That dollar amount results from a 21.8% increase since 2019 when Singaporean exports totaled $390.4 billion.
Year over year, the total value of Singapore’s exports fell -7.7% compared to $515.1 billion for 2022.
Based on the average exchange rate for 2023, the Singapore dollar appreciated by 1.6% against the US dollar since 2019 and gained 2.6% from 2022 to 2023. Singapore’s stronger local currency makes its exports paid for in weaker US dollars relatively more expensive for international buyers during 2023.
Major Countries Buying Products Exported from Singapore
The latest available country-specific data shows that 77.1% of products exported from Singapore was bought by importers in: mainland China (13.8% of the Singaporean total), Hong Kong (10.6%), United States of America (9.5%), Malaysia (9.4%), Indonesia (7.4%), South Korea (4.3%), Taiwan (4.3%), Japan (4.1%), Thailand (4%), Vietnam (3.5%), Australia (3.2%) and India (3%).
From a continental perspective, 71.5% of Singapore exports by value was delivered to Asian countries while 10.3% was sold to importers in North America. Singapore shipped another 9.2% worth of goods to Europe.
Smaller percentages went to buyers in Oceania (5.3%) led by Australia, Marshall Islands and New Zealand, Latin America (1.9%) excluding Mexico but including the Caribbean, then Africa (1.8%).
Given Singapore’s population of 5.66 million people, its total $475.3 billion in 2023 exports translates to $84,000 for every resident in the exports-dependent nation. That dollar metric trails the average $91,300 per capita in 2022.
Singapore is 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 2023. Also shown is the percentage share each export category represents in terms of overall exports from Singapore.
- Electrical machinery, equipment: US$161.7 billion (34% of total exports)
- Machinery including computers: $74.1 billion (15.6%)
- Mineral fuels including oil: $58.8 billion (12.4%)
- Optical, technical, medical apparatus: $23.5 billion (4.9%)
- Gems, precious metals: $18.8 billion (4%)
- Organic chemicals: $14.6 billion (3.1%)
- Plastics, plastic articles: $12.6 billion (2.7%)
- Pharmaceuticals: $11 billion (2.3%)
- Perfumes, cosmetics: $9.5 billion (2%)
- Other chemical goods: $6.8 billion (1.4%)
Singapore’s top 10 exports represent 82.4% of the overall value of total Singaporean shipments.
Pharmaceuticals was the fastest grower among the top 10 export categories, up by 12.2% from 2022 to 2023
In second place for improving export sales was the organic chemicals grouping via a 5.1% advance.
Singapore’s shipments of optical, technical and medical apparatus posted the third-fastest gain in value, up by 1.4%.
The leading decliner among Singapore’s top 10 export categories was plastics (both as materials and items made from plastic) thanks to a -19.2% 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 Searchable List of Singapore’s Most Valuable Export Products further down near the bottom of this article.
Products Generating Biggest Trade Surpluses for Singapore
Overall, Singapore posted a US$52.95 billion trade surplus in 2023. Singapore’s trade surplus improved by 33.8% from $39.6 billion in black ink one year earlier in 2022.
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$30.4 billion (Up by 15.7% since 2022)
- Optical, technical, medical apparatus: $10.2 billion (Up by 37.2%)
- Machinery including computers: $9.8 billion (Up by 1%)
- Pharmaceuticals: $6.7 billion (Up by 43.4%)
- Plastics, plastic articles: $5.7 billion (Down by -20.3%)
- Perfumes, cosmetics: $4.65 billion (Down by -14.4%)
- Miscellaneous food preparations: $4.56 billion (Down by -22.7%)
- Organic chemicals: $3.5 billion (Up by 9.1%)
- Other chemical goods: $2.2 billion (Up by 2.9%)
- Ships, boats: $1.4 billion (Down by -38.1%)
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$28.5 billion (Down by -28.1% since 2022)
- Aircraft, spacecraft: -$4.7 billion (Up by 116.2%)
- Animal/vegetable fats, oils, waxes: -$2.4 billion (Down by -5.8%)
- Gems, precious metals: -$2.1 billion (Down by -46.8%)
- Articles of iron or steel: -$1.9 billion (Up by 9.6%)
- Vehicles: -$1.2 billion (Down by -3.5%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$1.1 billion (Up by 4.1%)
- Meat: -$982.2 million (Down by -6.2%)
- Iron, steel: -$951.5 million (Down by -14.6%)
- Dairy, eggs, honey: -$891.8 million (Down by -11.8%)
Singapore has highly negative net exports and therefore deep international trade deficits for mineral fuels-related goods, notably crude petroleum oil and petroleum gases.
These cashflow deficiencies clearly indicate Singapore’s competitive disadvantages in the international fossil fuel market, but also represent key opportunities for Singapore to improve its position in the global economy through focused innovations especially alternative energy sources.
Singapore’s Major Export Companies
Seventeen corporations based in Singapore rank among Forbes Global 2000. Below is a sample of the major Singaporean export companies that Forbes included.
