Trade Balance of Goods in Singapore: Overview from 2017 to 2023

Singapore maintained consistent trade surpluses from 2017 to 2023, reflecting its role as a global trade hub. The surplus peaked at 52,804.1 million USD in 2023, up from 45,522.6 million USD in 2017, supported by strong exports in electronics, chemicals, and pharmaceuticals. After a decline to 40,224.5 million USD in 2022, attributed to global economic uncertainties, the surplus rebounded in 2023 as demand for Singapore’s high-value exports increased.

Singapore’s trade performance is bolstered by its diversified export base and strategic position in global supply chains. However, its reliance on external markets makes it sensitive to global demand fluctuations, highlighting the need for continued economic diversification.