That dollar amount results from a 35% increase since 2020 when Singaporean exports totaled $373.9 billion.
Year over year, the total value of Singapore’s exports rose 6.2% compared to $475.5 billion for 2023.
Based on the average exchange rate for 2024, the Singapore dollar appreciated by 0.5% against the US dollar from 2023 to 2024. Singapore’s stronger local currency makes its exports paid for in weaker US dollars relatively slightly more expensive for international buyers during 2024.
Major Countries Buying Products Exported from Singapore
The latest available country-specific data shows that 78.2% of products exported from Singapore was bought by importers in: mainland China (14% of the Singaporean total), Hong Kong (10.9%), Malaysia (10.4%), United States of America (8.7%), Indonesia (7.9%), Taiwan (4.8%), Thailand (4.3%), South Korea (4.2%), Japan (3.5%), Vietnam (3.4%), India (3%) and Australia (2.9%).
From a continental perspective, 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 goods 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%).
Given Singapore’s population of 5.94 million people, its total $504.8 billion in 2024 exports translates to $85,000 for every resident in the exports-dependent nation. That dollar metric outpaces the average $84,000 per capita in 2023.
Another outstanding feature is that Singapore is a busy trading hub which attracts a high degree of re-exporting activity with its trading partners.
Singapore’s Top 10 Exports
The following export product groups represent the highest dollar value in Singaporean global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Singapore.
- Electrical machinery, equipment: US$175.8 billion (34.8% of total exports)
- Machinery including computers: $91.6 billion (18.1%)
- Mineral fuels including oil: $56.2 billion (11.1%)
- Optical, technical, medical apparatus: $25.2 billion (5%)
- Gems, precious metals: $23.5 billion (4.7%)
- Plastics, plastic articles: $13.2 billion (2.6%)
- Organic chemicals: $11.7 billion (2.3%)
- Perfumes, cosmetics: $9.4 billion (1.9%)
- Pharmaceuticals: $8.4 billion (1.7%)
- Other chemical goods: $6.7 billion (1.3%)
Singapore’s top 10 export product categories represent 83.5% of the overall value of total Singaporean shipments.
Gems and precious metals was the fastest grower among the top 10 export categories, up by 25.2% from 2023 to 2024 propelled by higher revenues from gold shipments.
In second place for improving export sales was machinery including computers via a 23.5% advance.
Singapore’s shipments of electrical machinery and equipment posted the third-fastest gain in value, up by 8.7%.
The leading decliner among Singapore’s top 10 export categories was pharmaceuticals, pulled down by a -23.9% year-over-year drop.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section below.
Searchable List of Singapore’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Singapore during 2024. Shown beside each product label is its total export value then the percentage increase or decrease since 2023.
| Rank | Export Product | US$ | Change |
|---|---|---|---|
| 1 | Integrated circuits/microassemblies | $119,186,694,000 | +14.1% |
| 2 | Processed petroleum oils | $54,502,641,000 | -4.3% |
