|Total Exports (2019)||$390,331,757,374|
|Total Imports (2019)||$358,974,637,219|
|Trade Balance (2019)||$31,357,120,155|
|Exports of goods and services (% of GDP) (2019)||173.52%|
|Imports of goods and services (% of GDP) (2019)||145.63%|
What is Singapore’s total merchandise trade in 2019?
Singapore’s total merchandise trade decreased by 3.2% in 2019, after 2 consecutive years of growth to recent highs (2018: 9.2%, 2017: 11.1%). Total merchandise trade reached S$1.0 trillion in 2019 (2018: S$1.1 trillion; 2017: S$967 billion). Both exports and imports decreased by 4.2% and 2.1% respectively in 2019.
How much does Singapore export and import?
Singapore Exports and Imports of Product Groups 2019
Singapore Raw materials exports are worth US$ 3,675 million, product share of 0.94%. Singapore Raw materials imports are worth US$ 32,971 million, product share of 9.18%. Singapore Intermediate goods exports are worth US$ 70,780 million, product share of 18.13%.
What was the total value of imports in 2019?
In 2020, the total value of U.S. trade goods amounted to 3.77 trillion U.S. dollars. This shows the significance and scale of international trade for the economy of the United States.
Why is Singapore so rich?
Singapore’s rise to the top was attributed to its advanced technological infrastructure, availability of skilled labor, favorable immigration laws, and the efficient way in which new businesses can be set up here.
What is Singapore’s biggest export?
Singapore derives most of its revenues from foreign trade. The biggest export product, with 43 percent share, is machinery and equipment. The country also exports petroleum (19 percent); chemical products (13 percent); miscellaneous manufactured articles (8 percent) and oil bunkers (7 percent).
What 5 countries do we import the most from?
The top five suppliers of U.S. goods imports in 2019 were: China ($452 billion), Mexico ($358 billion), Canada ($319 billion), Japan ($144 billion), and Germany ($128 billion). U.S. goods imports from the European Union 27 were $515 billion. The United States is the largest services exporter in the world.
What do Singapore import the most?
Singapore’s Top Commodity Imports
|Precious Stones & Metals||$20.3 billion|
|Iron & Steel||$2.9 billion|
Is Singapore a free trade country?
Singapore’s extensive free trade agreements (FTA), coupled with a transparent legal system and educated workforce, have been credited with accelerating the country’s transformation to a first-world economy.
How much did the US import in 2020?
The deficit with Canada decreased $3.7 billion to $0.7 billion in January. Exports increased $0.7 billion to $24.6 billion and imports decreased $2.9 billion to $25.3 billion. The deficit with China decreased $2.1 billion to $23.7 billion in January.
U.S. International Trade in Goods and Services, January 2020.
What 3 countries are Australia’s top importers?
Top import sources
|Rank||Country||Value (A$ million)|
How much is import duty in Singapore?
All goods brought into Singapore are subject to Goods and Services Tax (GST) at the prevailing rate of 7% on the value of goods, which may include the cost, insurance and freight (CIF) plus other chargeable costs and the duty payable (if applicable).
Does Singapore export or import more?
Since 2009, the value of exports exceeds imports for Singapore’s merchandise trade with Mainland China. In comparison, the value of imports exceeds exports for Singapore’s trade with the United States since 2006. Made up 78.6% of non-oil domestic exports. Made up 90.7% of non-oil re-exports.