Analysis and Studies - Country Analysis
Singapore: a look at the market
May 26th 2023
Singapore is a little state located on an island in between Malaysia and Indonesia. With a total area of only 719 sq km, Singapore is considered as a major financial and economic center. In 1819, the British established the current city-state of Singapore there as a trading colony. In 1963, it became a member of the Malaysian Federation, but two years later, it was expelled and declared independent. Following that, Singapore developed into one of the richest nations in the world with extensive international trade connections. Indeed, it is the fourth country ranked by real GDP per capita, just behind Liechtenstein, Luxemburg and Monaco.
A look at the Market
Singapore is considered as a Southeast Asia's country with a high-income. It has a well-developed service-based economy, and it is well-known for its financial markets.
Singapore has been ranked at number 19 as top exporter worldwide. The top exports of Singapore are Integrated Circuits ($77B), Refined Petroleum ($40.8B), Gold ($18.6B), Packaged Medicaments ($10.4B), and Machinery ($8.33B); it exports mostly to China ($56.8B), Hong Kong ($54.5B), United States ($28.1B), Malaysia ($27.7B), and Indonesia ($18.4B). Moreover, in 2021, Singapore was the world's biggest exporter of Glass Working Machines ($1.6B).
On the contrary, Singapore imports mostly Integrated Circuits ($65.2B), Refined Petroleum ($50B), Crude Petroleum ($22.5B), Gold ($15.1B), and Gas Turbines ($7.43B). Its major importing partners are China ($53.9B), Malaysia ($49.6B), Chinese Taipei ($34.1B), United States ($32.5B), and Japan ($18.2B). In 2021, Singapore was the world's biggest importer of Bovine, Sheep, and Goat Fat ($635M) and Pig and Poultry Fat ($289M)
SkyMinder: Know your Business Partner
SkyMinder is the business information platform powered by CRIF, giving access to in-depth credit and financial data on companies all over the world. Thanks to our international presence and long-standing experience with local information providers, every country is available on SkyMinder, without data accessibility limits or updating issues. If you are evaluating the possibility of doing business with a company located in Singapore, SkyMinder can help you assess your potential partner.
Discover more about our solutions and don't hesitate to contact us!