Archive:Singapore-EU - international trade in goods statistics

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Data extracted in March 2019.
Planned article update March 2020.

Highlights

In 2018 Singapore (2 %) was the 16^th largest partner for EU exports of goods and the 20^th largest partner for EU imports of goods (1 %).

Among EU Member States, Belgium was the largest importer of goods from Singapore and France was the largest exporter of goods to Singapore in 2018.

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This article provides a picture of the international trade in goods between the European Union (EU) and Singapore. It analyses the type of goods exchanged between the two economies and the shares of each EU Member State in those exchanges.

This article is part of an online publication providing recent statistics on international trade in goods, covering information on the EU's main partners, main products traded, specific characteristics of trade as well as background information.

Full article

EU and Singapore in world trade in goods

Figure 1a shows the position of Singapore among the largest traders in the world. The four largest exporters were China (EUR 2 004 billion, 16 %), the EU (EUR 1 879 billion, 15 %), the United States (EUR 1 368 billion, 11 %) and Japan (EUR 618 billion, 5 %). The four largest importers were the United States (EUR 2 131 billion, 17 %), the EU (EUR 1 858 billion, 15 %), China (EUR 1 632 billion, 13 %) and Japan (EUR 594 billion, 5 %). Figure 1b has some more details. It shows that Singapore (EUR 330 billion, 3 %) was the ninth largest exporter in the world between Mexico (EUR 362 billion, 3 %) and Russia (EUR 318 billion, 3 %). It was the tenth largest importer in the world (EUR 290 billion, 2 %) between Mexico (EUR 372 billion, 3 %) and Utd. Arab. Em. (EUR 240 billion, 2 %).

Figure 1a: The position of Singapore among the world's largest traders of goods, 2017
Source: Eurostat (ext_lt_introle)

Figure 1b: Top 25 importers and exporters of goods in the world with a focus on Singapore, 2017 (EUR billion)
Source: Eurostat (ext_lt_introle)

Figure 2 shows the imports and exports of the EU and Singapore indexed at 100 in 2007 for the period to 2017. It also shows the cover ratio (exports / imports) for this period. Exports from the EU were lowest in 2009 (89) and highest in 2017 (152). Imports to the EU were lowest in 2009 (85) and highest in 2017 (128). The cover ratio for the EU was lowest in 2008 (83 %) and highest in 2015 (104 %) and was 101 % in 2017. Exports from Singapore were lowest in 2009 (88) and highest in 2017 (150). Imports to Singapore were lowest in 2009 (92) and highest in 2012 (153) and was 150 in 2017. The cover ratio for Singapore was lowest in 2008 (106 %) and highest in 2015 (117 %) and was 114 % in 2017.

Figure 2: Trade in goods of the EU-28 and Singapore (2007 = 100) and cover ratio (%), 2007 to 2017
Source: Eurostat (ext_lt_introle)

Both exports to and imports from Singapore rose between 2008 and 2018

"Figure 3a shows the position of Singapore among the largest trade partners of the EU in 2018. The four largest export partners of the EU were the United States (19 %), China (9 %), Switzerland (8 %) and Russia (6 %). The four largest import partners of the EU were China (20 %), the United States (13 %), Russia (8 %) and Switzerland (6 %). Figure 3b has some more details. It shows that Singapore (EUR 314 billion, 1.8 %) was the 16^th largest export partner of the EU, between Saudi Arabia (EUR 326 billion, 1.8 %) and Mexico (EUR 312 billion, 1.8 %). In imports Singapore (EUR 21 billion, 1.1 %) was the 20^th largest partner of the EU, between Nigeria (EUR 23 billion, 1.1 %) and Algeria (EUR 21 billion, 1.1 %). "

Figure 3a: The position of Singapore among the EU-28's main partners for trade in goods, 2018
Source: Eurostat (ext_lt_maineu)

Figure 3b: Top 20 import and export partners for trade of goods of the EU with a focus on Singapore, 2018 (EUR billion)
Source: Eurostat (ext_lt_maineu)

" Figure 4 shows exports, imports and trade balance between the EU and Singapore. In 2008 the EU had a trade surplus with Singapore of EUR 6 billion. This remained a surplus throughout the whole period, reaching EUR 16 billion in 2018. EU exports to Singapore were highest in 2018 (EUR 37 billion) and lowest in 2009 (EUR 20 billion). EU imports from Singapore were highest in 2012 (EUR 22 billion) and lowest in 2009 (EUR 15 billion). "

Figure 4: Imports, exports and balance for trade in goods between the EU-28 and Singapore, 2008-2018 (EUR billion)
Source: Eurostat (ext_lt_maineu)

EU-Singapore trade by type of goods

Figure 5 shows the breakdown of EU trade with Singapore by SITC groups. The red colours denote the primary products: food & drink, raw materials and energy, while the blue colours show the manufactured goods: chemicals, machinery & vehicles and other manufactured goods. Finally, other goods are shown in green. In 2018, EU exports of manufactured goods (79 %) had a higher share than primary goods (18 %). The most exported manufactured goods were machinery & vehicles (47 %), followed by other manufactured products (18 %) and chemicals (14 %). In 2018, EU imports of manufactured goods (86 %) also had a higher share than primary goods (8 %). The most imported manufactured goods were chemicals (43 %), followed by machinery & vehicles (28 %) and other manufactured products (15 %).

