Fourth Largest Product Imported to Singapore – Gold
Singapore imported $32.79 billion in gold, making it the world’s ninth-largest importer. In the same year, gold was the fourth most imported product in Singapore.
- Singapore mostly imports gold from Switzerland ($3.62 billion), Japan ($2.47 billion), Australia ($2.06 billion), the United States ($1.82 billion), and the United Kingdom ($1.34 billion).
- Singapore’s fastest-rising gold import markets were Switzerland ($1.45 billion), the United States ($874 million), and Japan ($616 million).
- The importation of gold contributes to Singapore’s status as a global trading hub for precious metals, with the country providing services such as bullion storage, trading, and refining.
- Singapore’s government has taken steps to promote gold-related activity, such as establishing the Singapore Bullion Market Association (SBMA) and introducing tax breaks for investment-grade gold.
- As a result, gold imports not only boost economic activity but also help Singapore’s reputation as a reliable destination for precious metal transactions.
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%).