The top 10 products imported to Singapore in 2024 are integrated circuits, refined petroleum, crude petroleum, gold, machinery with individual functions, broadcasting equipment, petroleum gas, diamonds, jewelry, and raw aluminum. It imports primarily from China, Malaysia, the United States, Chinese Taipei, and South Korea. In 2022, Singapore was the world’s leading importer of Other Glass Articles and Nickel Products.
In January 2024, the increase in Singapore’s compared to the previous imports was primarily due to an increase in imports from Chinese Taipei (SGD1.38B or 32.3%), South Korea (SGD1.17B or 40%), and Switzerland (SGD853M or 127%), as well as product imports of Electrical Machinery Apparatus & Appliances Nes… (SGD1.1B or 9.69%), Manufactures Of Metals Nes (SGD372M or 73.1%), and Office Machines & Automatic Data-Processing Machines (SGD315M or 18.7%).
List of Top 10 Products Imported to Singapore in 2024
The list of the Top ten imported products of Singapore is as follows:
|
Imported Product |
Import in billion USD |
|---|---|
|
Integrated Circuits |
76 |
|
Refined Petroleum |
58.5 |
|
Crude Petroleum |
57 |
|
Gold |
32.79 |
|
Machinery Having Individual Function |
11.6 |
|
Broadcasting Equipment |
17.71 |
|
Petroleum Gas |
16.24 |
|
Diamonds |
15.52 |
|
Jewellery |
10.81 |
|
Raw Aluminium |
8.15 |
Tenth Largest Product Imported to Singapore – Raw Aluminium
Singapore imported 8.15 billion USD in raw aluminum, making it the world’s 33rd largest importer. In the same year, Raw Aluminium was Singapore’s tenth most imported product. Singapore principally imports raw aluminum from Mozambique ($316 million), South Africa ($112 million), Malaysia ($84.7 million), India ($26.6 million), and the United Arab Emirates ($11.4 million).
- Singapore’s fastest-rising Raw Aluminium import markets were Mozambique ($88.2 million), South Africa ($84 million), and Malaysia ($33.3 million).
- Singapore’s imports of raw aluminum maintain a consistent supply of this essential commodity for local manufacturers and building industries.
- Singapore’s strategic investments in modern manufacturing technology and sustainability efforts aim to improve the efficiency and environmental performance of aluminum-processing operations.
- Singapore’s position as a hub for value-added manufacturing and trade is strengthened by the import of raw aluminum, which contributes to economic growth, job creation, and technical innovation.
Ninth Largest Product Imported to Singapore – Jewellery
Singapore imported $10.81 billion in jewellery, making it the world’s sixth-highest importer. In the same year, jewelry was Singapore’s ninth most imported product. Singapore mostly imports jewellery from Malaysia ($734 million), India ($709 million), Switzerland ($605 million), Indonesia ($571 million), and the United States ($306 million).
- Singapore’s fastest-rising import markets for jewellery were Indonesia ($494 million), Switzerland ($226 million), and the United States ($156 million).
- Importing jewellery provides an extensive selection of high-quality items ranging from traditional designs to contemporary styles, catering to both domestic and foreign purchasers’ interests.
- Singapore’s favorable tax regulations and duty-free shopping incentives attract tourists and wealthy customers, boosting demand for luxury goods such as jewelry.
Eighth Largest Product Imported to Singapore – Diamonds
Singapore imported $15.52 billion in diamonds, making it the world’s eleventh greatest importer. In the same year, diamonds were the eighth most imported product in Singapore. Singapore mostly imports diamonds from India ($385 million), Botswana ($380 million), Belgium ($290 million), Vietnam ($261 million), and Israel ($189 million).
- Singapore’s fastest rising diamond import markets were Vietnam ($261 million), India ($234 million), and Belgium ($161 million).
- The importation of diamonds allows Singapore to maintain a diverse inventory of jewels, responding to the interests of both domestic and foreign clients.
- Singapore’s stringent regulatory system and commitment to ethical sourcing norms help to solidify its position as a reliable diamond trade destination.
- Diamond imports not only boost the retail and luxury sectors, but they also benefit allied industries like jewelry production, design, and workmanship.
