Singapore's Top Imports & Exports 2008
Computer Parts and Accessories Top Singaporean Export to USA
Nov 7, 2009
Singapore’s Gross Domestic Product (GDP) was an estimated US$181.9 billion in 2008, making Singapore the world’s 45th richest country.
With a population of 4.7 million Singaporeans with an average GDP of $52,000 per person last year, Singapore was the world’s 9th richest nation in terms of GDP per capita.
As the world’s 14th biggest exporting nation, Singapore shipped $342.7 billion worth of exports in 2008. Singaporean exports include machinery, electronics, consumer goods, pharmaceuticals, chemicals and mineral fuels. Based on 2008 statistics, top customers for these exports are Malaysia (12.1%), Indonesia (10.5%), Hong Kong (10.3%), China (9.2%), the United States (7.1%), Japan (4.9%) and Australia (4.1%).
According to the CIA World Factbook, Singapore imported $219.5 billion worth of foreign goods last year. Major commodities imported into Singapore included machinery, chemicals, fuel, food and consumer goods. Leading suppliers to Singapore were Malaysia (11.9%), the United States (11.8%), China (10.5%), Japan (8.1%), South Korea (5.6%), Indonesia (5.5%) and Saudi Arabia (4.6%).
In total, Singapore’s international trade amounted to $562.2 billion or 309.1% in relation to its overall GDP. This compares with roughly 25% for the U.S. and 60% for Canada. However, this high ratio of trade to GDP is not that surprising considering that Singapore is key hub to fast-developing Asian trade routes.
Singaporean Trade with the U.S.
Last year, Singaporean exports to America fell 13.6% to $15.9 billion. Over that same period, Singapore bought $27.9 billion worth of imported U.S. goods – an increase of 8.7%. After subtracting imports from exports, one can quickly calculate Singapore’s trade deficit with the U.S. to be $12 billion for 2008.
The lists below present the top 10 exports and imports that American and Singaporean enterprises exchanged in 2008. The fastest-growing trade product categories are also listed.
Singapore’s Top Exports to America
While the majority of Singaporean exports are high-tech products, 8 of the top 10 exports to the U.S. last year were down by at least 3.9%
- Computer parts and accessories … US$4.3 billion, down 11.3% from 2007 (27.1% of US imports from Singapore)
- Medicinal, dental and pharmaceutical preparations … $2.4 billion, down 32.5% (15.1%)
- Semiconductors … $1.37 billion, down 20.9% (8.7%)
- Industrial organic chemicals … $1 billion, up 40.3% (6.4%)
- Other household goods including clocks… $607.4 million, down 45.9% (3.8%)
- Other scientific, medical and hospital equipment … $560.4 million, down 18.6% (3.5%)
- Telecommunications equipment … $537.3 million, down 15.1% (3.4%)
- Electric apparatus and parts … $379.3 million, down 3.9% (2.4%)
- Service industry machinery and tools … $280.8 million, up 30.4% (1.8%)
- Other industrial machinery … $268.7 million, down 7.5% (1.7%).
Fastest-Growing Singaporean Exports to the U.S.
Fuel oil exports from Singapore to America experienced the greatest percentage gain from the prior year. All other product categories below had double-digit gains of less than 50%.
- Fuel oil… US$28 million, up 1,583% from 2007
- Laboratory testing and control instruments … $123.3 million, up 48.1%
- Industrial organic chemicals … $1 billion, up 40.3%
- Civilian aircraft engines… $230.9 million, up 38.4%
- Civilian aircraft parts… $111.1 million, up 35.2%
- Military aircraft and parts … $22.3 million, up 30.8%
- Generators, transformers and accessories … $52 million, up 30.6%
- Stereo equipment including CD players… $102.1 million, up 30.5%
- Service industry machinery and tools … $280.8 million, up 30.4%
- Plastic materials … $182.8 million, up 28.9%.
Singapore’s Top Imports from America
Semiconductors, civilian aircraft and fuel oil represent over a third of American shipments to Singapore during 2008.
- Semiconductors … US$3.9 billion, down 7% from 2007 (14.1% of US exports to Singapore)
- Civilian aircraft… $3.7 billion, up 8.1% (13.2%)
- Fuel oil … $2 billion, up 45.5% (7.1%)
- Other industrial machines … $1.8 billion, up 0.8% (6.5%)
- Oilfield and drilling equipment… $1.5 billion, up 30.1% (5.3%)
- Computer parts and accessories… $1.4 billion, up 21.2% (5%)
- Measuring, testing and control instruments … $955.5 million, up 17.4% (3.4%)
- Organic chemicals… $891.4 million, down 2% (3.2%)
- Plastic materials… $825.8 million, up 35.5% (3%)
- Electric apparatus … $730 million, down 3.7% (2.6%).
Fastest-Growing Singaporean Imports from the U.S.
Led by gold, 7 of the fastest-growing imports from America to Singapore had triple digit increases from 2007.
- Non-monetary gold … US$32 million, up 655.1% from 2007
- Other commercial vessels… $11.9 million, up 405.6%
- Artillery, gun, missiles and tanks … $19.4 million, up 369.7%
- Railway transportation equipment … $24.8 million, up 241.7%
- Tapes, CDs and DVDs … $206.1 million, up 136.4%
- Meat and poultry … $81.1 million, up 118.6%
- Non-farm tractors and parts … $122.6 million, up 114.5%
- Materials handling equipment … $255.2 million, up 61.5%
- Fish and shellfish … $14.5 million, up 60.5%
- Other non-ferrous metals … $50 million, up 56.1%.
Comparative Trade Advantages
During 2008, Singapore exported $4.3 billion worth of computer parts and accessories to the U.S. while consuming $1.4 billion of American-made imports for that same product category.
These Singaporean-American trade statistics show that Singapore has a comparative advantage over the U.S. in making computer parts and accessories. On the other hand, America supplied $3.9 billion worth of semiconductors to Singapore in 2008 compared with $1.37 billion in Singaporean semiconductor exports to the U.S.
The U.S. had about $2.5 billion in net exports of semiconductors with Singapore. This clearly shows that America has a comparative advantage in trading semiconductors over Singapore.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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