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.
Singapore Imported Top 10 Products in 2024
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%).