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Balance of Payments International Investment Position External Debt

Balance of Payments

The Balance of Payments (BOP) is a statement that summarises the economic transactions between residents of an economy and non-residents. These transactions occur during a specific time period. The BOP 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 while the latter records capital and financial flows. The BOP is used to assess the external performance of an economy and to formulate policies associated with it.

Singapore’s BOP estimates are compiled in accordance with the principles and recommendations set out in the International Monetary Fund’s Balance of Payments and International Investment Position Manual. The structure and classification of Singapore’s BOP accounts follow the sixth edition of the manual.

Studies to improve the BOP estimates are continual and the estimates are revised as and when appropriate.

The BOP estimates are compiled mainly from trade statistics, regular surveys of companies and administrative records of government departments and statutory authorities.

Data

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Key Indicators
Items Unit Latest Period Latest Data % Change
(Y‑o‑Y) 1/		 Previous
Period Data		 % Change
(Y‑o‑Y) 2/
Balance of Payments            
Balance of Payments S$m 4Q 2023 13,193.4 na 12,225.2 na
Current Account Balance S$m 4Q 2023 34,411.4 na 33,959.0 na

Exports of Goods and Services

 S$m 4Q 2023 305,754.7 -0.1 294,905.3 -12.0

Imports of Goods and Services

 S$m 4Q 2023 239,089.3 -2.4 231,051.5 -13.0

Primary Income Balance

 S$m 4Q 2023 -30,668.0 na -27,707.1 na

Secondary Income Balance

 S$m 4Q 2023 -1,586.0 na -2,187.7 na
Capital and Financial Account Balance 3/ S$m 4Q 2023 19,902.6 na 22,597.8 na
Reserve Assets S$m 4Q 2023 13,193.4 na 12,225.2 na
Official Foreign Reserves US$m Mar-24 368,494.3 17.8 357,345.5 21.5

Data are preliminary when first released.
na not available or not applicable
1 Refers to % change in latest period over the same period in the previous year.
2 Refers to % change in the previous period over the same period in the previous year.
3 Decrease in assets and liabilities, and net inflows in net balances, are indicated by a minus [-] sign).

Balance of Payments

Title : Singapore's Balance Of Payments, (BPM6 Format), Annual

Million Dollars

Data Items

2016
2017
2018
2019
2020
2021
2022
2023

D Overall Balance (A-B+C)

-2,455.3
37,841.2
16,924.5
-11,442.8
103,316.5
88,907.2
-157,431.5
81,837.6

A Current Account Balance

78,509.8
86,077.7
81,213.4
82,475.3
79,965.2
115,723.9
123,668.4
133,105.4

Goods Balance

124,532.9
138,347.6
140,294.3
131,405.8
143,071.5
163,556.6
207,508.1
207,835.9

Exports Of Goods

515,952.2
574,961.7
621,037.6
601,281.1
576,628.8
687,678
812,570.9
733,068

Imports Of Goods

391,419.3
436,614.1
480,743.3
469,875.3
433,557.3
524,121.4
605,062.8
525,232.1

Services Balance

-9,012
-12,016.9
10,882.6
20,422.4
8,435.2
47,780.1
57,300.3
43,708.8

Exports Of Services

210,092.2
239,588.9
285,030.5
305,171.8
298,836.7
379,678.8
464,007.9
440,495.4

Imports Of Services

219,104.2
251,605.8
274,147.9
284,749.4
290,401.5
331,898.7
406,707.6
396,786.6

Primary Income Balance

-26,731.5
-32,856.6
-62,198.7
-59,592
-65,760.4
-87,232.2
-131,700.5
-108,431.7

Primary Income Receipts

108,145.2
140,025.4
146,472.5
151,204.3
148,282.1
213,177.4
217,679.6
236,965

Primary Income Payments

134,876.7
172,882
208,671.2
210,796.3
214,042.5
300,409.6
349,380.1
345,396.7

Secondary Income Balance

-10,279.6
-7,396.4
-7,764.8
-9,760.9
-5,781.1
-8,380.6
-9,439.5
-10,007.6

Secondary Income Receipts

15,013.7
14,357.1
24,394.5
24,937.3
27,921.5
25,443.4
31,028
33,507.4

Secondary Income Payments

25,293.3
21,753.5
32,159.3
34,698.2
33,702.6
33,824
40,467.5
43,515

B Capital & Financial Account Balance * The capital account is consolidated under the financial account. Decrease in assets and liabilities, and net inflows in net balances, are indicated by a minus (-) sign.

