How much does Singapore’s economy rely on external trade?
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.
What is the size of Singapore’s economy? See Chart
What is the size of Singapore’s population? See Chart
What is the demographic structure of Singapore? See Chart
How has the structure of Singapore’s GDP changed over the years? See Chart
Economic Freedom Index: How free is Singapore’s economy? See Chart