $475.5 billion in 2022.

Based on the average exchange rate for 2023, the Singapore dollar appreciated by 1.6% against the US dollar since 2019 and appreciated by 1.6% from 2022 to 2023. Singapore’s stronger local currency makes Singapore’s imports paid for in weaker US dollars in 2023 relatively less expensive when converted starting from Singapore dollars.

Major Suppliers of Products Imported by Singapore

The latest available country-specific data shows that 77.3% of products imported from Singapore was supplied by exporters in: mainland China (13.9% of the Singaporean total), United States of America (12.3%), Taiwan (11.5%), Malaysia (11.3%), South Korea (6.1%), Japan (5%), Indonesia (3.8%), France (3.3%), United Arab Emirates (2.9%), Thailand (2.8%), Germany (2.4%) and United Kingdom (2%).

Applying a continental perspective, over two-thirds (66.9%) of Singapore’s total imports by value in 2023 were bought from fellow Asian countries. European trade partners supplied 15.3% of Singapore’s import purchases while another 13.4% worth of goods originated from North America.

Smaller percentages came from providers in Oceania (1.9%) led by Australia and New Zealand, Latin America (1.6%) excluding Mexico but including the Caribbean, then Africa (0.9%).

Given Singapore ‘s population of 5.66 million people, its total $422.3 billion in 2023 imports translates to roughly $74,600 in yearly product demand from every person in the strategically located Asian nation. That dollar metric lags the average $84,300 per capita for 2022.

Singapore’s Top 10 Imports

The following product groups represent the highest dollar value in Singapore’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Singapore.

1. Electrical machinery, equipment: US$131.3 billion (31.1% of total imports)
2. Mineral fuels including oil: $87.3 billion (20.7%)
3. Machinery including computers: $64.3 billion (15.2%)
4. Gems, precious metals: $20.8 billion (4.9%)
5. Optical, technical, medical apparatus: $13.3 billion (3.1%)
6. Organic chemicals: $11 billion (2.6%)
7. Aircraft, spacecraft: $10.2 billion (2.4%)
8. Plastics, plastic articles: $6.9 billion (1.6%)
9. Perfumes, cosmetics: $4.9 billion (1.2%)
10. Other chemical goods: $4.6 billion (1.1%)

Singapore’s top 10 imports represent well over four-fifths (84%) of the overall value of its product purchases from other countries.

Imported aircraft and spacecraft was the fastest-growing top category propelled by a 40.5% year-over-year advance.

Another fast gainer year over year was the organic chemicals subgroup (up 3.9% from 2022).

Imports of perfumes and cosmetics into Singapore rose 2%.

The severest percentage declines among Singapore’s leading import categories belong to gems and precious metals (down -21.5%), miscellaneous chemical goods (down -18.4%), then plastics both as materials and items made from plastic (down -18.3%).

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 (20.8% of Singapore’s total imports), processed petroleum oils (12.6%), crude oil (6.5%), turbo-jets (5.1%), phone devices including smartphones (3.3%), unwrought gold (3%), computers including optical readers (2.1%), machinery for making semi-conductor (1.8%), aircraft or spacecraft parts (1.4%), then solar power semi-conductors or diodes (also 1.4%).

Singapore’s Main Electrical Products Imports

In 2023, Singaporean importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.

1. Integrated circuits/microassemblies: US$87.6 billion (down -18.8% from 2022)
2. Phone devices including smartphones: $13.4 billion (up 4.7%)
3. Solar power diodes/semi-conductors: $5.9 billion (down -7.8%)
4. Lower-voltage switches, fuses: $2.52 billion (down -14%)
5. Electrical machinery: $2.45 billion (down -30.2%)
6. Electrical converters/power units: $2.4 billion (up 9.6%)
7. Unrecorded sound media: $2.1 billion (down -17.8%)
8. Insulated wire/cable: $1.9 billion (down -2.3%)
9. Electrical/optical circuit boards, panels: $1.6 billion (down -3.7%)
10. Electrical capacitators: $1.4 billion (down -20.5%)

Among these import subcategories, Singaporean purchases of electrical converters or power units (up 9.6%) and phone devices including smartphones (up 4.7%) grew from 2022 to 2023.

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 2023, Singaporean importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Processed petroleum oils: US$53.1 billion (down -15% from 2022)
2. Crude oil: $27.4 billion (down -19.3%)
3. Petroleum gases: $5.9 billion (down -23.4%)
4. Coal tar oils (high temperature distillation): $729.5 million (down -14.4%)
5. Coal, solid fuels made from coal: $78.9 million (down -32.2%)
6. Electrical energy: $10.7 million (down -55.5%)
7. Petroleum jelly, mineral waxes: $9 million (up 3.7%)
8. Natural bitumen, asphalt, shale: $7.2 million (up 167.5%)
9. Asphalt/petroleum bitumen mixes: $3.2 million (up 15.8%)
10. Petroleum oil residues: $2.7 million (down -40%)

Among these import subcategories, Singaporean purchases of natural bitumen, asphalt and shale (up 167.5%), asphalt or petroleum bitumen mixes (up 15.8%), then petroleum jelly and mineral waxes (up 3.7%) grew from 2022 to 2023.

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 2023, Singaporean importers spent the most on the following 10 subcategories of machinery including computers.

1. Turbo-jets: US$21.7 billion (up 22.3% from 2022)
2. Computers, optical readers: $8.8 billion (down -11.3%)
3. Machinery for making semi-conductors: $7.8 billion (down -28.7%)
4. Computer parts, accessories: $4.1 billion (down -6.2%)
5. Printing machinery: $2.2 billion (down -16%)
6. Taps, valves, similar appliances: $2.1 billion (up 1.6%)
7. Miscellaneous machinery: $1.8 billion (down -13.5%)
8. Machinery parts: $1.7 billion (up 0.5%)
9. Air or vacuum pumps: $1.6 billion (up 41%)
10. Centrifuges, filters and purifiers: $1.5 billion (up 12.7%)

Among these import subcategories, Singaporean purchases of air or vacuum pumps (up 41%), turbo-jets (up 22.3%), then centrifuges, filters and purifiers (up 12.7%) grew at the fastest pace from 2022 to 2023.

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 2023, Singaporean importers spent the most on the following 10 subcategories of gems and precious metals.

1. Gold (unwrought): US$12.6 billion (down -29.2% from 2022)
2. Jewelry: $4.9 billion (up 7.8%)
3. Precious metal waste, scrap: $1.3 billion (up 102.9%)
4. Diamonds (unmounted/unset): $578.7 million (down -61.9%)
5. Other precious metal items: $498.5 million (down -33.1%)
6. Silver (unwrought): $252.7 million (up 6.7%)
7. Platinum (unwrought): $233.7 million (down -43.9%)
8. Precious/semi-precious stones (unstrung): $176.7 million (down -8.1%)
9. Imitation jewelry: $144.8 million (down -14.3%)
10. Natural pearl/precious stone items: $57.8 million (down -30.8%)

Among these import subcategories, Singaporean purchases of precious metal waste and scrap (up 102.9%), jewelry (up 7.8%), then unwrought silver (up 6.7%) grew from 2022 to 2023.

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

Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 12, 2024

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 12, 2024

International Trade Centre, Trade Map. Accessed on April 12, 2024