Ninth Largest Product Imported to Singapore – Jewellery
Singapore imported $10.81 billion in jewellery, making it the world’s sixth-highest importer. In the same year, jewelry was Singapore’s ninth most imported product. Singapore mostly imports jewellery from Malaysia ($734 million), India ($709 million), Switzerland ($605 million), Indonesia ($571 million), and the United States ($306 million).
- Singapore’s fastest-rising import markets for jewellery were Indonesia ($494 million), Switzerland ($226 million), and the United States ($156 million).
- Importing jewellery provides an extensive selection of high-quality items ranging from traditional designs to contemporary styles, catering to both domestic and foreign purchasers’ interests.
- Singapore’s favorable tax regulations and duty-free shopping incentives attract tourists and wealthy customers, boosting demand for luxury goods such as jewelry.
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%).