Singapore titled as world’s most globalized country, surpassing 180 markets
Today, March 13, the DHL Global Connectedness Report 2024 was released, tracking the flow of trade, capital, information and people around the world.
Singapore secured the top position in the list of 181 markets, with the Netherlands and Ireland following closely in second and third place, respectively.
The last time Singapore ranked first was in 2017, last year it came in second.
The index ranks countries based on two dimensions: the size of countries’ international flows relative to their domestic activities (depth) and their geographic reach around the world (breadth).
According to the report, Singapore has the largest international flows relative to domestic activity, achieving a score of 99.0 out of 100 in the depth indicator. In terms of breadth, Singapore scored 63.5, securing the 25th position in the overall rankings.
DHL states that 25th place is impressive considering that the country is small in size. Smaller countries tend to have greater depth but low breadth. Given its status as a city-state with significant port operations and a flourishing financial sector, Singapore is uniquely poised to excel in a globalized environment.
Since 2001, Singapore’s connectedness level has increased by 9.0 percentage points, earning it the sixth-highest growth in connectivity among countries.
Based on the report, the United States holds the largest share in Singapore’s international trade flows, contributing 16%. Following closely are China with 12% and Malaysia with 8%. India, Japan, Hong Kong SAR and Indonesia each account for 5%. Taiwan and Korea make up 4%, while the United Kingdom represents 3%.
Ih-Ming Chan, Executive Vice President of the Singapore Economic Development Board highlighted the country’s significant investment in strengthening both physical and digital connections around the world. Ongoing efforts are aimed at strengthening Singapore’s position as an indispensable and reliable hub in global supply chains, facilitating the seamless exchange of trade, capital, information and talent. Chan expressed his willingness to collaborate with international companies, suggesting Singapore as an ideal launch pad for business expansion and supply chain growth in the Asia-Pacific region and beyond.
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