81,012.5
46,469.7
63,725.9
93,862.8
-23,159.6
26,974.2
278,874
47,563.5

Financial Account (Net)

81,012.5
46,469.7
63,725.9
93,862.8
-23,159.6
26,974.2
278,874
47,563.5

Direct Investment

-35,736
-49,481.9
-78,344.9
-51,994.2
-56,486.4
-101,972.1
-133,087.4
-150,717.8

Assets

54,566.1
91,601.5
32,272.5
92,457.2
54,904.1
82,446.9
72,008.2
84,590.6

Liabilities

90,302.1
141,083.4
110,617.4
144,451.4
111,390.5
184,419
205,095.6
235,308.4

Portfolio Investment

20,017.4
27,772.2
71,230.5
146,518.5
83,066.4
99,429.1
83,058
128,765.8

Assets

35,858.9
62,251.1
53,661.4
154,918.1
78,043.1
112,956.6
119,102.5
134,479.5

Liabilities

15,841.5
34,478.9
-17,569.1
8,399.6
-5,023.3
13,527.5
36,044.5
5,713.7

Financial Derivatives

16,699.9
11,357
28,111.6
9,126.6
-3,996.4
-1,015.6
3,544.3
1,302.3

Assets

9,190.9
-1,463.5
7,077.3
15,005.7
22,780.3
3,844
20,674.3
-642.1

Liabilities

-7,509
-12,820.5
-21,034.3
5,879.1
26,776.7
4,859.6
17,130
-1,944.4

Other Investment

80,031.2
56,822.4
42,728.7
-9,788.1
-45,743.2
30,532.8
325,359.1
68,213.2

Assets

119,565.9
102,003.5
142,970.8
63,903.5
84,170.2
123,527.7
350,652.1
40,633.8

Liabilities

39,534.7
45,181.1
100,242.1
73,691.6
129,913.4
92,994.9
25,293
-27,579.4

C Net Errors & Omissions

47.4
-1,766.8
-563
-55.3
191.7
157.5
-2,225.9
-3,704.3

E Reserve Assets

-2,455.3
37,841.2
16,924.5
-11,442.8
103,316.5
88,907.2
-157,431.5
81,837.6
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS
Footnotes

For more information on balance of payments methodologies, please visit Singstat website (www.singstat.gov.sg/find-data/search-by-theme/economy/balance-of-payments/publications-and-methodology) to view and download related publications.

Singapore's Balance Of Payments, (BPM6 Format), Annual

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International Investment Position

The international investment position (IIP) is a statistical statement that shows, at a point in time, the value and composition of cross border financial assets and liabilities of residents of an economy. The net IIP is the difference between its external financial assets and its liabilities. In addition, the sum of the net IIP with the value of non-financial assets reflects the net worth of an economy.

The IIP is related to the financial account of the balance of payments. While the financial account shows net acquisition and disposal of financial assets and liabilities during a period, the IIP records the stock of financial assets and liabilities at a specific point in time. Due to this relationship, both the IIP and financial account of the balance of payments use functional categories as the highest level of classification. These functional categories are direct investment, portfolio investment, financial derivatives, other investment, and reserve assets.

Singapore’s IIP estimates are compiled based on the principles recommended in the International Monetary Fund’s Balance of Payments and International Investment Position Manual, Sixth edition

