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Balance of Payments

The balance of payments is 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 while the latter records capital and financial flows. The balance of payments is used to assess the external performance of an economy and to formulate policies associated with it.

Singapore’s balance of payments 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 Balance of Payments accounts follow the sixth edition of the manual.

Studies to improve the balance of payments estimates are continual and the estimates are revised as and when appropriate.

The balance of payments estimates are compiled mainly from trade and shipping 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$m Q3/22 -26,442.0 na -74,171.8 na
Current Account Balance S$m Q3/22 30,378.2 na 27,873.9 na

Exports of Goods and Services

S$m Q3/22 297,840.8 20.5 292,506.1 21.1

Imports of Goods and Services

S$m Q3/22 247,956.9 21.6 242,916.2 23.9

Primary Income Balance

S$m Q3/22 -17,455.6 na -20,034.4 na

Secondary Income Balance

S$m Q3/22 -2,050.1 na -1,681.6 na
Capital and Financial Account Balance 3/ S$m Q3/22 56,948.9 na 102,075.1 na
Reserve Assets S$m Q3/22 -26,442.0 na -74,171.8 na
Official Foreign Reserves US$m Dec-22 289,484.1 -30.7 291,274.7 -29.5

Balance of Payments

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

Million Dollars

Data Items

2014
2015
2016
2017
2018
2019
2020
2021

D Overall Balance (A-B+C)

8,617.8
1,500.7
-2,455.3
37,841.2
16,924.5
-11,442.8
103,316.5
88,907.2

A Current Account Balance

71,612
79,154.5
77,729.4
82,002.8
77,052.1
74,036.3
80,217
96,631.4

Goods Balance

109,846.8
127,267.9
124,253.2
139,514.5
140,464.5
133,880.5
142,980.4
158,820.8

Exports Of Goods

570,951.4
544,736.4
515,641.9
576,156.1
621,241.7
603,798.4
576,404.4
677,003

Imports Of Goods

461,104.6
417,468.5
391,388.7
436,641.6
480,777.2
469,917.9
433,424
518,182.2

Services Balance

-16,334.4
-11,676.9
-8,795.6
-14,361.5
6,306.9
13,335.7
8,067
8,444.9

Exports Of Services

194,843.2
210,622.7
210,123.3
236,121.3
276,720.7
293,990.5
289,303.2
308,820.6

Imports Of Services

211,177.6
222,299.6
218,918.9
250,482.8
270,413.8
280,654.8
281,236.2
300,375.7

Primary Income Balance

-13,877.9
-28,892.8
-26,996.2
-35,817.2
-61,805.4
-64,037.5
-63,783.5
-64,263.6

Primary Income Receipts

90,129.7
98,544.7
108,150.1
136,723.9
147,087.8
148,174.7
143,733.8
168,312.9

Primary Income Payments

104,007.6
127,437.5
135,146.3
172,541.1
208,893.2
212,212.2
207,517.3
232,576.5

Secondary Income Balance

-8,022.5
-7,543.7
-10,732
-7,333
-7,913.9
-9,142.4
-7,046.9
-6,370.7

Secondary Income Receipts

12,431.1
13,549.1
14,751.2
14,239.6
24,082.1
25,315.1
28,045.2
28,147.2

Secondary Income Payments

20,453.6
21,092.8
25,483.2
21,572.6
31,996
34,457.5
35,092.1
34,517.9

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.

59,919.4
72,054.7
79,379.3
44,875.7
60,033.9
85,268.2
-21,747.6
11,070.7

Financial Account (Net)

59,919.4
72,054.7
79,379.3
44,875.7
60,033.9
85,268.2
-21,747.6
11,070.7

Direct Investment

-20,552.8
-33,753.8
-39,360.9
-50,409
-79,597.8
-76,219.1
-59,318.8
-78,050.3

Assets

66,491.6
62,174
50,941.2
86,593
29,901.9
75,856.6
43,817.6
63,674.7

Liabilities

87,044.4
95,927.8
90,302.1
137,002
109,499.7
152,075.7
103,136.4
141,725

Portfolio Investment

58,961.1
84,760.1
20,017.3
27,485.6
71,548.3
148,242.5
83,464.1
76,583.4

Assets

62,383.9
76,187
35,858.8
62,926.6
52,562.4
155,694
83,148.8
99,184

Liabilities

3,422.8
-8,573.1
15,841.5
35,441
-18,985.9
7,451.5
-315.3
22,600.6

Financial Derivatives

-3,616.3
-7,582.7
16,550.4
11,357
28,376.5
9,032.9
-2,023.5
4,109.9

Assets

5,156.4
-11,227.7
8,654.8
-1,463.5
7,319.2
14,931
22,135.9
9,749.3

Liabilities

8,772.7
-3,645
-7,895.6
-12,820.5
-21,057.3
5,898.1
24,159.4
5,639.4

Other Investment

25,127.4
28,631.1
82,172.5
56,442.1
39,706.9
4,211.9
-43,869.4
8,427.7

Assets

93,189.1
36,516.1
120,963.8
102,919.6
143,436.9
74,121.1
85,973.1
156,384.9

Liabilities

68,061.7
7,885
38,791.3
46,477.5
103,730
69,909.2
129,842.5
147,957.2

C Net Errors & Omissions

-3,074.8
-5,599.1
-805.4
714.1
-93.7
-210.9
1,351.9
3,346.5

E Reserve Assets

8,617.8
1,500.7
-2,455.3
37,841.2
16,924.5
-11,442.8
103,316.5
88,907.2
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

