Around 9 in 10 SG SMEs export to over 10 int’l markets

The average number of international destination markets in Singapore is 35.

About nine in 10 or 86% of eBay-enabled small- and medium-sized enterprises (SMEs) in Singapore exported to 10 or more international markets in 2020, a report by eBay showed.

According to the Southeast Asia Small Online Business Trade Report 2022, the average number of international destination markets in Singapore is 35, the highest among six Southeast Asian markets in the study.

The top 10 destinations for exports of small businesses via eBay were the United States, Australia, the United Kingdom, Italy, Canada, Germany, Taiwan, South Korea, Japan and China.

Meanwhile, the top 10 export growth markets for eBay-enabled small businesses from 2018 to 2020 were Italy, the United States, Australia, Taiwan, Japan, China, Netherlands, Switzerland, Denmark, and Kuwait.

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The top five product categories exported by the small businesses in the Lion City via eBay were business, office and industrial, jewellery and watches, toys and games, sporting goods, and collectables.

eBay said that SMEs accounted for over 90% of all enterprises in Singapore in 2020, over 40% of the nominal value-add to the gross domestic product, and more than  70% of total employment levels, citing data from the OCBC Bank.