| 3 | Machinery for making semi-conductors | $24,835,738,000 | +14.9% |
| 4 | Turbo-jets | $19,651,435,000 | +12.3% |
| 5 | Computers, optical readers | $18,691,312,000 | +91.2% |
| 6 | Gold (unwrought) | $17,383,110,000 | +38.3% |
| 7 | Phone devices includng smartphones | $14,887,159,000 | -7.2% |
| 8 | Solar power diodes/semi-conductors | $11,320,747,000 | -11.5% |
| 9 | Other food preparations | $6,007,759,000 | +8.8% |
| 10 | Unrecorded sound media | $5,833,922,000 | +44.1% |
| 11 | Aircraft or spacecraft parts | $5,223,297,000 | +0.4% |
| 12 | Beauty/makeup/skin care preparations | $4,919,994,000 | -10.8% |
| 13 | Other measuring/testing machines | $4,527,533,000 | +12.8% |
| 14 | Ethylene polymers | $4,464,104,000 | +6% |
| 15 | Physical/chemical analysis tools | $4,433,902,000 | -3.9% |
| 16 | Computer parts, accessories | $4,303,199,000 | +47.4% |
| 17 | Blood fractions (including antisera) | $4,292,679,000 | -7.2% |
| 18 | Printing machinery | $3,913,937,000 | +9.1% |
| 19 | Orthopedic appliances | $3,678,169,000 | +13.3% |
| 20 | Jewelry | $3,648,632,000 | +1.8% |
| 21 | Electro-medical equip (e.g. xrays) | $3,605,305,000 | +15.1% |
| 22 | Electrical machinery | $3,299,514,000 | -0.2% |
| 23 | Lower-voltage switches, fuses | $3,130,412,000 | +2.7% |
| 24 | Medication mixes in dosage | $3,045,797,000 | -40% |
| 25 | Miscellaneous heterocyclics | $2,739,136,000 | -26.8% |
| 26 | Propylene/olefin polymers | $2,615,816,000 | +6% |
| 27 | Machinery parts | $2,461,265,000 | -2.4% |
| 28 | Scents used for beverage or industrial manufacturing | $2,452,648,000 | +11.3% |
| 29 | Miscellaneous machinery | $2,401,903,000 | +2.9% |
| 30 | Taps, valves, similar appliances | $2,389,532,000 | +20.3% |
| 31 | Cyclic hydrocarbons | $2,282,560,000 | +1.1% |
| 32 | Mechano-therapy appliances | $2,188,083,000 | +19.4% |
| 33 | Alcohol (including spirits, liqueurs) | $2,156,880,000 | -15.3% |
| 34 | Anti-knock/oxidation/gum inhibitors | $2,086,551,000 | -0.8% |
| 35 | Electrical converters/power units | $2,072,553,000 | -5.6% |
| 36 | Electrical capacitators | $1,958,330,000 | +2.5% |
| 37 | Heterocyclics, nucleic acids | $1,730,699,000 | -37% |
| 38 | Automobile parts/accessories | $1,679,926,000 | -7% |
| 39 | Other diagnostic/lab reagents | $1,593,729,000 | -2.5% |
| 40 | Perfumes, toilet waters | $1,569,429,000 | +16.2% |
| 41 | Electrical/optical circuit boards, panels | $1,518,057,000 | +5.3% |
| 42 | Wrist/pocket watches (precious metal case) | $1,409,886,000 | +2% |
| 43 | Electric circuit parts, fuses, switches | $1,378,845,000 | -25.9% |
| 44 | Polyacetal/ether/carbonates | $1,313,424,000 | -2.3% |
| 45 | Centrifuges, filters and purifiers | $1,267,091,000 | +23.1% |
| 46 | Oscilloscopes, spectrum analyzers | $1,265,761,000 | -4.7% |
| 47 | Insulated wire/cable | $1,261,617,000 | +4.2% |
| 48 | Petroleum oil residues | $1,220,895,000 | -15% |
| 49 | Air or vacuum pumps | $1,153,770,000 | +15.7% |
| 50 | Cases, handbags, wallets | $1,135,485,000 | -38.4% |
| 51 | Precious metal waste, scrap | $1,097,212,000 | +13.9% |
| 52 | Radar, radio communication items | $1,056,698,000 | +19.2% |
| 53 | Liquid pumps and elevators | $1,053,961,000 | +18% |
