Friday. 18.10.2019
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Singapore-EU trade in goods: €16 billion surplus

The EU ran a trade surplus with Singapore since 2008 but in 2018 it reached its highest level.

Singapore-EU trade in goods: €16 billion surplus

Singapore was the EU's 20th largest partner for imports of goods (1% of total extra-EU imports) and the 13th largest for EU exports of goods (2% of total extra-EU exports) in 2018.

According to data published by the statistical office of the European Union (Eurostat), between 2008 and 2018, the EU ran a trade surplus with Singapore (meaning that it exported more than it imported). This trade surplus was lowest in 2009 and 2010 at €6 billion.

In 2018, it peaked at €16 billion, with €37 billion worth of exports of goods from the EU to Singapore and €21 billion of imports from Singapore to the EU.

Singapore-EU-imports-exports

EU exports to Singapore were dominated by 'machinery and vehicles', 'chemicals' and 'other manufactured products', which together accounted for 79% of EU exports to Singapore. These categories dominated imports even more, making up 86% of EU imports from Singapore.

At a more detailed level, 'aircraft' were the EU’s most exported product to Singapore, while 'organo-inorganic compounds' were the most imported product from Singapore.

Singapore-eu-trade-balance

The main traders

Among the European Union Member States, Belgium was the largest importer of goods from Singapore (€5 billion), while France was the largest exporter to Singapore (€8 billion) in 2018.

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