Singapore may be a small country, but its performance in the world of trade is highly significant, being considered as one of the world’s most connected countries. It’s a transit point for over 600 ports worldwide and a major focal point for 200 shipping lines. It’s undeniable how this small ASEAN country, boasts a powerhouse in terms of trade.
Moreover, like most countries in Southeast Asia, it is also a major importing country, relying heavily on international trade.
If you’re wondering which commodities are most imported, here’s a list of the top 10 largest Singapore Imports.
Largest Singapore Imports
1. Electrical Machinery
One of the most vital imports in Singapore is its electric machinery. In fact, in the last year, it has imported $137,865,678,841 worth of machinery, from China, Malaysia and Japan. Electrical Machinery imports enable the country to progress faster in its service sector, manufacturing and construction.
2. Oil & Mineral Fuels
Oil and Mineral Fuel imports in Singapore amount to $75 billion and is a critical commodity in the country. To meet the country’s enormous energy demands, Singapore relies on suppliers – Russia, Malaysia and Saudi Arabia for oil and mineral imports.
3. Computers and Electronic Products
Highly tech-friendly, Singapore imports an average of $66 billion in computer and electronic products annually. The main suppliers for these imports are Taiwan, China and Malaysia. Hence this enormous amount of imports supports the country’s information technology and electronic sector industry.
4. Industrial Machinery
Apart from Singapore’s strategic location, another factor that adds to its industrial growth is its industrial machinery imports. In the last year, Singapore imported $59 billion worth of industrial machinery, varying from construction equipment, conveyors and machine tools.
5. Precious Stones & Metals
Singapore is also a hub for beauty products and jewellery thus explains its high imports of precious stones and metals. Totalling to $21 billion, Singapore imports precious stones and metals from Zambia, Thailand, India and Mozambique.
6. Optical, Photographic, and Measuring Equipment
With the country’s surge of demand in high-tech industries is its demand in raw materials such as optical, photographic and measuring equipment too. In line with this, Singapore imports about $17 billion annually to ensure that it remains innovative in the telecommunication, medical and manufacturing industry.
7. Organic Chemicals
Another top industry in Singapore are chemicals and pharmaceuticals. In fact, it has imported over $8 billion worth of organic chemicals to support the country’s demand for raw materials for pharmaceutical production. Currently, it imports from China, the United States and Japan. Singapore also utilizes organic chemical imports for petrochemical industries.
8. Plastics
Singapore uses a variety of plastic products, from automotive components to household goods to packaging. Its plastic industry is highly dependent on imports from Japan, China and the United States. Plastic imports amount to $8 billion, which are both consumed for exports and domestic use.
9. Transportation Equipment
Being a transit hub, there’s also a significant amount of aircraft, automobiles and parts imported into the country. Total transportation equipment imports amounted to roughly $5 billion, with major suppliers – France, the US, and Germany.
10. Ships and Boats
Known to be a global shipping hub, Singapore continues to expand its shipping and maritime industries. With this, is the need for imports, thus totalling $4.6 billion in the last year. Major suppliers for the variety of maritime products and vessels, are China, Japan and South Korea. These imports include specialized ships, container vessels, and oil tankers.
Conclusion
There’s no doubt that Singapore continues to grow, dubbing it as one of Asia’s tiger economies. Trade plays a huge part in this booming growth, thus if you’re thinking of importing to Singapore, then these commodities are those which you can consider, due to their increasing demand.
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