Data

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Key Indicators
SDDS Data Category and Component Unit Description Observations % change Data Source/
Links to Data
In Latest data in Latest-1 data
Date of Latest Latest data Latest-1 data (over same period in previous year)
External Sector
International Investment Position #/ DOS
Singapore External Assets S$m
4Q 2023
7,420,428.5
7,370,088.7
3.6
1.7
*Direct Investment S$m
4Q 2023
2,363,312.6
2,306,944.9
7.3
5.4
*Portfolio Investment S$m
4Q 2023
2,408,782.0
2,331,530.4
4.7
0.4
Equity and Investment Fund Shares S$m
4Q 2023
1,423,432.3
1,378,803.6
6.2
3.0
Debt Securities S$m
4Q 2023
985,349.7
952,726.8
2.6
-3.2
*Financial Derivatives S$m
4Q 2023
239,455.1
302,163.0
-19.8
-2.0
*Other Investment S$m
4Q 2023
1,945,834.5
1,968,952.6
-1.2
-2.5
*Reserve Assets 1/ S$m
4Q 2023
463,044.3
460,497.8
19.3
12.2
Singapore External Liabilities S$m
4Q 2023
6,286,974.7
6,188,249.4
5.4
3.1
*Direct Investment S$m
4Q 2023
3,471,035.6
3,331,377.5
10.9
7.6
*Portfolio Investment S$m
4Q 2023
671,414.2
665,481.6
2.8
9.3
Equity and Investment Fund Shares S$m
4Q 2023
403,219.9
408,923.4
1.0
7.8
Debt Securities S$m
4Q 2023
268,194.3
256,558.2
5.7
11.6
*Financial Derivatives S$m
4Q 2023
251,617.8
296,043.5
-15.0
-3.5
*Other Investment S$m
4Q 2023
1,892,907.1
1,895,346.8
0.3
-4.8
Net International Investment Position S$m
4Q 2023
1,133,453.8
1,181,839.3
-5.2
-5.3
#  Data are preliminary when first released. 
1  Assets held by the Monetary Authority of Singapore.

International Investment Position

Title : Singapore International Investment Position, (End Of Period), Annual

Million Dollars

Data Items

2016
2017
2018
2019
2020
2021
2022
2023

Net International Investment Position

1,039,215.2
1,165,151.4
945,449.7
1,224,484.7
1,445,099.1
1,358,457.7
1,195,962.7
1,133,453.8

External Assets

4,660,999.3
5,119,774.9
5,198,513.1
5,848,208.9
6,562,064.4
7,040,222.1
7,160,752.7
7,420,428.5

Direct Investment

1,203,055.8
1,416,322.1
1,339,645.3
1,609,977.4
1,886,429.7
2,109,407.4
2,203,280.8
2,363,312.6

Portfolio Investment

1,496,016.1
1,705,439.2
1,722,422.6
2,055,778.6
2,211,216.5
2,360,496
2,301,059.1
2,408,782

Financial Derivatives

130,213.4
100,428.5
132,946.4
162,464.3
202,534.8
180,775
298,486.2
239,455.1

Other Investment

1,475,460.1
1,523,591.1
1,611,403
1,644,206.1
1,783,043.3
1,826,204.9
1,969,670.5
1,945,834.5

Reserve Assets

356,253.9
373,994
392,095.8
375,782.5
478,840.1
563,338.8
388,256.1
463,044.3

External Liabilities

3,621,784.1
3,954,623.5
4,253,063.4
4,623,724.2
5,116,965.3
5,681,764.4
5,964,790
6,286,974.7

Direct Investment

1,655,824.5
1,902,111.5
2,078,084.9
2,342,814
2,649,123.4
3,006,412.2
3,128,881
3,471,035.6

Portfolio Investment

300,120.7
382,910.1
380,296.1
427,696.9
473,473.3
585,828.6
653,196.8
671,414.2

Financial Derivatives

124,054.4
101,303.1
142,417.6
161,843.8
209,083.7
207,936.4
295,862.6
251,617.8

Other Investment

1,541,784.5
1,568,298.8
1,652,264.8
1,691,369.5
1,785,284.9
1,881,587.2
1,886,849.6
1,892,907.1
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS
Footnotes

For more information on international investments position methodologies, please visit Singstat website (www.singstat.gov.sg/find-data/search-by-theme/economy/international-investment-position/publications-and-methodology) to view and download related publications.

Singapore International Investment Position, (End of Period), Annual

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External Debt

Gross external debt is defined as the outstanding amount of current (and not contingent) debt liabilities owed to non-residents by residents of an economy. The values reflected are as at a point in time. The external debt position can also be understood as a subset of the IIP, where it is equivalent to total external liabilities of the latter less equity and investment fund shares and financial derivatives. External debt statistics is used to monitor and analyse the external vulnerability of an economy.

The compilation of Singapore’s external debt statistics is consistent with the recommendations set out in the International Monetary Fund’s External Debt Statistics Guide (2013).

