Singapore relies heavily on international trade. The country’s strategic location at the crossroads of major shipping routes has made it a hub for global commerce. In this article, we will explore Singapore’s top trading partners and the nature of their trade relationships.
China
- Singapore’s largest trading partner is China, with an annual trade volume of over $132 billion. The two countries have a well-established trade relationship, with Singapore exporting mainly refined petroleum, integrated circuits, and computers to China, while importing electronic products, machinery, and equipment.
Malaysia
- Malaysia is Singapore’s second-largest trading partner, with an annual trade volume of over $85 billion. The two countries share a long-standing trade relationship, with Singapore importing mainly petroleum, palm oil, and electronic products from Malaysia, while exporting mainly refined petroleum, integrated circuits, and computers.
United States
- The United States is Singapore’s third-largest trading partner, with an annual trade volume of over $73 billion. The two countries have a significant trade relationship, with Singapore exporting mainly refined petroleum, integrated circuits, and computers to the United States, while importing electronic products and machinery.
Hong Kong
- Hong Kong is Singapore’s fourth-largest trading partner, with an annual trade volume of over $63 billion. The two countries share a robust trade relationship, with Singapore exporting mainly refined petroleum, integrated circuits, and computers to Hong Kong, while importing electronic products and jewelry.
Indonesia
- Indonesia is Singapore’s fifth-largest trading partner, with an annual trade volume of over $50 billion. The two countries share a close trade relationship, with Singapore importing mainly petroleum, rubber, and palm oil from Indonesia, while exporting mainly refined petroleum, integrated circuits, and computers.
Japan
- Japan is Singapore’s sixth-largest trading partner, with an annual trade volume of over $44 billion. The two countries have a well-established trade relationship, with Singapore exporting mainly refined petroleum, integrated circuits, and computers to Japan, while importing electronic products and machinery.
South Korea
- South Korea is Singapore’s seventh-largest trading partner, with an annual trade volume of over $38 billion. The two countries share a growing trade relationship, with Singapore exporting mainly refined petroleum, integrated circuits, and computers to South Korea, while importing electronic products and machinery.
Thailand
- Thailand is Singapore’s eighth-largest trading partner, with an annual trade volume of over $36 billion. The two countries share a close trade relationship, with Singapore importing mainly electronic products and machinery from Thailand, while exporting mainly refined petroleum, integrated circuits, and computers.
Taiwan
- Taiwan is Singapore’s ninth-largest trading partner, with an annual trade volume of over $29 billion. The two countries share a well-established trade relationship, with Singapore exporting mainly refined petroleum, integrated circuits, and computers to Taiwan, while importing electronic products and machinery.
Australia
- Australia is Singapore’s tenth-largest trading partner, with an annual trade volume of over $28 billion. The two countries share a robust trade relationship, with Singapore exporting mainly refined petroleum, integrated circuits, and computers to Australia, while importing electronic products and machinery.
Singapore’s top trading partners span the globe and encompass a diverse range of industries. The country’s strategic location and pro-business environment have made it an attractive destination for international trade, and its well-established trade relationships are likely to continue to fuel Singapore’s economic growth in the years to come. Also learn about Exploring Opportunities: The Economic Partnership between Singapore and Vietnam for Small Businesses.
