Singapore-Iraq Bilateral Trade Analysis 2023
Complete trade statistics: $752.22M total volume •Singapore deficit: $752.22M
Singapore → Iraq
$0
Exports (2023)
Iraq → Singapore
$752.22M
Imports (2023)
Trade Balance
$752.22M
Deficit for Singapore
Total Trade
$752.22M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Singapore and Iraq. 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-Iraq commercial relationship and competitive positioning in global markets.
Singapore → Iraq Exports
Export Market Intelligence
🎯 Strategic Export Focus
Singapore's export portfolio to Iraq demonstrates strategic specialization, with steel, stainless: seamless, casing and tubing, of a kind used in drilling for oil or gas representing a key competitive advantage in this bilateral market.
Iraq → Singapore Imports
Import Dependency Profile
📦 Import Strategy Analysis
Singapore's import pattern from Iraq reveals significant dependencyin oils: petroleum oils and oils obtained from bituminous minerals, crude, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Singapore demonstrates competitive strength in exportingsteel, stainless: seamless, casing and tubing, of a kind used in drilling for oil or gas to Iraq, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $752.22M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Singapore-Iraq Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $752.22 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Singapore maintains a deficit of $752.22 million
- Export Focus: Singapore's primary exports include steel, stainless: seamless, casing and tubing, of a kind used in drilling for oil or gas, food preparations: n.e.c. in item no. 2106.10, perfumery, cosmetic or toilet preparations: personal deodorants and antiperspirants
- Import Dependencies: Key imports from Iraq include oils: petroleum oils and oils obtained from bituminous minerals, crude, 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, wrist-watches: electrically operated, with or without a stop-watch, (other than those of heading no. 9101) with mechanical display only
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional 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 $752.22M 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 steel, stainless: seamless, casing and tubing, of a kind used in drilling for oil or gas.
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 steel, stainless: seamless, casing and tubing, of a kind used in drilling for oil or gascomplements Iraq's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in oils: petroleum oils and oils obtained from bituminous minerals, crude.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $752.22M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $752.22M 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 $752.22 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in steel, stainless: seamless, casing and tubing, of a kind used in drilling for oil or gas and oils: petroleum oils and oils obtained from bituminous minerals, crude demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Singapore's trade deficit of $752.22 million impacts 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 Iraq represents a total trade volume of $752.22 million in 2023. This partnership demonstrates an unfavorable trade balance for Singapore, with imports exceeding exportsby $752.22 million.
Export Strengths
Singapore's exports to Iraq total $0.00, with competitive advantages in steel, stainless: seamless, casing and tubing, of a kind used in drilling for oil or gas, representing $11.02M orInfinity% of bilateral exports.
Import Dependencies
Imports from Iraq amount to $752.22 million, highlighting economic interdependence in oils: petroleum oils and oils obtained from bituminous minerals, crude, with Oils: petroleum oils and oils obtained from bituminous minerals, crude comprising74.0% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Singapore's strategic sourcing from Iraq. 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 Iraq in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023