| 54 | Chemicals used in electronics | $925,318,000 | -14% |
| 55 | Electric motors, generators | $914,827,000 | +10.9% |
| 56 | TV receiver/transmit/digital cameras | $864,338,000 | -4.8% |
| 57 | Miscellaneous plastic items | $862,800,000 | -6.4% |
| 58 | Regulate/control instruments | $861,953,000 | +14.4% |
| 59 | Electric storage batteries | $860,020,000 | +13% |
| 60 | Piston engine parts | $850,938,000 | +5.4% |
| 61 | Synthetic rubber | $834,391,000 | +8.3% |
| 62 | Acyclic alcohols | $808,403,000 | +5.7% |
| 63 | Optical fiber cables, sheets, plates | $799,831,000 | -4.8% |
| 64 | Flour/meal/starch/malt extract food preparations | $785,658,000 | -5.4% |
| 65 | Ball, roller bearings | $777,945,000 | +5% |
| 66 | Saturated acyclic mono acids | $748,333,000 | -3.9% |
| 67 | Refrigerators, freezers | $731,898,000 | +31% |
| 68 | Printed circuits | $730,766,000 | -0.001% |
| 69 | Microphones/headphones/amps | $719,285,000 | +20.7% |
| 70 | Chemical industry products/residuals | $692,657,000 | +3.9% |
| 71 | Assembly machines for lamps, tubes, valves | $675,965,000 | -14.2% |
| 72 | Motorcycle parts/accessories | $661,161,000 | -11.7% |
| 73 | Miscellaneous iron or steel items | $647,040,000 | +25% |
| 74 | Acyclic hydrocarbons | $645,590,000 | +6.5% |
| 75 | TV/radio/radar device parts | $641,759,000 | +9.2% |
| 76 | Survey/hydro/weather instruments | $604,044,000 | +13% |
| 77 | Primary batteries/cells | $603,295,000 | -14.6% |
| 78 | Temperature-change machines | $577,412,000 | +0.3% |
| 79 | Chocolate, other cocoa preparations | $569,732,000 | +14.9% |
| 80 | Wrist/pocket watches (no precious metal case) | $547,265,000 | -18.4% |
| 81 | Piston engines | $543,482,000 | +62.6% |
| 82 | Wine | $519,154,000 | -14.9% |
| 83 | Iron or steel tubes, pipes | $511,815,000 | +16.5% |
| 84 | Packaged insecticides/fungicides/herbicides | $506,494,000 | -11% |
| 85 | Transmission shafts, gears, clutches | $504,502,000 | -1.1% |
| 86 | Miscellaneous engines, motors | $499,180,000 | +25% |
| 87 | Bent, edgeworked glass | $492,113,000 | +28% |
| 88 | Iron or steel scrap | $488,007,000 | +3.2% |
| 89 | Acrylic polymers | $485,429,000 | +1.1% |
| 90 | Electrical resistors | $485,347,000 | -7.7% |
| 91 | Table games, bowling equipment | $484,490,000 | -1.7% |
| 92 | Cigars/cigarellos, cigarettes | $481,669,000 | -5.3% |
| 93 | Liquid/gas checking instruments | $481,250,000 | +3.1% |
| 94 | X-ray equipment | $478,840,000 | -8.6% |
| 95 | Vulcanized rubber items | $471,937,000 | +0.6% |
| 96 | Self-adhesive plastic in rolls | $465,532,000 | +15.9% |
| 97 | Electric sound/visual signal bells or alarms | $453,506,000 | +4.8% |
| 98 | Electric water heaters, hair dryers | $443,251,000 | +26.8% |
| 99 | Navigational aids incuding compasses | $437,908,000 | +27.8% |
| 100 | Hand-drawn paintings, drawings | $428,191,000 | -65.9% |
These 100 exported goods were worth a subtotal of US$427.2 billion or 84.6% by value for all products exported from Singapore during 2024.
Products Generating Biggest Trade Surpluses for Singapore
Overall, Singapore posted a US$47.3 billion trade surplus in 2024. Singapore’s trade surplus fell by -10.6% from $52.9 billion in black ink one year earlier in 2023.