Data

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Key Indicators
SDDS Data Category and Component Unit Description Observations % change Data Source/
Links to Data
In Latest data in Latest-1 data
Date of Latest Latest data Latest-1 data (over same period in previous year)
External Sector
External Debt 1/ #/ DOS
Direct Investment: Intercompany Loans S$m
4Q 2023
472,146.2
473,284.4
1.2
0.5
Debt Liabilities of DIE 2/ to Direct Investors S$m
4Q 2023
352,363.2
354,991.0
0.5
-0.6
Debt Liabilities of Direct Investors to DIE 2/ S$m
4Q 2023
39,376.5
39,711.6
-13.0
-12.5
Debt Liabilities between Fellow Enterprises S$m
4Q 2023
80,406.5
78,581.8
13.7
15.3
Other Liabilities S$m
4Q 2023
2,161,101.4
2,151,905.0
1.0
-3.1
General Government S$m
4Q 2023
0.0
0.0
0.0
0.0
Central Bank S$m
4Q 2023
7,968.1
8,030.2
-0.6
-2.4
Short-term S$m
4Q 2023
0.0
0.0
0.0
0.0
Loans S$m
4Q 2023
0.0
0.0
0.0
0.0
Debt Securities S$m
4Q 2023
0.0
0.0
0.0
0.0
Currency and Deposits 3/ S$m
4Q 2023
-
-
-
-
Others S$m
4Q 2023
0.0
0.0
0.0
0.0
Long-term S$m
4Q 2023
7,968.1
8,030.2
-0.6
-2.4
Special Drawing Rights (allocations) S$m
4Q 2023
7,968.1
8,030.2
-0.6
 -2.4
Loans S$m
4Q 2023
0.0
0.0
0.0
0.0
Debt Securities S$m
4Q 2023
0.0
0.0
0.0
0.0
Others S$m
4Q 2023
0.0
0.0
0.0
0.0
Deposit-Taking Corporations S$m
4Q 2023
1,572,952.5
1,554,017.0
1.6
-4.0
Short-term S$m
4Q 2023
1,400,022.5
1,382,957.8
3.7
-1.7
Loans S$m
4Q 2023
0.0
0.0
0.0
0.0
Debt Securities S$m
4Q 2023
48,464.6
43,980.3
13.7
29.7
Currency and Deposits S$m
4Q 2023
1,340,847.9
1,326,728.0
3.7
-2.0
Others S$m
4Q 2023
10,710.0
12,249.5
-21.8
-37.0
Long-term S$m
4Q 2023
172,930.0
171,059.2
-12.8
-19.1
Loans S$m
4Q 2023
0.0
0.0
0.0
0.0
Debt Securities S$m
4Q 2023
23,049.5
12,925.9
-26.1
-43.3
Others S$m
4Q 2023
149,880.5
158,133.3
-10.3
-16.2
Other Sector S$m
4Q 2023
580,180.8
589,857.8
-0.8
-0.7
Short-term S$m
4Q 2023
311,257.7
320,615.3
-4.4
-5.2
Trade Credits and Advances S$m
4Q 2023
156,720.5
157,667.7
-3.9
-6.9
Loans S$m
4Q 2023
117,792.2
121,276.9
-8.2
-10.4
Debt Securities S$m
4Q 2023
30,012.3
33,264.3
20.9
37.1
Others S$m
4Q 2023
6,732.7
8,406.4
-29.4
-11.0
Long-term S$m
4Q 2023
268,923.1
269,242.5
3.9
5.2
Loans S$m
4Q 2023
61,684.0
62,446.7
-4.5
-6.2
Debt Securities S$m
4Q 2023
166,667.9
166,387.8
7.4
11.7
Others S$m
4Q 2023
40,571.2
40,408.0
3.4
0.1
Gross External Debt S$m
4Q 2023
2,633,247.6
2,625,189.4
1.0
-2.5
Exchange Rate S$ per US$ (as at end-month) 4 / S$ per US$
Mar/24
1.3476
1.3446
1.6
-0.3
 MAS
#  Data are preliminary when first released. 
1  With the implementation of the recommendations of the 6th Edition of the Balance of Payments and International Investment Manual (BPM6), Singapore’s gross external debt is now reported on a BPM6 format. The accompanying revision in the treatment of Asian Currency Units (ACUs) as resident units (which previously were treated as non-resident units) means that the coverage of Singapore’s external assets and liabilities has been expanded to include those of the ACUs, resulting in increases in both Singapore’s external assets and liabilities. While the expansion of coverage has resulted in higher gross external debt (or liabilities), it has resulted also in higher external assets. Singapore remains a net creditor, as the resulting increase in external assets is more than the increase in liabilities. More information may be found in the Occasional Paper on “ Implementation of IMF Balance of Payments and International Investment Position Manual, Sixth Edition in Singapore’s Balance of Payments".
2  Refer to direct investment enterprise. 
3  Data are not released due to relatively insignificant value and/or in order to safeguard confidentiality of information provided by individual establishments.
4  Data on daily interest rates and exchange rates are available on Reuters, Bloomberg, etc.

