Singapore's International Trade in Services

Singapore's International Trade in Services

Singapore’s international trade in services has expanded over the years.

Exports and imports of services amounted to a total of $204 billion and $212 billion in 2015, recording compound annual growth rates of 9% and 8% from 2006 to 2015 respectively.

The services trade deficit was $8.1 billion in 2015.

 



Exports of Services by Major Services Categories

Major services categories contributing to Singapore’s exports of services include transport, travel, business management as well as financial and insurance. Collectively these services categories accounted for 71.7% of overall services exports in 2015.
 
 
 
 
 
 
Exports of Services by Trading Partner

The United States and Japan were the top export destinations in 2015. Overall exports of services to the United States grew from $14.2 billion in 2006 to $22.9 billion in 2015 while exports to Japan rose from $7.1 billion to $14.3 billion during the same period.
 

 
 
 
Imports of Services by Major Services Categories

Major services categories contributing to Singapore’s imports of services include transport, travel, business management as well as charges for the use of intellectual property. Collectively these services categories accounted for 66.5% of overall services imports in 2015.
 

 
 
 
Imports of Services by Trading Partner

The United States was the largest source for services imports with payments growing from $17.8 billion in 2006 to $37.2 billion in 2015. Services payment to the Netherlands increased from $4.5 billion in 2006 to $12.3 billion in 2015.