Seventh Largest Product Imported to Singapore – Petroleum Gas
Singapore imported $16.24 billion in petroleum gas, making it the world’s 20th largest importer. Petroleum gas was Singapore’s seventh most imported product that year. Singapore predominantly imports petroleum gas from Indonesia ($3 billion), Australia ($1.81 billion), the United States ($1.12 billion), Malaysia ($444 million), and Qatar ($211 million).
- Singapore’s fastest increasing import markets for petroleum gas were Australia ($633 million), the United States ($422 million), and Indonesia ($320 million).
- Despite low local reserves, Singapore has built considerable infrastructure for importing, storing, and distributing petroleum gas, taking advantage of its strategic location at the intersection of key shipping routes.
- The importation of petroleum gas guarantees Singapore’s economy has a secure and consistent energy supply, allowing for continuing expansion and development across all industries.
- Singapore’s investments in clean energy technologies and sustainable practices aim to reduce reliance on fossil fuels in the long run while preserving energy security through diverse import sources.
Sixth Largest Product Imported to Singapore – Broadcasting Equipment
Singapore bought $17.71 billion in broadcasting equipment, making it the world’s 17th largest importer. Broadcasting equipment was Singapore’s sixth most imported goods that year. Singapore mostly imports broadcasting equipment from China ($4.65 billion), Malaysia ($779 million), the United States ($636 million), Vietnam ($501 million), and Thailand ($210 million).
- Singapore’s fastest-increasing import markets for Broadcasting Equipment between were China ($1.68 billion), Malaysia ($306 million), and Vietnam ($95.9 million).
- Despite its limited domestic market, Singapore has established itself as a regional powerhouse for broadcasting and content development, drawing big businesses in television, radio, and digital media.
- The importation of broadcasting equipment provides Singaporean media firms with access to cutting-edge technology and infrastructure for content creation, transmission, and dissemination.
- Singapore’s strategic location and excellent telecommunications network make it a perfect base for regional broadcasting operations, facilitating content distribution throughout Asia and beyond.
Fifth Largest Product Imported to Singapore – Machinery Having Individual Function
Singapore imported $11.6 billion in Machinery Having Individual Functions, making it the world’s fifth largest importer. Machinery with Individual Functions was Singapore’s fifth most imported commodity that year. Singapore imports machinery with individual functions mostly from the United States ($2.87 billion), Malaysia ($2.77 billion), China ($1.69 billion), Japan ($1.66 billion), and South Korea ($1.16 billion).
- Singapore’s fastest-expanding import markets for Machinery with Individual Functions were the United States ($1.6 billion), Malaysia ($1.11 billion), and Japan ($908 million).
- Machinery Having Individual Functions refers to a large range of equipment and machinery utilized in a variety of industries, including manufacturing, construction, and logistics.
- Singapore’s position as a regional manufacturing and commercial hub needs the importation of innovative machinery to support industrial activity and infrastructure development. Imported machinery helps Singaporean businesses increase production, efficiency, and competitiveness in both domestic and international markets.
- The importation of specialist equipment promotes innovation and technical improvement, hence boosting economic growth and sustainability.
- Singapore’s well-developed logistics and transportation networks aid in the efficient importation and deployment of machinery, assuring smooth integration into the country’s economy.
Fourth Largest Product Imported to Singapore – Gold
Singapore imported $32.79 billion in gold, making it the world’s ninth-largest importer. In the same year, gold was the fourth most imported product in Singapore.
- Singapore mostly imports gold from Switzerland ($3.62 billion), Japan ($2.47 billion), Australia ($2.06 billion), the United States ($1.82 billion), and the United Kingdom ($1.34 billion).
- Singapore’s fastest-rising gold import markets were Switzerland ($1.45 billion), the United States ($874 million), and Japan ($616 million).
- The importation of gold contributes to Singapore’s status as a global trading hub for precious metals, with the country providing services such as bullion storage, trading, and refining.
- Singapore’s government has taken steps to promote gold-related activity, such as establishing the Singapore Bullion Market Association (SBMA) and introducing tax breaks for investment-grade gold.
- As a result, gold imports not only boost economic activity but also help Singapore’s reputation as a reliable destination for precious metal transactions.
Third Largest Product Imported to Singapore – Crude Petroleum
Singapore imported $57 billion in crude petroleum, making it the world’s 13th largest importer. In the same year, crude petroleum was Singapore’s third most imported commodity. Singapore imports crude oil mostly from the United States ($9.57 billion), the United Arab Emirates ($8.22 billion), Saudi Arabia ($3.51 billion), Qatar ($2.82 billion), and Kazakhstan ($1.81 billion).
