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Singapore Goods Exports - Diversified for a Small and Open Economy

22 November 2024

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

This article examines Singapore’s performance in our goods exports, particularly non-oil domestic exports (NODX) and non-oil re-exports (NORX), since 2019. It also deep-dives into the market diversification of our non-oil goods exports in the last two decades.

Singapore’s non-oil exports are diversified across markets

Singapore’s non-oil exports (comprising both NODX and NORX) rose from S$444.0 billion in 2019 to S$522.5 billion in 2023, representing an annual average growth rate of 4.2 per cent. In 2023, China, Hong Kong, South Korea and Taiwan collectively accounted for slightly more than one-third of Singapore’s exports, while ASEAN accounted for about one-quarter. Meanwhile, US’ share of Singapore’s non-oil exports came in at over 10 per cent, while that for EU-27 and Japan were around 8 per cent and 5 per cent respectively in 2023.

Download for the full article [PDF, 152 KB].

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