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Top 11 Singapore Market Trends in Charts

Are you interested in expanding your business in Singapore? We at AJ Marketing are thrilled to present this insightful dive into the Singapore market – one of the most vibrant and dynamic markets in the world. This article offers visual information, exploring the top Singapore market trends through charts.

Whether you’re a business owner looking to penetrate the Singapore market, an investor evaluating the next promising venture, or just a curious reader, this comprehensive overview will provide you with valuable insights and takeaways. So, buckle up and get ready to delve into this stunning tapestry of data and analysis!

Singapore Market Trends in Charts

  • Singapore Population
      1. Population Essentials
      2. Population Digital Headlines
  • Singapore Economy
      1. Nominal GDP in Singapore
      2. Trade Exports in Singapore by Category
      3. Trade Imports in Singapore by Category
      4. Top 6 Trading Partners of Singapore
  • Industry Operations, Establishments, and Startups
      1. Operating Revenue by Industry
      2. Number of Establishments
      3. Singapore Decacorns and Unicorns
  • E-Commerce Statistics
    1. Top E-commerce Merchant Segments
    2. New E-Commerce Technologies

Singapore Population

  1. Population Essentials

Let’s zoom in on some key stats about Singapore’s population, shall we? The current total population sits around 6 million. With a median age of 42.7, Singapore is home to a mature and experienced populace. And guess what? Everyone lives in an urban area. Yes, you read that right – a solid 100% urban population! Even more impressive is the overall literacy rate. A whopping 97.1% of adults aged 15 and above are literate. 

Imagine the possibilities for a business entering a market filled with urban, educated, and mature consumers. Onward we go!

  1. Population Digital Headlines

Singapore’s digital prowess is staggering! Boasting a population of 6 million, the city-state is more connected than ever, with a whopping 9.22 million mobile connections – that’s 153.8%, indicating that many own multiple devices. But it doesn’t stop there; almost every Singaporean (96.9% to be exact) is an internet user, tallying up to 5.81 million individuals.

And let’s not forget social media – a realm where 5.08 million Singaporeans (84.7%) love to hang out, connect, and share. What does this mean for your business? You have a tech-savvy audience at your fingertips, ready to engage and interact. Isn’t it time you tapped into the digital wave sweeping Singapore?

Singapore Economy

  1. Nominal GDP in Singapore

Alright, let’s dive a little deeper into Singapore’s economy as shown by the 2022 nominal GDP. Manufacturing is the MVP, clocking in at 21.6%. This indicates a strong industrial base and hints at the demand for high-tech goods and processes. Close behind is Wholesale Trade at 18.6%, signaling a healthy domestic and international trade environment. The finance and Insurance sectors aren’t left behind, boasting a robust 13.5%. This reveals a well-developed financial sector, inviting opportunities for fintech innovations.

Finally, the substantial contribution of 15.9% from other industries showcases the diverse opportunities present for businesses across sectors. It’s clear – Singapore is a thriving, multi-faceted economy, and the possibilities are endless!

  1. Trade Exports in Singapore by Category

Singapore’s trade exports are setting the stage on fire, with a total value of $351 billion in 2021. Leading the pack is the dynamic category of Integrated Circuits, raking in a staggering $77 billion. This reflects Singapore’s prowess in the tech and electronics industry, showcasing its role as a global hub for advanced manufacturing.

Not far behind, Refined Petroleum fuels the export scene with an impressive $40.8 billion, highlighting Singapore’s importance as an energy player in the region. Gold shines bright at $18.6 billion, showcasing the country’s involvement in the precious metals trade. Packaged Medicaments and Machinery follow suit, generating $10.4 billion and $8.33 billion respectively, reflecting Singapore’s expertise in pharmaceuticals and high-quality machinery.

But it doesn’t end there. Singapore’s trade exports also encompass Photo Lab Equipment, Broadcasting Equipment, Gas Turbines, and Other Edible Preparations, each adding its unique flavors to the vibrant export landscape. With such diverse and valuable export categories, Singapore continues to cement its position as a global trading powerhouse.

  1. Trade Imports in Singapore by Category

Singapore’s trade imports are fueling the economy with a total value of $362 billion in 2021. Leading the charge is the versatile category of Integrated Circuits, worth an impressive $65.2 billion. This highlights Singapore’s role as a global technology and electronics hub, where advanced circuitry is in high demand.

Refined Petroleum follows closely behind, with a significant import value of $50 billion, underscoring Singapore’s reliance on energy resources to power its industries. Crude Petroleum also plays a notable role, with imports totaling $22.5 billion.

The allure of gold continues to captivate, with imports valued at $15.1 billion, reflecting Singapore’s status as a key player in the precious metals market. Gas Turbines, Petroleum Gas, Machinery, Office Machine Parts, and Computers round out the list, each contributing to the diverse range of imports flowing into Singapore.

These trade import categories highlight the country’s reliance on technology, energy, and various industrial components to support its thriving economy. Singapore’s strategic positioning as a global trade hub enables it to connect with the world and bring in the necessary resources to fuel its growth and innovation.