- Singapore’s fastest-increasing import markets for crude petroleum were the United States ($6.58 billion), the United Arab Emirates ($2.09 billion), and Saudi Arabia ($1.41 billion).
- Crude petroleum imports make an important contribution to Singapore’s energy security and economic diversification efforts. Singapore lacks significant crude oil production, although it has vast infrastructure for crude oil refining and trading. The import of crude petroleum allows Singapore’s refineries to operate at full capacity, increasing efficiency and output.
- Singapore’s strategic location along major shipping routes makes it easier to transport and store crude oil, cementing its position as a vital player in the global energy markets.
- By importing crude petroleum, Singapore assures a consistent supply of raw materials for its refining industry while also focusing on chances for value-added activities such as blending and processing.
Second Largest Product Imported to Singapore – Refined Petroleum
Singapore imported $58.5 billion in refined petroleum, making it the world’s second highest importer. In the same year, refined petroleum was the second most imported product in Singapore. Singapore predominantly imports refined petroleum from Malaysia ($10.1 billion), China ($8.48 billion), South Korea ($7.15 billion), Brazil ($5.79 billion), and India ($4.69 billion).
- Singapore’s fastest increasing import markets for refined petroleum were China ($3.21 billion), South Korea ($2.84 billion), and Brazil ($2.01 billion).
- In 2023, top companies like HARDINGER (SOUTH) WAREHOUSE were at the top of delivering refined petroleum from Singapore to the United States.
- Refined petroleum is another important import for Singapore, as it provides energy for a variety of industries such as transportation, manufacturing, and power generation.
- Despite its low local oil supplies, Singapore has evolved as one of the world’s largest oil refining centers, with advanced processing capabilities and excellent geographic positioning.
- Singapore’s import of refined petroleum allows it to meet its domestic energy needs while also operating as an oil trading and distribution hub in Asia-Pacific.
- Singapore’s petrochemical industry benefits from imported refined petroleum, which serves as a feedstock for the manufacture of chemicals and polymers.
Largest Product Imported to Singapore – Integrated Circuits
Singapore is the world’s fourth highest importer. Singapore imported $76 billion in integrated circuits.
- Integrated circuits were the most imported product in Singapore. Singapore mainly imports integrated circuits from Chinese Taipei ($29.8 billion), Malaysia ($17.8 billion), South Korea ($7.89 billion), China ($6.58 billion), and the Philippines ($5.22 billion).
- Singapore’s fastest rising import markets in Integrated Circuits were Malaysia ($3.08 billion), Chinese Taipei ($2.6 billion), and South Korea ($2.51 billion).
- Singapore has developed itself as an important semiconductor manufacturing hub, with top businesses like as Micron, GlobalFoundries, and Infineon working within its boundaries. These companies rely largely on imported ICs as raw materials in their manufacturing processes.
- Singapore’s strong ecosystem of research institutions and trained labor adds to its appeal as a semiconductor manufacturing destination.
- Importing integrated circuits benefits the local electronics industry.
Conclusion
Singapore imports commodities to meet domestic demand, reduce resource limitations, and retain its position as a global commercial hub. Challenges include reliance on imported goods, sensitivity to global market fluctuations, and environmental concerns about resource usage and waste generation. It is also difficult to maintain the durability of supply chains in the face of disturbances. However, strategic planning, source diversity, and investment in sustainable practices all assist to offset these issues and strengthen Singapore’s economic resilience.
Top 10 products Imported to Singapore in 2024 – FAQs
What are the main imports in Singapore?
The main imports in Singapore are integrated circuits, refined petroleum, crude petroleum, gold, machinery with individual functions, broadcasting equipment, petroleum gas, diamonds, jewelry, and raw aluminum.
What does Singapore import from India?
Singapore imports refined petroleum, jewellery, and Passenger and Cargo Ships from India.
What are the top 5 imports?
The top 5 imports are integrated circuits, refined petroleum, crude petroleum, gold, and machinery with individual functions.
What is the top 3 import country?
The top 3 imports of Singapore are integrated circuits, refined petroleum, and crude petroleum.
What are 10 imports?
10 imports of Singapore are are integrated circuits, refined petroleum, crude petroleum, gold, machinery with individual functions, broadcasting equipment, petroleum gas, diamonds, jewelry, and raw aluminum.