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Balance of Payments Dashboard

Portfolio Investment Assets Dashboard

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
Q3/22
6,946,675.1
6,857,677.9
6.2
5.7

*Direct Investment S$m
Q3/22
1,988,252.6
1,940,827.3
11.7
11.6

*Portfolio Investment S$m
Q3/22
2,234,515.1
2,268,667.8
-0.4
-1.5

Equity and Investment Fund Shares S$m
Q3/22
1,274,013.0
1,284,717.1
0.2
0.6

Debt Securities S$m
Q3/22
960,502.1
983,950.7
-1.2
-4.1

*Financial Derivatives S$m
Q3/22
292,926.3
249,062.2
106.4
79.7

*Other Investment S$m
Q3/22
2,020,480.8
1,961,579.1
11.6
10.7

*Reserve Assets 1/ S$m
Q3/22
410,500.3
437,541.5
-27.4
-18.3

Singapore External Liabilities S$m
Q3/22
5,615,823.5
5,498,001.6
8.3
7.9

*Direct Investment S$m
Q3/22
2,820,104.2
2,791,404.3
4.5
4.7

*Portfolio Investment S$m
Q3/22
561,861.8
543,963.5
21.5
21.4

Equity and Investment Fund Shares S$m
Q3/22
370,721.7
368,342.4
9.8
8.6

Debt Securities S$m
Q3/22
191,140.1
175,621.1
53.3
61.2

*Financial Derivatives S$m
Q3/22
286,730.2
245,977.2
76.1
48.5

*Other Investment S$m
Q3/22
1,947,127.3
1,916,656.6
4.6
5.7

Net International Investment Position S$m
Q3/22
1,330,851.6
1,359,676.3
-1.8
-2.6

International Investment Position

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

Million Dollars

Data Items

2014
2015
2016
2017
2018
2019
2020
2021

Net International Investment Position

781,174.7
914,909.5
1,030,046.8
1,123,054.9
934,406.7
1,138,934.1
1,281,664.6
1,375,768.7

External Assets

4,042,111.6
4,354,513.3
4,653,650.8
5,075,111.2
5,178,798.6
5,725,747.4
6,243,439.9
6,653,629.7

Direct Investment

899,906.6
1,046,666.9
1,199,423.3
1,388,562.8
1,341,655.2
1,542,881.2
1,673,389.5
1,819,922.7

Portfolio Investment

1,264,242.9
1,368,941.2
1,488,863.6
1,691,134
1,701,102.4
2,016,630.4
2,148,370.9
2,262,471.1

Financial Derivatives

147,167.9
134,603.2
125,247.3
91,015.1
118,951.7
143,500.3
165,192.9
137,850.2

Other Investment

1,390,356.1
1,453,311.2
1,483,862.7
1,530,405.3
1,624,993.5
1,646,953
1,777,646.5
1,870,046.9

Reserve Assets * Assets held by the Monetary Authority of Singapore.

340,438.1
350,990.8
356,253.9
373,994
392,095.8
375,782.5
478,840.1
563,338.8

External Liabilities

3,260,936.9
3,439,603.8
3,623,604
3,952,056.3
4,244,391.9
4,586,813.3
4,961,775.3
5,277,861

Direct Investment

1,358,654.1
1,543,357.5
1,655,824.5
1,903,040.4
2,078,001.7
2,342,142.3
2,580,789.1
2,713,226.9

Portfolio Investment

274,827.5
248,072.9
295,368.5
373,404.6
366,039.5
397,168.8
416,940.3
494,440.6

Financial Derivatives

123,238.5
127,941
123,850.1
101,301.6
142,375.2
161,768.2
182,001.8
158,977.9

Other Investment

1,504,216.8
1,520,232.4
1,548,560.9
1,574,309.7
1,657,975.5
1,685,734
1,782,044.1
1,911,215.6
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

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Singapore's International Investment Position Dashboard

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
Q3/22
375,846.9
369,301.6
7.4
7.8

Debt Liabilities of DIE 2/ to Direct Investors S$m
Q3/22
290,026.6
288,352.6
8.6
11.8