- Wilmar International (food processing)
- Keppel Corp (industrial conglomerates)
- Flextronics International (electronics)
- Avago Technologies (semiconductors)
- ST Engineering (aerospace )
- Olam International (food processing)
- Golden Agri-Resources (food processing)
- China Aviation Oil (jet fuel trading)
Wikipedia also lists exporters from Singapore. Selected examples are shown below.
- Singapore Technologies Engineering (electronics manufacturing)
- Medical Technology (medical/healthcare equipment)
- Singapore Telecommunications Limited (communications)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of Singaporean export companies.
- Wajilam Export Singapore (wood, chocolate)
- Asahi Glass Singapore (glass sheets)
- Sephora Singapore (copper pipes/tubes, cabinets)
- Ltt Veneer Singapore (soybean flours, hams)
Searchable List of Singapore’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Singapore during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Export Product | US$ | Change |
|---|---|---|---|
| 1 | Integrated circuits/microassemblies | $104,413,410,000 | -14.4% |
| 2 | Processed petroleum oils | $56,916,538,000 | -10.3% |
| 3 | Machinery for making semi-conductors | $21,588,246,000 | +1.6% |
| 4 | Turbo-jets | $17,485,498,000 | +14.3% |
| 5 | Phone devices includng smartphones | $16,032,844,000 | +18% |
| 6 | Solar power diodes/semi-conductors | $12,783,017,000 | -2.6% |
| 7 | Gold (unwrought) | $12,562,982,000 | -19.1% |
| 8 | Computers, optical readers | $9,772,373,000 | -7.5% |
| 9 | Other food preparations | $5,525,901,000 | -19.4% |
| 10 | Beauty/makeup/skin care preparations | $5,519,806,000 | -11.7% |
| 11 | Aircraft or spacecraft parts | $5,198,004,000 | +16% |
| 12 | Medication mixes in dosage | $5,079,967,000 | -8.8% |
| 13 | Blood fractions (including antisera) | $4,621,508,000 | +70.2% |
| 14 | Physical/chemical analysis tools | $4,610,146,000 | -7.5% |
| 15 | Ethylene polymers | $4,208,854,000 | -25.3% |
| 16 | Unrecorded sound media | $4,048,450,000 | -18.8% |
| 17 | Other measuring/testing machines | $4,008,335,000 | +6.3% |
| 18 | Miscellaneous heterocyclics | $3,753,516,000 | +765.7% |
| 19 | Printing machinery | $3,585,456,000 | -20.8% |
| 20 | Jewelry | $3,581,667,000 | +3.8% |
| 21 | Electrical machinery | $3,312,960,000 | -38.8% |
| 22 | Orthopedic appliances | $3,242,200,000 | +16.6% |
| 23 | Electro-medical equip (e.g. xrays) | $3,133,710,000 | +1.6% |
| 24 | Lower-voltage switches, fuses | $3,047,658,000 | -11.5% |
| 25 | Computer parts, accessories | $2,921,452,000 | -22% |
| 26 | Heterocyclics, nucleic acids | $2,759,883,000 | +14.3% |
| 27 | Alcohol (including spirits, liqueurs) | $2,544,327,000 | +27.1% |
| 28 | Machinery parts | $2,522,363,000 | +4.6% |
| 29 | Propylene/olefin polymers | $2,465,880,000 | -24% |
| 30 | Miscellaneous machinery | $2,334,955,000 | -19.7% |
| 31 | Cyclic hydrocarbons | $2,255,451,000 | -17.8% |
| 32 | Scents used for beverage or industrial manufacturing | $2,203,416,000 | -1% |
| 33 | Electrical converters/power units | $2,194,111,000 | +11.5% |
| 34 | Anti-knock/oxidation/gum inhibitors | $2,102,116,000 | -3.5% |
| 35 | Taps, valves, similar appliances | $1,984,488,000 | +28.6% |
| 36 | Electrical capacitators | $1,909,257,000 | -7.5% |
| 37 | Electric circuit parts, fuses, switches | $1,861,448,000 | -0.5% |
| 38 | Cases, handbags, wallets | $1,843,920,000 | +13.7% |
| 39 | Mechano-therapy appliances | $1,831,662,000 | +17.9% |
| 40 | Automobile parts/accessories | $1,806,255,000 | +3.6% |
| 41 | Other diagnostic/lab reagents | $1,633,642,000 | -3.5% |
| 42 | Electrical/optical circuit boards, panels | $1,441,913,000 | +8% |
| 43 | Petroleum oil residues | $1,436,727,000 | -4.9% |
| 44 | Wrist/pocket watches (precious metal case) | $1,382,085,000 | +7.1% |
| 45 | Perfumes, toilet waters | $1,349,531,000 | +10.5% |
| 46 | Polyacetal/ether/carbonates | $1,343,547,000 | -16.2% |
| 47 | Oscilloscopes, spectrum analyzers | $1,327,664,000 | -11.1% |
| 48 | Light vessels, fire boats, floating docks | $1,269,754,000 | -46.5% |
| 49 | Hand-drawn paintings, drawings | $1,251,169,000 | +195.3% |