  1. Top 6 Trading Partners of Singapore

Let’s meet the big six – Singapore’s top trading partners in 2022. Mainland China takes the crown, trading a staggering S$175 billion with the Lion City. Malaysia is hot on its heels, with a robust S$153 billion. The US rolls in at third place with trade worth S$132.7 billion, demonstrating its enduring significance in the global market. Taiwan and the EU are neck and neck, contributing S$114.1 billion and S$113.5 billion respectively. And don’t forget about Hong Kong, which contributed a respectable S$83.8 billion.

This lineup showcases Singapore’s far-reaching trade ties, from Asia to the West, offering ample opportunities for businesses to tap into this vibrant, global network.

Industry Operations, Establishments, and Startups

  1. Operating Revenue by Industry

Hold on tight as we take a deep dive into Singapore’s operating revenue by the industry for 2021. Leading the pack, Wholesale Trade, making a significant splash with a staggering $3,778 billion in revenue. Coming up next, Transportation & Storage anchors a strong second with $255 billion, solidifying Singapore’s standing as a pivotal global logistics hub.

The interesting part is, in 2021, Singapore’s Services Sector shot up by 33.4%, generating $4,441 billion in operating revenue, indicating a resilient economy bouncing back from the COVID-19 pandemic. We see Transportation & Storage leading this resurgence, soaring by 59.3%, with Wholesale Trade and Information & Communications industries following with a robust growth of 33.7% and 29.1%, respectively. However, the Accommodation & Food Services industry felt the pandemic pinch with lower operating revenue due to global travel restrictions.

These figures are vital for businesses. They shed light on the market pulse, assisting you in aligning your business plans with prevailing trends. Whether you aim to tap into high-revenue sectors or venture into less crowded areas, this data offers you a roadmap to opportunity.

  1. Number of Establishments

Step right up and take a look at the bustling landscape of Singapore’s businesses in 2022. Personal Goods are taking center stage with an impressive 13,392 establishments, showcasing the city-state’s love for personal items. General Merchandise comes next with 4,070 stores, offering a broad array of goods to cater to diverse customer needs. Household Equipment isn’t far behind with 4,126 establishments, revealing a solid market for home goods.

But why is knowing this significant? It’s simple: these numbers give us insight into the types of businesses that thrive in Singapore. Knowing the number of establishments in each sector helps identify competition, consumer trends, and potential gaps in the market. This data is your key to making informed decisions for businesses wanting to thrive in the country.

  1. Singapore Decacorns and Unicorns

Get ready for a magical journey as we meet Singapore’s mighty decacorns and unicorns! Leading the decacorn league are tech powerhouses Sea and Grab, both having achieved the coveted IPO status. In the unicorn camp, we find Lazada and Razer, also successful IPO achievers, along with HyalRoute, Moglix, and CodaPay – each valued at over $2.5 billion!

Plus, let’s not forget rising stars like Advance Intelligence Group, Trax, Carousell, PatSnap, MatrixPort, Carro, and BoltTech. The success of these ventures showcases Singapore’s vibrant tech startup ecosystem, nurturing innovation and promoting growth. So, if you’re eyeing the tech sector, Singapore might just be your launching pad to success!

E-Commerce Statistics

  1. Top E-commerce Merchant Segments

Ready to surf the e-commerce wave in Singapore? In 2019, Travel tops the list, accounting for 31% of e-commerce value – a testament to Singaporeans’ love for exploring the world. Following close behind is the Consumer Electronics sector with 17.9%, mirroring the city-state’s affinity for cutting-edge tech. Clothing and Apparel claim a cool 15.5%, showing Singapore’s stylish side. Categories like Household Goods, Groceries, and Health and Beauty each hover around the 8% mark, while ‘Other’ categories make up 11.5%.

This diverse e-commerce landscape illustrates a digitally savvy population open to online purchases across sectors, making Singapore a gold mine for e-commerce businesses!

  1. New E-Commerce Technologies

Are you ready for a mobile commerce revolution in Singapore in 2019? Nearly half of all e-commerce transactions (47%) are completed on a mobile device, with a slight preference (55%) for in-app purchases over browser-based shopping (45%). And here’s the kicker: mobile commerce accounts for a whopping 42.3% of all completed e-commerce transactions, representing $2.1 billion in sales. This figure is predicted to surge in growth for the coming years.

Why? Singaporeans are tech enthusiasts, with many owning multiple mobile devices and spending an average of 45 hours a week online in 2019. Local online merchants, like Carousell, have taken notice, opting for mobile-first strategies. So, if you’re looking to dive into Singapore’s e-commerce scene, mobile is the way to go!

Conclusion

Singapore’s market trends offer a vivid picture of a thriving, diverse, and innovative economic landscape. From the resilience of the services sector to the burgeoning tech startup scene, and the meteoric rise of mobile commerce, there’s an abundance of opportunities waiting for you in this vibrant city-state. With keen insights into the local markets and a deep understanding of industry dynamics, we at AJ Marketing are excited about the future of business in Singapore and are eager to help you navigate your way to success.

Whether you’re looking to set foot in the bustling e-commerce sector or explore the plethora of other industries making waves in Singapore, having a local partner with a finger on the pulse of the market is invaluable. That’s where we at AJ Marketing come in. With our expert understanding of the market and data-driven insights, we are ideally positioned to be your guide in this exciting journey. So, gear up for a remarkable venture in the Singapore market. With AJ Marketing by your side, the sky’s the limit!

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