Debt Liabilities of Direct Investors to DIE 2/ S$m
Q3/22
44,353.5
45,091.7
-9.0
-3.7

Debt Liabilities between Fellow Enterprises S$m
Q3/22
41,466.8
35,857.3
21.3
-5.1

Other Liabilities S$m
Q3/22
2,138,174.7
2,092,179.0
8.2
8.8

General Government S$m
Q3/22
0.0
0.0
0.0
0.0

Central Bank S$m
Q3/22
8,212.1
8,285.6
-4.7
463.1

Short-term S$m
Q3/22
0.0
0.0
0.0
0.0

Loans S$m
Q3/22
0.0
0.0
0.0
0.0

Debt Securities S$m
Q3/22
0.0
0.0
0.0
0.0

Currency and Deposits 3/ S$m
Q3/22
-
-
-
-

Others S$m
Q3/22
0.0
0.0
0.0
0.0

Long-term S$m
Q3/22
8,212.1
8,285.6
-4.7
463.1

Special Drawing Rights (allocations) S$m
Q3/22
8,212.1
8,285.6
-4.7
463.1
Loans S$m
Q3/22
0.0
0.0
0.0
0.0

Debt Securities S$m
Q3/22
0.0
0.0
0.0
0.0

Others S$m
Q3/22
0.0
0.0
0.0
0.0

Deposit-Taking Corporations S$m
Q3/22
1,614,377.1
1,568,631.4
8.3
7.2

Short-term S$m
Q3/22
1,406,892.6
1,375,911.0
8.5
7.4

Loans S$m
Q3/22
0.0
0.0
0.0
0.0

Debt Securities S$m
Q3/22
37,637.5
32,035.7
51.5
85.9

Currency and Deposits S$m
Q3/22
1,349,811.4
1,330,204.4
7.4
6.0

Others S$m
Q3/22
19,443.7
13,670.9
35.4
68.0

Long-term S$m
Q3/22
207,484.5
192,720.4
6.7
5.6

Loans S$m
Q3/22
0.0
0.0
0.0
0.0

Debt Securities S$m
Q3/22
19,033.5
15,543.0
972.0
1,561.1

Others S$m
Q3/22
188,451.0
177,177.4
-2.2
-2.4

Other Sector S$m
Q3/22
515,585.5
515,262.0
8.2
12.5

Short-term S$m
Q3/22
316,146.6
315,313.5
10.0
14.2

Trade Credits and Advances S$m
Q3/22
152,947.1
157,329.3
11.9
17.3

Loans S$m
Q3/22
127,509.7
129,876.1
-5.9
0.2

Debt Securities S$m
Q3/22
23,765.1
16,876.9
486.9
838.0

Others S$m
Q3/22
11,924.7
11,231.2
5.4
6.6

Long-term S$m
Q3/22
199,438.9
199,948.5
5.4
9.9

Loans S$m
Q3/22
60,656.3
61,647.8
-5.5
0.1

Debt Securities S$m
Q3/22
110,704.0
111,165.6
17.8
24.9

Others S$m
Q3/22
28,078.6
27,135.1
-9.4
-13.3

Gross External Debt S$m
Q3/22
2,514,021.6
2,461,480.6
8.1
8.7

Exchange Rate S$ per US$ (as at end-month) 4 / S$ per US$
Dec/22
1.34460
1.37220
-0.5
0.3
MAS

External Debt

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

Million Dollars

Data Items

2020 4Q
2021 1Q
2021 2Q
2021 3Q
2021 4Q
2022 1Q
2022 2Q
2022 3Q

Gross External Debt

2,266,976.4
2,268,249.7
2,265,002.1
2,326,407
2,390,923.1
2,434,812.4
2,461,480.6
2,514,021.6

Direct Investment: Intercompany Loans

375,882.2
354,145.5
342,481
350,089.1
341,092.7
363,788.6
369,301.6
375,846.9

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

282,961.3
262,563.8
257,911.4
267,155.1
263,847
286,569.5
288,352.6
290,026.6

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

42,451.9
47,091.7
46,803.6
48,741.4
47,305.9
45,080.7
45,091.7
44,353.5

Debt Liabilities Between Fellow Enterprises

50,469
44,490
37,766
34,192.6
29,939.8
32,138.4
35,857.3
41,466.8

Other Liabilities

1,891,094.2
1,914,104.2
1,922,521.1
1,976,317.9
2,049,830.4
2,071,023.8
2,092,179
2,138,174.7

General Government

0
0
0
0
0
0
0
0

Deposit-Taking Corporations

1,464,866.2
1,464,633.5
1,463,145.2
1,491,005.7
1,551,027.9
1,547,839.4
1,568,631.4
1,614,377.1

Other Sector

424,806.7
448,006.6
457,904.4
476,694.9
490,298.9
514,802.6
515,262
515,585.5
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

Visualising Data

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Singapore's External Debt Dashboard

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