External Debt

Title : Singapore External Debt Statistics, (End Of Period), Quarterly

Million Dollars

Data Items

2022 1Q
2022 2Q
2022 3Q
2022 4Q
2023 1Q
2023 2Q
2023 3Q
2023 4Q

Gross External Debt

2,582,054.5
2,619,041.8
2,691,942.8
2,607,084.7
2,495,771.1
2,567,172.5
2,625,189.4
2,633,247.6

Direct Investment: Intercompany Loans

454,273.9
462,032.2
470,743.9
466,441.7
465,953.6
471,685.1
473,284.4
472,146.2

Debt Liabilities Of DIE To Direct Investors * Refers to direct investment enterprise.

346,731
351,404.5
357,241
350,453.9
354,194.6
352,672.5
354,991
352,363.2

Debt Liabilities Of Direct Investors To DIE * Refers to direct investment enterprise.

45,735.8
45,544.1
45,372.4
45,270.8
39,709.8
39,963.8
39,711.6
39,376.5

Debt Liabilities Between Fellow Enterprises

61,807.1
65,083.6
68,130.5
70,717
72,049.2
79,048.8
78,581.8
80,406.5

Other Liabilities

2,127,780.6
2,157,009.6
2,221,198.9
2,140,643
2,029,817.5
2,095,487.4
2,151,905
2,161,101.4

General Government

0
0
0
0
0
0
0
0

Central Bank

8,381.8
8,285.6
8,229.1
8,012.7
8,004
8,071.3
8,030.2
7,968.1

Deposit-Taking Corporations

1,551,769.4
1,572,977.5
1,618,792.7
1,547,945.9
1,446,036.1
1,495,770.3
1,554,017
1,572,952.5

Other Sector

567,629.4
575,746.5
594,177.1
584,684.4
575,777.4
591,645.8
589,857.8
580,180.8
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS
Footnotes

With the implementation of the recommendations of the 6th Edition of the Balance of Payments and International Investment Manual (BPM6), Singapore's gross external debt is now reported on a BPM6 format. The accompanying revision in the treatment of Asian Currency Units (ACUs) as resident units (which previously were treated as non?resident units) means that the coverage of Singapore's external assets and liabilities has been expanded to include those of the ACUs, resulting in increases in both Singapore's external assets and liabilities. While the expansion of coverage has resulted in higher gross external debt (or liabilities), it has resulted also in higher external assets. Singapore remains a net creditor, as the resulting increase in external assets is more than the increase in liabilities. More information may be found in the Occasional Paper on ""Implementation of IMF Balance of Payments and International Investment Position Manual, Sixth Edition in Singapore's Balance of Payments"".

Singapore External Debt Statistics, (End of Period), Quarterly

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Definitions

International Accounts
Balance of Payments View
External Debt View
International Investment Position View

Other References

Balance of Payments
Economic Survey of Singapore View
Impact of Global Economic Disruptions on Singapore's Balance of Payments View
Methodological Improvements to the Current Account of Singapore’s Balance of Payments View
Adoption of the Extended Balance of Payments Services Classifications View
Singapore's International Accounts: Methodological Updates and Recent Developments View
Implementation of IMF Balance of Payments and International Investment Position Manual, Sixth Edition in Singapore’s Balance of Payments View
Compilation and Reporting of Singapore’s Cross-Border Financial Derivatives View
International Investment Position
Singapore’s Portfolio Investment: Holdings of Foreign Equity and Debt Securities View
Singapore's International Accounts: Methodological Updates and Recent Developments View
Implementation of IMF Balance of Payments and International Investment Position Manual, Sixth Edition in Singapore’s Balance of Payments View
Compilation and Reporting of Singapore’s Cross-Border Financial Derivatives View
External Debt
Singapore's International Accounts: Methodological Updates and Recent Developments View
Implementation of IMF Balance of Payments and International Investment Position Manual, Sixth Edition in Singapore’s Balance of Payments View