| 50 | Insulated wire/cable | $1,209,638,000 | +0.7% |
| 51 | Chemicals used in electronics | $1,076,738,000 | -9.3% |
| 52 | Centrifuges, filters and purifiers | $1,028,724,000 | +16.3% |
| 53 | Air or vacuum pumps | $996,420,000 | +12.2% |
| 54 | Precious metal waste, scrap | $961,576,000 | +38.1% |
| 55 | Miscellaneous plastic items | $921,571,000 | -5.1% |
| 56 | TV receiver/transmit/digital cameras | $906,512,000 | -8.3% |
| 57 | Liquid pumps and elevators | $892,786,000 | +9% |
| 58 | Radar, radio communication items | $885,652,000 | +10.6% |
| 59 | Optical fiber cables, sheets, plates | $840,186,000 | -28.6% |
| 60 | Flour/meal/starch/malt extract food preparations | $830,083,000 | -8.8% |
| 61 | Electric motors, generators | $824,093,000 | +18% |
| 62 | Piston engine parts | $807,077,000 | -1.4% |
| 63 | Assembly machines for lamps, tubes, valves | $789,666,000 | +8.8% |
| 64 | Saturated acyclic mono acids | $779,649,000 | -43.5% |
| 65 | Synthetic rubber | $770,388,000 | -21.8% |
| 66 | Acyclic alcohols | $765,521,000 | -43.3% |
| 67 | Electric storage batteries | $760,866,000 | -28.1% |
| 68 | Regulate/control instruments | $752,992,000 | +26% |
| 69 | Motorcycle parts/accessories | $749,600,000 | -45.3% |
| 70 | Ball, roller bearings | $740,061,000 | -6.2% |
| 71 | Printed circuits | $730,940,000 | -1.3% |
| 72 | Primary batteries/cells | $706,445,000 | +0.05% |
| 73 | Amino-compounds (oxygen) | $704,428,000 | -41.6% |
| 74 | Wrist/pocket watches (no precious metal case) | $670,229,000 | +3.9% |
| 75 | Chemical industry products/residuals | $666,618,000 | -39.6% |
| 76 | Wine | $609,056,000 | +6.2% |
| 77 | Acyclic hydrocarbons | $605,986,000 | +1.1% |
| 78 | Microphones/headphones/amps | $595,739,000 | -8% |
| 79 | Carboxylic acids | $595,284,000 | +3.3% |
| 80 | TV/radio/radar device parts | $587,620,000 | +11.2% |
| 81 | Diamonds (unmounted/unset) | $577,268,000 | -63.2% |
| 82 | Temperature-change machines | $575,675,000 | -9.3% |
| 83 | Dried organs, heparin | $570,009,000 | -20.6% |
| 84 | Packaged insecticides/fungicides/herbicides | $569,453,000 | +0.1% |
| 85 | Refrigerators, freezers | $558,533,000 | -17.4% |
| 86 | Survey/hydro/weather instruments | $534,271,000 | +4.2% |
| 87 | Electrical resistors | $525,924,000 | -21.6% |
| 88 | X-ray equipment | $524,078,000 | +2.5% |
| 89 | Miscellaneous iron or steel items | $517,420,000 | -8.1% |
| 90 | Transmission shafts, gears, clutches | $509,757,000 | +11.7% |
| 91 | Cigars/cigarellos, cigarettes | $507,988,000 | +29.8% |
| 92 | Chocolate, other cocoa preparations | $495,294,000 | -11.5% |
| 93 | Table games, bowling equipment | $492,316,000 | +56.8% |
| 94 | Acrylic polymers | $480,132,000 | -9% |
| 95 | Iron or steel scrap | $472,503,000 | -20.4% |
| 96 | Vulcanized rubber items | $468,818,000 | -3.8% |
| 97 | Cellulose fiber paper | $467,840,000 | +1.4% |
| 98 | Liquid/gas checking instruments | $466,870,000 | -16.4% |
| 99 | Chemical woodpulp (non-dissolving) | $462,268,000 | +86.4% |
| 100 | Liquid crystal/laser/optical tools | $447,499,000 | -0.9% |
These 100 exported goods were worth a subtotal of US$399.2 billion or 84% by value for all products exported from Singapore during 2023.
In macroeconomic terms, Singapore’s total exported goods represent 63.1% of its overall Gross Domestic Product for 2023 ($753.3 trillion valued in Purchasing Power Parity US dollars). 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 1.8% for 2023, down from the average 2.1% for 2022 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 April 6, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 6, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 6, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 6, 2024
International Trade Centre, Trade Map. Accessed on April 6, 2024
Investopedia, Net Exports Definition. Accessed on April 6, 2024
Wikipedia, Gross domestic product. Accessed on April 6, 2024
Wikipedia, List of Companies of Singapore. Accessed on April 6, 2024
Wikipedia, Purchasing power parity. Accessed on April 6, 2024
Zepol’s company summary highlights by country. Accessed on April 6, 2024