The balance of payments is a record of all economic transactions between residents of an economy and the rest of the world. It comprises transactions in goods and services, income flows, transfers, as well as capital and financial flows. It is very useful for assessing the external performance of an economy and for formulating policies connected with it.

The compilation of Singapore's balance of payments estimates is based on the principles recommended by the International Monetary Fund's Balance of Payments Manual. The structure and classification of Singapore's balance of payments accounts follow the fifth edition of the manual.

The main source for Singapore's trade in services statistics is the International Trade in Services Survey.