The following types of Singaporean product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Electrical machinery, equipment: US$31.7 billion (Up by 4.3% since 2023)
- Optical, technical, medical apparatus: $11.3 billion (Up by 10.6%)
- Machinery including computers: $8.9 billion (Down by -10.3%)
- Plastics, plastic articles: $6.1 billion (Up by 7.5%)
- Miscellaneous food preparations: $5 billion (Up by 9.8%)
- Perfumes, cosmetics: $4.6 billion (Down by -0.4%)
- Organic chemicals: $3.8 billion (Up by 9.5%)
- Pharmaceuticals: $2.6 billion (Down by -60.4%)
- Other chemical goods: $2 billion (Down by -7.3%)
- Rubber, rubber articles: $683.3 million (Down by -1.9%)
Singapore has highly positive net exports in the international trade of electronics including consumer gadgets. In turn, these cashflows indicate Singapore’s strong competitive advantages under the electrical machinery and equipment category.
Products Causing Worst Trade Deficits for Singapore
Below are exports from Singapore that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Singapore’s goods trail Singaporean importer spending on foreign products.
- Mineral fuels including oil: -US$31.1 billion (Up by 9.2% since 2022)
- Aircraft, spacecraft: -$3.3 billion (Down by -31%)
- Animal/vegetable fats, oils, waxes: -$2.1 billion (Down by -13.6%)
- Articles of iron or steel: -$1.7 billion (Down by -9.6%)
- Vehicles: -$1.5 billion (Up by 33.5%)
- Gems, precious metals: -$1.15 billion (Down by -44.1%)
- Collector items, art, antiques: -$1.14 billion (Reversing a $523.2 million surplus)
- Meat: -$1.12 billion (Up by 13.6%)
- Ships, boats: -$1.1 billion (Reversing a $1.5 billion surplus)
- Furniture, bedding, lighting, signs, prefab buildings: -$1.1 billion (Up by 2.4%)
Singapore has highly negative net exports and therefore deep international trade deficits for mineral fuels-related goods, historically crude petroleum oil and petroleum gases.
These cashflow deficiencies clearly indicate Singapore’s competitive disadvantages in the international fossil fuel market, but also represent key opportunities for Singapore to improve its position in the global economy through focused innovations especially alternative energy sources.
Singapore’s Major Export Companies
Seventeen corporations based in Singapore rank among Forbes Global 2000. Below is a sample of the major Singaporean export companies that Forbes included.
- Wilmar International (food processing)
- Keppel Corp (industrial conglomerates)
- Flextronics International (electronics)
- Avago Technologies (semiconductors)
- ST Engineering (aerospace )
- Olam International (food processing)
- Golden Agri-Resources (food processing)
- China Aviation Oil (jet fuel trading)
Wikipedia also lists exporters from Singapore. Selected examples are shown below.
- Singapore Technologies Engineering (electronics manufacturing)
- Medical Technology (medical/healthcare equipment)
- Singapore Telecommunications Limited (communications)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of Singaporean export companies.
- Wajilam Export Singapore (wood, chocolate)
- Asahi Glass Singapore (glass sheets)
- Sephora Singapore (copper pipes/tubes, cabinets)
- Ltt Veneer Singapore (soybean flours, hams)
In macroeconomic terms, Singapore’s total exported goods represent 57.4% of its overall Gross Domestic Product for 2024 ($880 billion valued in Purchasing Power Parity US dollars) down from 63.1% in 2023. Also, please note that that percentage includes a significant amount of re-exporting activity.
Another key indicator of a country’s economic performance is its unemployment rate. The unemployment rate for Singapore averaged 1.9% for 2024, down from the average 1.925% for 2023 according to International Monetary Fund statistics.
See also Singapore’s Top Trading Partners , 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 March 20, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 20, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 20, 2025
International Trade Centre, Trade Map. Accessed on March 20, 2025
Investopedia, Net Exports Definition. Accessed on March 20, 2025
Wikipedia, Gross domestic product. Accessed on March 20, 2025
Wikipedia, List of Companies of Singapore. Accessed on March 20, 2025
Wikipedia, Purchasing power parity. Accessed on March 20, 2025
X-rates.com, Exchange Rates: Singapore Dollar to US Dollar (monthly average 2024). Accessed on March 20, 2025
Zepol’s company summary highlights by country. Accessed on March 20, 2025