What is International Trade in Services (TIS)?
TIS refer to service transactions between residents and non-residents. While traditionally confined to transportation and travel, activities such as financial, professional and other business services have also grown in importance with globalization, improved telecommunications network and service trade liberalization.
How are TIS statistics compiled?
TIS statistics are compiled using both survey and administrative data, following principles and guidelines set out in the International Monetary Fund's Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6).
The major services categories compiled by DOS are:
- Maintenance and Repair Services
- Government Goods and Services
- Telecommunications, Computer and Information
- Charges for the Use of Intellectual Property
- Personal, Cultural and Recreational
- Other Business Services (include Accounting, Advertising and Market Research, Architectural, Business Management, Engineering and Technical, Legal, Research and Development, Trade-Related Services.)
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What are some of the recent findings on TIS?
Singapore’s international trade in services amounted to $416.7 billion in 2015, as exports and imports grew 5.1% and 5.2% respectively. Transport, travel and business management services made up the majority of total services trade for the year. The European Union (EU), the United States (US), the Association of Southeast Asian Nations (ASEAN), Japan, Australia and China were Singapore’s main trading partners in 2015.
Where may I find more information on Singapore TIS statistics?
You may download our "Singapore's International Trade in Services" publication or access the occasional papers on this topic online.
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