Thailand-Singapore Bilateral Trade Analysis 2023
Complete trade statistics: $20.05B total volume •Thailand surplus: $3.56B
Thailand → Singapore
$11.81B
Exports (2023)
Singapore → Thailand
$8.24B
Imports (2023)
Trade Balance
$3.56B
Surplus for Thailand
Total Trade
$20.05B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Thailand and Singapore. Green line shows exports from Thailand, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Thailand-Singapore commercial relationship and competitive positioning in global markets.
Thailand → Singapore Exports
Export Market Intelligence
🎯 Strategic Export Focus
Thailand's export portfolio to Singapore demonstrates strong diversification across multiple sectors, with metals: gold, non-monetary, unwrought (but not powder) representing a key competitive advantage in this bilateral market.
Singapore → Thailand Imports
Import Dependency Profile
📦 Import Strategy Analysis
Thailand's import pattern from Singapore reveals strategic sourcingin 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, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Thailand demonstrates competitive strength in exportingmetals: gold, non-monetary, unwrought (but not powder) to Singapore, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $20.05B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Thailand-Singapore Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $20.05 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Thailand maintains a surplus of $3.56 billion
- Export Focus: Thailand's primary exports include metals: gold, non-monetary, unwrought (but not powder), 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, electronic integrated circuits: n.e.c. in heading no. 8542
- Import Dependencies: Key imports from Singapore 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, metals: gold, non-monetary, unwrought (but not powder), parts of electronic integrated circuits
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 $20.05B 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 Thailand leveraging its comparative advantages in metals: gold, non-monetary, unwrought (but not powder).
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
Thailand's specialization in metals: gold, non-monetary, unwrought (but not powder)complements Singapore's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly 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.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $20.05B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $20.05B 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 $20.05 billion bilateral trade volume represents a significant economic factorfor both economies.
Industrial Integration
Trade flows in metals: gold, non-monetary, unwrought (but not powder) and 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 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Thailand's trade surplus of $3.56 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 Thailand and Singapore represents a total trade volume of $20.05 billion in 2023. This partnership demonstrates a favorable trade balance for Thailand, with exports exceeding importsby $3.56 billion.
Export Strengths
Thailand's exports to Singapore total $11.81 billion, with competitive advantages in metals: gold, non-monetary, unwrought (but not powder), representing $1.57B or13.3% of bilateral exports.
Import Dependencies
Imports from Singapore amount to $8.24 billion, highlighting economic interdependence 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, 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 comprising14.4% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Thailand'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 Thailand and Singapore in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023