What Are the Main Imports of Singapore?

tendata blogImport News

ten data blog22-04-2024

In 2023, Singapore imported goods worth $422.3 billion globally. This represented an 11.2% decrease compared to the $475.5 billion in imports recorded in 2022.

Singapore's Top 10 Import Products

Looking at two-digit HS codes, Singapore's top ten import products accounted for over four-fifths (84%) of its total procurement value from other countries:

1. Machinery/equipment: $131.3 billion (31.1%)

2. Mineral fuels, including petroleum: $87.3 billion (20.7%)

3. Machinery, including computers: $64.3 billion (15.2%)

4. Gems, precious metals: $20.8 billion (4.9%)

5. Optical/technical/medical apparatus: $13.3 billion (3.1%)

6. Organic chemicals: $11 billion (2.6%)

7. Aircraft/spacecraft: $10.2 billion (2.4%)

8. Plastics, plastic products: $6.9 billion (1.6%)

9. Perfumes, cosmetics: $4.9 billion (1.2%)

10. Other chemicals: $4.6 billion (1.1%)

Aircraft and spacecraft imports experienced the fastest growth among Singapore's top categories, increasing by 40.5% year-on-year. Another category with significant growth was organic chemicals subcategories (up 3.9% from 2022), while imports of perfumes and cosmetics into Singapore increased by 2%.

The most significant percentage decreases among Singapore's major import categories were seen in gems and precious metals (down -21.5%), miscellaneous chemical products (down -18.4%), followed by plastic materials and plastic products (down -18.3%).

Looking at more detailed four-digit HS codes, Singaporean buyers spent the most on integrated circuits and micro-components (20.8%), processed petroleum (12.6%), crude oil (6.5%), turbo-jet engines (5.1%), telecommunications equipment including smartphones (3.3%), unwrought gold (3%), computers including optical readers (2.1%), machinery for semiconductor manufacturing (1.8%), aircraft or spacecraft parts (1.4%), and solar semiconductor conductors or diodes (1.4%).

From the specific product list provided by Tendata, Singapore's top ten import products are as follows:

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1. HS Code: 740311000000 (85.75%, $4,136.54 million): Copper, refined, in the form of cathodes and sections of cathodes

2. HS Code: 740200000000 (10.01%, $483 million): Copper, unrefined; copper anodes for electrolytic refining

3. HS Code: 260300000000 (2.91%, $140.47 million): Copper ores and concentrates

4. HS Code: 260900000000 (0.53%, $25.48 million): Tin ores and concentrates

5. HS Code: 261690 (0.24%, $11.67 million): Precious-metal ores and concentrates (excluding silver ores)

6. HS Code: 26169000 (0.13%, $6.05 million): Precious-metal ores and concentrates (excluding silver ores)

7. HS Code: 260500000000 (0.12%, $5.73 million): Cobalt ores and concentrates

8. HS Code: 261590000000 (0.08%, $4.01 million): Niobium, tantalum, or vanadium ores and concentrates

9. HS Code: 740319000000 (0.07%, $3.41 million): Copper, refined, unwrought

10. HS Code: 9011200000 (0.05%, $2.29 million): Decaffeinated coffee

Singapore's Major Import Suppliers

The latest Tendata Singapore import data shows that 77.3% of Singapore's import products were purchased from exporters in the following countries: China (13.9%), United States (12.3%), Taiwan (11.5%), Malaysia (11.3%), South Korea (6.1%), Japan (5%), Indonesia (3.8%), France (3.3%), United Arab Emirates (2.9%), Thailand (2.8%), Germany (2.4%), and United Kingdom (2%).

From a continental perspective, over two-thirds (66.9%) of Singapore's total imports in 2023 came from other Asian countries. European trading partners provided 15.3% of Singapore's import purchases, while an additional 13.4% of goods came from North America.

Smaller proportions originated from Oceania, led by Australia and New Zealand (1.9%), Latin America (1.6%), followed by Africa (0.9%).

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