SINGAPORE: Singapore has reaffirmed its status as the world’s most globalised country, surpassing 180 other markets in DHL’s Global Connectedness Index.
The index, which evaluates 181 markets based on their international flows, has consistently placed Singapore at the forefront of global connectivity.
This recent ranking marks Singapore’s return to the top spot after briefly relinquishing it in the 2023 edition of the report, where it ranked second. Singapore had also clinched the top position in 2017.
The index assesses countries on two fundamental dimensions: depth and breadth of their international flows relative to total activity.
Singapore excelled in both aspects, particularly in depth, where it achieved a remarkable score of 99.0 out of 100, underscoring its unparalleled level of international integration.
Despite its relatively small size, Singapore managed to secure a commendable 25th place ranking in breadth, emphasizing the widespread distribution of its international flows across countries.
DHL highlighted Singapore’s exceptional performance, attributing it to the nation’s strategic positioning as a major hub for port operations and a thriving financial sector.
“Its 25th place ranking on breadth is also impressive, considering the country’s small size. Smaller countries tend to have high depth but low breadth. As a city-state with major port operations and a thriving financial sector, Singapore is uniquely positioned to excel in globalization,” DHL said.
The report commended Singapore’s proactive approach towards leveraging global connectivity as a cornerstone of its economic development strategy, a vision that predates the recent trend towards achieving “global city” status.
Singapore’s commitment to fostering international ties has yielded significant results over the years, with its connectedness level witnessing a notable increase of 9.0 percentage points since 2001, making it the country with the sixth-largest surge in connectedness.
A closer look at Singapore’s international trade flows reveals the United States as its largest trading partner, accounting for 16% of its total trade, followed by China (12%), Malaysia (8%), India (5%), Japan (5%), Hong Kong SAR (5%), Indonesia (5%), Taiwan (4%), Korea (4%), and the United Kingdom (3%).
As Singapore continues to lead the charge in global connectivity, its steadfast commitment to fostering international partnerships and embracing globalization serves as a beacon of inspiration for nations worldwide, reaffirming its status as a global economic powerhouse.