How much does Singapore’s economy rely on external trade?
Trade openness
The trade-to-GDP ratio is frequently used to measure the importance of international transactions relative to domestic transactions. This indicator is calculated for each country as the simple average (i.e., the mean) of total trade (i.e., the sum of exports and imports of goods and services) relative to GDP. This ratio is often called the trade openness ratio.
Trade openness level of Singapore
Singapore relies on international trade much more than any other ASEAN economy, with trade accounting for 322% of GDP in 2017. Singapore’s key trade partners include China, Hong Kong, the US, and Malaysia.
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