International Accounts

Balance of Payments

A statement that summarises the economic transactions between residents of an economy and non-residents. These transactions occur during a specific time period. It consists of the current account, and the capital and financial account. The former covers cross-border transactions in goods and services, as well as income flows and transfers. The latter records capital and financial flows. 

Current Account A set of transactions in relation to current national income and expenditure. These transactions include exports and imports of goods and services, primary income receipts and payments, as well as net current transfers (secondary income).
Current Account Balance The balance of cross-border transactions in goods, services, primary income and secondary income. It shows the net change in financial assets arising from real transactions by Singapore residents with non-residents.
Goods Balance The difference between total exports and total imports of goods on a free-on-board (f.o.b.) basis.
Services Balance The difference between total exports and total imports of services.
Primary Income Balance The difference between primary income receivable by Singapore residents from abroad and primary income payable to non-residents from Singapore.
Secondary Income Balance The difference between current transfers received by Singapore residents from abroad and current transfers received by non-residents from Singapore.
Capital and Financial Account Covers net acquisitions of foreign financial assets by Singapore residents and net incurrence of foreign financial liabilities by Singapore residents. Hence it records transactions that affect the national income in future periods.
Capital and Financial Account Balance The balance of transactions in the capital and financial account. It reflects the net changes in Singapore’s foreign financial assets and liabilities.
Official Reserves Show the changes in Singapore’s foreign reserves holdings. They consist of Singapore’s official holdings of monetary gold and foreign exchange assets, as well as Singapore’s special drawing rights and reserve position in the International Monetary Fund.
Overall Balance The overall balance of the current, capital and financial accounts. It is the balance of all of the transactions of Singapore residents with non-residents. These transactions are financed by official reserves.
International Investment Position A statement that shows the value of the financial assets and liabilities of residents of an economy. The values reflected are as at a point in time.
External Debt The outstanding amount of actual current, and not contingent, liabilities owed to non-residents by residents of an economy. The values reflected are as at a given point in time. It is also part of external liabilities in the International Investment Position.

External Transactions Account

Special Drawing Rights (SDR) International reserve assets created by the International Monetary Fund (IMF). They are allocated to IMF member countries as a supplement to existing reserve assets. The allocation is in accordance to the proportion of members' quotas. The SDRs serves as the unit of account of the IMF. The valuation of the SDR is currently determined on the basis of a basket of five major currencies: US dollar, Euro, Japanese Yen, Pound Sterling, Chinese Renminbi.