Singapore-Indonesia Bilateral Trade Analysis 2023
Complete trade statistics: $34.28B total volume •Singapore surplus: $4.41B
Singapore → Indonesia
$19.35B
Exports (2023)
Indonesia → Singapore
$14.93B
Imports (2023)
Trade Balance
$4.41B
Surplus for Singapore
Total Trade
$34.28B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Singapore and Indonesia. Green line shows exports from Singapore, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Singapore-Indonesia commercial relationship and competitive positioning in global markets.
Singapore → Indonesia Exports
Export Market Intelligence
🎯 Strategic Export Focus
Singapore's export portfolio to Indonesia demonstrates strong diversification across multiple sectors, with petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils representing a key competitive advantage in this bilateral market.
Indonesia → Singapore Imports
Import Dependency Profile
📦 Import Strategy Analysis
Singapore's import pattern from Indonesia reveals strategic sourcingin petroleum gases and other gaseous hydrocarbons: in gaseous state, natural gas, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Singapore demonstrates competitive strength in exportingpetroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils to Indonesia, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $34.28B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Singapore-Indonesia Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $34.28 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Singapore maintains a surplus of $4.41 billion
- Export Focus: Singapore's primary exports include petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, petroleum bitumen: obtained from bituminous minerals, cyclic hydrocarbons: p-xylene
- Import Dependencies: Key imports from Indonesia include petroleum gases and other gaseous hydrocarbons: in gaseous state, natural gas, petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, electrical machines and apparatus: having individual functions, not specified or included elsewhere in this chapter, n.e.c. in heading no. 8543
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents a significant global trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $34.28B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Singapore leveraging its comparative advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Singapore's specialization in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oilscomplements Indonesia's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in petroleum gases and other gaseous hydrocarbons: in gaseous state, natural gas.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $34.28B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $34.28B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $34.28 billion bilateral trade volume represents a significant economic factorfor both economies.
Industrial Integration
Trade flows in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils and petroleum gases and other gaseous hydrocarbons: in gaseous state, natural gas demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Singapore's trade surplus of $4.41 billion strengthens its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Singapore and Indonesia represents a total trade volume of $34.28 billion in 2023. This partnership demonstrates a favorable trade balance for Singapore, with exports exceeding importsby $4.41 billion.
Export Strengths
Singapore's exports to Indonesia total $19.35 billion, with competitive advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, representing $9.96B or51.5% of bilateral exports.
Import Dependencies
Imports from Indonesia amount to $14.93 billion, highlighting economic interdependence in petroleum gases and other gaseous hydrocarbons: in gaseous state, natural gas, with Petroleum gases and other gaseous hydrocarbons: in gaseous state, natural gas comprising13.0% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Singapore's competitive position in this bilateral relationship. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Singapore and Indonesia in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023