Singapore exported US$504.8 billion worth of goods around the globe in 2024, up by 35% from 5 years earlier in 2020 when Singaporean exports totaled $373.9 billion.
Singapore’s total for 2024 swelled by 6.2% compared to $475.5 billion for 2023.
The 5 most valuable countries in terms of buying products exported by Singapore are mainland China, Hong Kong, Malaysia, United States of America and Indonesia. Collectively, that powerful cohort that comprise Singapore’s top 5 imports customers generated over half (51.9%) of overall Singaporean revenues from exports sales.
Applying a continental lens, almost three-quarters (73.6%) of Singapore exports by value was delivered to fellow Asian countries while 9.8% was sold to importers in North America. Singapore shipped another 7.9% worth of products to buyers in Europe.
Smaller percentages went to customers in Oceania (5%) led by Australia, Marshall Islands and New Zealand, Latin America (1.85%) excluding Mexico but including the Caribbean, then Africa (1.77%).
Singapore’s Top Trading Partners
Below is a list showcasing 25 of Singapore’s top trading partners. That is, these are countries that imported the most Singaporean export shipments by dollar value during 2024. Also shown is each import country’s percentage of total Singaporean exports.
- mainland China: US$70.7 billion (14% of Singapore’s total exports)
- Hong Kong: $55.3 billion (10.9%)
- Malaysia: $52.4 billion (10.4%)
- United States: $44 billion (8.7%)
- Indonesia: $39.8 billion (7.9%)
- Taiwan: $24.3 billion (4.8%)
- Thailand: $21.9 billion (4.3%)
- South Korea: $21.3 billion (4.2%)
- Japan: $17.8 billion (3.5%)
- Vietnam: $17.3 billion (3.4%)
- India: $15.1 billion (3%)
- Australia: $14.9 billion (2.9%)
- Philippines: $10.2 billion (2%)
- Netherlands: $7.4 billion (1.5%)
- Germany: $7.1 billion (1.4%)
- Liberia: $6.2 billion (1.2%)
- Panama: $5.4 billion (1.1%)
- United Kingdom: $5.39 billion (1.1%)
- United Arab Emirates: $5.1 billion (1%)
- Marshall Islands: $5 billion (1%)
- Mexico: $4.4 billion (0.9%)
- France: $3.7 billion (0.7%)
- Belgium: $3.2 billion (0.6%)
- Cambodia: $3.19 billion (0.6%)
- New Zealand: $3.18 billion (0.6%)
Over nine-tenths (92%) of Singaporean exports in 2024 was delivered to the above 25 trade partners.
The greatest increases in spending on imports from Singapore were buyers in Cambodia (up 59.5% from 2023), Mexico (up 56.7%), United Kingdom (up 42.3%), Taiwan (up 18.2%), and Malaysia (up 17.7%).
Double-digit reductions in terms of buying Singaporean exported goods were recorded by importers in Belgium(down -31.7% from 2023), Germany (down -11.9%) and the Netherlands (down -11.4%).
Countries Causing Worst Trading Deficits for Singapore
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Singapore incurred the highest trade deficits with the following countries.
- Taiwan: -US$38.8 billion (country-specific trade deficit in 2024)
- United States of America: -$11.7 billion
- France: -$9.2 billion
- United Arab Emirates: -$7.8 billion
- South Korea: -$7.5 billion
- Switzerland: -$5.8 billion
- Saudi Arabia: -$5.4 billion
- Brazil: -$5.1 billion
- Qatar: -$4.7 billion
- Japan: -$4.5 billion
Among Singapore’s trading partners that cause the greatest negative trade balances, Singaporean deficits with Japan (up 142.4%), United States of America (up 64.4%) and South Korea (up 48.8%) grew at the fastest pace from 2023 to 2024.
These cashflow deficiencies clearly indicate Singapore’s competitive disadvantages with the above countries, but also represent key opportunities for Singapore to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Best Trading Surpluses for Singapore
Singapore earned an overall US$47.3 billion trade surplus in 2024. Singapore’s trade surplus retreated -10.6% from $52.9 billion in black ink one year earlier in 2023.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Singapore incurred the highest trade surpluses with the following countries.
- Hong Kong: US$51.7 billion (country-specific trade surplus in 2024)
- Indonesia: $24.1 billion
- mainland China: $14 billion
- Vietnam: $10.8 billion
- Thailand: $10.5 billion
- Australia: $7.1 billion
- India: $6.4 billion
- Liberia: $6.2 billion
- Philippines: $6 billion
- Panama: $5.4 billion
Among Singapore’s trading partners that generate the greatest positive trade balances, Singaporean surpluses with mainland China (up 106.5%), Thailand (up 49%) and Indonesia (up 24.4%) grew at the fastest pace from 2023 to 2024.
These positive cashflow streams clearly indicate Singapore’s competitive advantages with the above countries, but also represent key opportunities for Singapore to develop country-specific strategies to optimize its overall position in international trade.
Singapore’s Major Companies Servicing Its Trading Partners
Seventeen corporations rank among Forbes Global 2000. Below is a sample of the major Singaporean export companies that Forbes included.
- Avago Technologies (semiconductors)
- China Aviation Oil (jet fuel trading)
- Flextronics International (electronics)
- Golden Agri-Resources (food processing)
- Keppel Corp (industrial conglomerates)
- Olam International (food processing)
- ST Engineering (aerospace )
- Wilmar International (food processing)
Wikipedia also lists exporters from Singapore. Selected examples are shown below:
- Medical Technology (medical/healthcare equipment)
- Singapore Technologies Engineering (electronics manufacturing)
- Singapore Telecommunications Limited (communications)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of Singaporean export companies.
- Asahi Glass Singapore (glass sheets)
- Ltt Veneer Singapore (soybean flours, hams)
- Sephora Singapore (copper pipes/tubes, cabinets)
- Wajilam Export Singapore (wood, chocolate)
See also Singapore’s Top 10 Exports , Singapore’s Top 10 Imports, 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 14, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 14, 2025
International Trade Centre, Trade Map. Accessed on April 14, 2025
Investopedia, Net Exports Definition. Accessed on April 14, 2025
Zepol’s company summary highlights by country. Accessed on April 14, 2025