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 $227 billion and $236 billion in 2017, with both recording compound annual growth rates of 7 per cent from 2008 to 2017.

The services trade deficit was $8.4 billion in 2017.

 



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 67.2 per cent of overall services exports in 2017.
 
 
 
 
 
 
Exports of Services by Trading Partner

The United States and Australia were the top export destinations in 2016. Overall exports of services to the United States grew from $14.4 billion in 2007 to $23.4 billion in 2016 while exports to Australia rose from $4.7 billion to $16.5 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 61.4 per cent of overall services imports in 2017.
 

 
 
 
Imports of Services by Trading Partner

The United States was the largest source for services imports with payments growing from $20.5 billion in 2007 to $43.7 billion in 2016. Services payment to the Netherlands increased from $2.8 billion in 2007 to $11.1 billion in 2016.