Trade News
The United States-Singapore Free Trade Agreement (FTA) was the first comprehensive U.S. FTA with an Asian nation. The FTA was signed on May 6, 2003. Since the FTA entered into force on January 1, 2004 exports from the United States to Singapore have increased 49 percent (through 2006) and two-way trade has increased 34 percent, reaching $42.5 billion in 2006.
Implementation of the FTA remained on track in 2006. In March 2006, U.S. and Singapore officials met in Washington, D.C. for the second annual FTA review. The third annual review will be held in Singapore in May.
Singapore is the United States’ 15th largest trading partner and ninth largest export market.
Trade Data
The U.S. goods trade surplus with Singapore was $6.9 billion in 2006, an increase of $1.4 billion from $5.5 billion in 2005. U.S. goods exports in 2006 were $24.7 billion, up 19.6 percent from the previous year. Corresponding U.S. imports from Singapore were $17.8 billion, up 17.7 percent.
U.S. exports of private commercial services (i.e., excluding military and government) to Singapore were $5.8 billion in 2005 (latest data available), and U.S. imports were $3.7 billion. Sales of services in Singapore by majority U.S.-owned affiliates were $6.2 billion in 2004 (latest data available), while sales of services in the United States by majority Singapore-owned firms were $1.6 billion.
Singapore is the second largest recipient of U.S. FDI in Asia after Japan and the 14th largest recipient worldwide. U.S. FDI in Singapore is concentrated largely in the manufacturing, wholesale trade, information, and professional scientific, and technical services sectors.
