How much money does Singapore make from exports?
Economy of Singapore
|Exports||US$626 billion (2020)|
|Export goods||Machinery and equipment Electronics and telecommunications Pharmaceuticals and other chemicals Refined petroleum products Chemical products|
|Main export partners||Hong Kong 13.67% China 11.21% Malaysia 9.43% United States 8.45% Indonesia 7.72% (2018)|
How much of Singapore’s economy is trade?
Trade (% of GDP) in Singapore was reported at 321 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources.
How much do exports contribute to GDP?
In fiscal year 2020, the ratio of India’s total exports and imports of goods to the GDP stood at 27.8 percent, down from about 31.5 percent in fiscal year 2019. About half of the country’s GDP was generated by the services sector during that time period.
|Characteristic||Export and import of goods to GDP ratio|
What were exports as a percent of GDP in 2020?
Exports, percent of GDP – Country rankings
The average for 2020 based on 139 countries was 40.57 percent.
What are Singapore’s top exports?
- Electrical machinery, equipment: US$132.2 billion (35.3% of total exports)
- Machinery including computers: $58.2 billion (15.5%)
- Mineral fuels including oil: $30.3 billion (8.1%)
- Optical, technical, medical apparatus: $20.8 billion (5.6%)
- Gems, precious metals: $20.3 billion (5.4%)
How much of Singapore’s goods are imported?
Singapore Service Trade data from WDI 2019
Singapore, Imports of goods and services as percentage of GDP is 147.63 %. Singapore, Exports of goods and services as percentage of GDP is 175.89 %.
What is trade as a percentage of GDP?
The most frequently used indicator of the importance of international transactions relative to domestic wealth creation is the trade-to-GDP ratio, which is the average share of exports and imports of goods and services in GDP.
What contributes to SG GDP?
Close to 70% of nominal value added was generated by the services industries, while about 25% was generated by the goods producing industries. Gross Domestic Product (GDP) refers to the aggregate value of the goods and services produced within the economic territory of Singapore.
Can exports be 100% GDP?
Since GDP is only the value added domestically, it may happen that small countries export more than is produced in the country and/or import more than is consumed in the country and the external trade rate is thus over 100%.
Are exports included in GDP?
Understanding Gross Domestic Product (GDP)
The calculation of a country’s GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade. (Exports are added to the value and imports are subtracted).