Singapore

Singapore ranked No. 16 in total trade value through July with a total of $35.65 billion. Exports totaled $16.08 billion and Imports totaled $19.57 billion, a deficit of $3.49 billion.

U.S. trade with Singapore rose to $35.65 billion through July

Singapore’s trade with the United States rose to $35.65 billion through the first seven months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 4.22 percent above its total trade during the same time period last year. U.S. exports to Singapore decreased 10.81 percent while U.S. imports from Singapore rose 20.98 percent. The U.S. deficit with Singapore was $3.49 billion.

Through July, the top five among the nation’s airports, seaports and border crossings were No. 1 John F. Kennedy International Airport; No. 2 Chicago O’Hare International Airport; No. 3 Port of Savannah, Ga.; No. 4 Port of New Orleans; and No. 5 Los Angeles International Airport. During the same period the previous year, the top five were No. 1 Chicago O’Hare International Airport; No. 2 Port of Savannah, Ga.; No. 3 Port of New Orleans; No. 4 Los Angeles International Airport and No. 5 San Francisco International Airport, Calif.. In the current time period, the top five accounted for 48.49 percent of Singapore’s U.S. trade.

Among those top five:

  • Trade with No. 1 John F. Kennedy International Airport rose 214.99 percent to $6.08 billion.
    Exports fell 7.67 percent to $825.5 million. Imports rose 406.89 percent to $5.26 billion.
  • Trade with No. 2 Chicago O’Hare International Airport rose 20.77 percent to $3.38 billion.
    Exports rose 13.43 percent to $1.47 billion. Imports rose 27.08 percent to $1.91 billion.
  • Trade with No. 3 Port of Savannah, Ga. rose 1.62 percent to $2.81 billion.
    Exports fell 1.52 percent to $244.2 million. Imports rose 1.93 percent to $2.56 billion.
  • Trade with No. 4 Port of New Orleans fell 0.32 percent to $2.74 billion.
    Exports rose 2.84 percent to $1.95 billion. Imports fell 7.43 percent to $783.31 million.
  • Trade with No. 5 Los Angeles International Airport fell 11.13 percent to $2.28 billion.
    Exports fell 5.18 percent to $1.12 billion. Imports fell 16.2 percent to $1.16 billion.

Singapore ranked No. 16 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 17.

Meanwhile, total U.S. trade with the world increased to $2.08 trillion, down 49.83 percent compared to the same period last year. The nation’s exports dropped 51.38 percent to $799.82 billion; imports dropped 48.81 percent to $1.28 trillion. The nation’s top five countries so far this year, by value, are Mexico; Canada; China; Japan and Germany. The overall trade deficit was $479.12 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to Singapore by value through July were the categories of Civilian aircraft, parts; Oil; Gasoline, other fuels; Computer chips; and Medical instruments, respectively. They accounted for 32.52 percent of total exports to Singapore.

The value of the top five categories of U.S. imports from Singapore –– Gold; Prepared foods, beverages; Articles with precious metals; Returned exports, without change; and Medicines in individual dosages –– accounted for 49.68 percent of all inbound shipments.

Looking more closely at U.S. exports to Singapore:

  • Civilian aircraft, parts fell 41.51 percent compared to last year to $2.02 billion.
  • Oil rose 23.58 percent compared to last year to $1.14 billion.
  • Gasoline, other fuels rose 48.03 percent compared to last year to $772 million.
  • Computer chips rose 6.61 percent compared to last year to $711.85 million.
  • Medical instruments fell 1.01 percent compared to last year to $579.09 million.

Looking more closely at U.S. imports from Singapore:

  • Gold rose 58339 percent compared to last year to $2.55 billion.
  • Prepared foods, beverages rose 0.18 percent compared to last year to $2.13 billion.
  • Articles with precious metals rose 45133 percent compared to last year to $2.12 billion.
  • Returned exports, without change fell 15.39 percent compared to last year to $1.56 billion.
  • Medicines in individual dosages rose 19.14 percent compared to last year to $1.36 billion.

In the latest annual figures available, Singapore recorded $57.93 billion in trade with the United States. Total U.S. exports to Singapore were $ 31.55 billion and imports from Singapore were $26.38 billion. The U.S. surplus with Singapore was $5.17 billion.