Singapore’s trade value to surpass $1.2 trillion by 2029, DHL Trade Atlas predicts

SINGAPORE: Singapore’s global trade is on track for remarkable growth, with projections indicating that its total trade value will exceed $1.2 trillion by 2029. The latest DHL Trade Atlas report for 2025 featured in a Singapore Business Review article reveals that the nation’s trade value reached an impressive $951.6 billion in 2024, securing its spot as the 15th largest trading economy worldwide.

In just five years, Singapore’s trade value has surged by $201.7 billion, and further growth of $282.1 billion is anticipated from 2024 to 2029, establishing its place as a vital hub in the global economy.

A booming export market

Exports are set to be the driving force behind this growth, with Singapore’s outbound shipments reaching $494.8 billion in 2024, ranking 13th globally. The growth of key sectors, including electronics, mineral fuels, and industrial machinery, is expected to propel this number even higher in the coming years.

Singapore’s export strength is dominated by high-tech and energy products, with electrical machinery and equipment making up 28% of total exports, followed by mineral fuels (17%), industrial machinery (14%), precious metals and stones (5.9%), and organic chemicals (5.7%).

Import growth reflects global supply chain shifts

On the import side, Singapore also experienced significant activity, with total imports reaching $456.8 billion in 2024, ranking 16th globally. This growth is anticipated to continue as global supply chains evolve and shift in response to changing economic dynamics.

Key imports include electrical machinery and equipment (27%), mineral fuels and oils (22%), industrial machinery (13%), and optical and medical apparatus (3.4%). These trends highlight Singapore’s pivotal role as both a consumer and a producer in the global manufacturing and technology sectors.

Key trading partners drive trade expansion

China, Hong Kong SAR, Malaysia, the United States, and Indonesia remain Singapore’s largest export destinations, accounting for 13%, 12%, 9.9%, 9%, and 7.1% of total exports, respectively. On the import side, China remains the largest supplier (14%), followed by Malaysia (12%), the US (11%), Taiwan (11%), and Japan (5.5%).

Singapore’s robust trade relationships within the Asia-Pacific region, combined with its strategic position as a global trading hub, enable it to maintain a competitive edge as the world’s supply chains evolve.

Continued growth and resilience

With a projected annual growth rate of 3.8% in trade volume from 2024 to 2029—outpacing the global average—Singapore is poised to maintain its importance in global commerce. Exports are expected to rise by 3.7% annually, while imports will grow by 3.8%, reinforcing Singapore’s resilience as a key player in international trade.

As the city-state continues to expand its trade networks and leverage its strengths in technology and manufacturing, Singapore’s role as a global trade powerhouse remains firmly intact.