Singapore: India’s Second-largest Export Market

In May 2026, India witnessed major shifts in trade flows following the prolonged closure of the Strait of Hormuz since March 2, 2026.

  • The disruption in West Asia trade routes pushed Indian exporters and importers to identify alternative markets and supply channels.
  • Singapore replaced United Arab Emirates as India’s second-largest export destination in April 2026, while the United States remained India’s top export market.
  • India’s exports to Singapore increased by 180% year-on-year in April to $3.20 billion, compared to $1.14 billion a year earlier.
  • Meanwhile, exports to the UAE declined by 36% to $2.18 billion from $3.43 billion during the same period.
  • On the import ....
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