Figure 5: EU-28 exports to and imports from Singapore by product group, 2008 and 2018 (EUR billion)
Source: Eurostat DS-018995

Figure 6 shows the evolution of EU imports and exports by SITC group since 2008. In 2018, the EU had trade surpluses in machinery & vehicles (EUR 11.4 billion), other manufactured products (EUR 3.4 billion), energy (EUR 3.1 billion), food & drink (EUR 2.0 billion) and raw materials (EUR 0.1 billion). The EU had trade deficits in other products (EUR 0.2 billion) and chemicals (EUR 3.7 billion).

Figure 6: EU-28 trade with Singapore by product group, 2008-2018 (EUR billion)
Source: Eurostat DS-018995

EU-Singapore most traded goods

Another interesting way to look at the data is to investigate the cover ratio (exports / imports) of traded goods, showing the direction of the trade flows between the two economies. These ratios can be found in the right-hand margin of Figure 7. Eight products have ratios above 200 %, indicating EU exports to Singapore are at least twice as large as EU imports from Singapore. Five products have ratios below 50 %, indicating EU imports from Singapore are at least twice as large as EU exports to Singapore. Seven products have ratios between 50 % and 200 %, showing more balanced trade.

Figure 7: Most traded goods between EU-28 and Singapore, top 20 of SITC level 3 products, 2018 (EUR billion)
Source: Eurostat DS-018995

Trade with Singapore by Member State

Table 1a shows the EU imports from Singapore by Member State. The three largest importers from Singapore in the EU were Belgium (EUR 4 771 million), the Netherlands (EUR 4 749 million) and Germany (EUR 4 348 million). Belgium (4 %) held the highest share for Singapore in its total extra-EU imports.

Table 8a: EU-28 imports of goods from Singapore by Member State, 2018
Source: Eurostat DS-018995

Table 1b shows the EU exports to Singapore by Member State. The three largest exporters to Singapore in the EU were France (EUR 8 314 million), Germany (EUR 7 904 million) and the United Kingdom (EUR 5 804 million). Malta (14 %) held the highest share for Singapore in its total extra-EU exports.

Table 8b: EU-28 exports of goods to Singapore by Member State, 2018
Source: Eurostat DS-018995

Table 1c shows the trade balance between the EU Member States and Singapore. Twenty-one Member States had a trade surplus with Singapore. The largest was held by France (EUR 6 328 million), followed by the United Kingdom (EUR 4 091 million) and Germany (EUR 3 556 million). Seven Member States had a trade deficit with Singapore. The largest was held by Belgium (EUR 3 493 million), followed by Czechia (EUR 153 million) and Hungary (EUR 84 million).

Table 8c: EU-28 trade balance of goods with Singapore by Member State, 2018 (EUR million)
Source: Eurostat DS-018995

Source data for tables and graphs

EU-28 – international trade in goods with Singapore

Data sources

EU data is taken from Eurostat's COMEXT database. COMEXT is the reference database for international trade in goods. It provides access not only to both recent and historical data from the EU Member States but also to statistics of a significant number of third countries. International trade aggregated and detailed statistics disseminated via the Eurostat website are compiled from COMEXT data according to a monthly process.

Data are collected by the competent national authorities of the Member States and compiled according to a harmonised methodology established by EU regulations before transmission to Eurostat. For extra-EU trade, the statistical information is mainly provided by the traders on the basis of customs declarations.

EU data are compiled according to Community guidelines and may, therefore, differ from national data published by the Member States. Statistics on extra-EU trade are calculated as the sum of trade of each of the 28 EU Member States with countries outside the EU. In other words, the EU is considered as a single trading entity and trade flows are measured into and out of the area, but not within it.

Data for the other major traders are taken from the Comtrade database of the United Nations. Data availability differs among countries, therefore Figure 1 shows the latest common available year for all the main traders. For the calculation of shares the world trade is defined as the sum of EU trade with non-EU countries (source: Eurostat) plus the international trade of non-EU countries (source: IMF Dots database).

Methodology According to the EU concepts and definitions, extra-EU trade statistics (trade between EU Member States and non-EU countries) do not record exchanges involving goods in transit, placed in a customs warehouse or given temporary admission (for trade fairs, temporary exhibitions, tests, etc.). This is known as 'special trade'. The partner is the country of final destination of the goods for exports and the country of origin for imports.

Product classification Information on commodities exported and imported is presented according to the Standard international trade classification (SITC). A full description is available from Eurostat's classification server RAMON.

Unit of measure Trade values are expressed in millions or billions (10⁹) of euros. They correspond to the statistical value, i.e. to the amount which would be invoiced in case of sale or purchase at the national border of the reporting country. It is called a FOB value (free on board) for exports and a CIF value (cost, insurance, freight) for imports.

Context

Trade is an important indicator of Europe's prosperity and place in the world. The block is deeply integrated into global markets both for the products it sources and the exports it sells. The EU trade policy is an important element of the external dimension of the 'Europe 2020 strategy for smart, sustainable and inclusive growth' and is one of the main pillars of the EU's relations with the rest of the world.

Because the 28 EU Member States share a single market and a single external border, they also have a single trade policy. EU Member States speak and negotiate collectively, both in the World Trade Organization, where the rules of international trade are agreed and enforced, and with individual trading partners. This common policy enables them to speak with one voice in trade negotiations, maximising their impact in such negotiations. This is even more important in a globalised world in which economies tend to cluster together in regional groups.

The openness of the EU's trade regime has meant that the EU is the biggest player on the global trading scene and remains a good region to do business with. Thanks to the ease of modern transport and communications, it is now easier to produce, buy and sell goods around the world which gives European companies of every size the potential to trade outside Europe.