Singapore’s Balance of Payments Services Trade by Modes of Supply 2024

Key Highlights

In 2024, Singapore’s exports and imports of services were predominantly supplied via Cross-border Supply, accounting for 82.4% and 72.4% of total services exports and imports respectively. However, the share of Cross-border Supply has generally declined from the high levels seen during the COVID-19 pandemic, as the easing of travel restrictions and reopening of borders facilitated a recovery in services supplied through Consumption Abroad and the Presence of Natural Persons.
 
Growth in Singapore’s exports of services was driven by the $51.0 billion and $13.7 billion increases in services supplied via Cross-border Supply and Consumption Abroad respectively, which offset the $2.3 billion decline in services exported via Presence of Natural Persons.
 
Growth in Singapore’s imports of services was driven by the $40.9 billion increase in Cross-border Supply, alongside a $15.9 billion rise in Consumption Abroad. These gains more than offset the $1.8 billion decline in the Presence of Natural Persons.

About the Balance of Payments Services Trade by Modes of Supply 

Singapore’s Balance of Payments (BOP) Services Trade by Modes of Supply provides insights into how services are supplied to overseas customers. International trade in services can be supplied via different modes of supply based on the locations of the supplier and consumer when a service is supplied. With increasing digitalisation and the resumption of international travel, these statistics help businesses and policymakers understand evolving services trade patterns.
 
BOP Services Trade by Modes of Supply covers Singapore’s exports and imports of services with non-residents via the following modes:
 
1.    Cross-border Supply, which refers to services delivered across borders with both the supplier and consumer being in their respective territories;
2.    Consumption Abroad, which requires consumers to travel abroad to consume services outside their home territory, and
3.    Presence of Natural Persons which occurs when an individual is temporarily present in an economy other than his/ her own to provide a service.
 
BOP Services Trade does not include services trade via Commercial Presence, whereby a service supplier establishes an affiliate, branch, or representative office in another economy through which services are provided.

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