The United States-Singapore Free Trade Agreement (FTA) has served as the basis of our bilateral trade relationship since the agreement entered in force on January 1, 2004. The agreement has functioned generally smoothly, with trade and investment growing significantly in both directions.
In 2019, Singapore GDP was an estimated $362.8 billion (current market exchange rates); real GDP was up by an estimated 0.7%; and the population was 6 million. (Source: IMF)
U.S. goods and services trade with Singapore totaled an estimated $91.6 billion in 2019. Exports were $54.9 billion; imports were $36.6 billion. The U.S. goods and services trade surplus with Singapore was $18.3 billion in 2019.
Singapore is currently our 17th largest goods trading partner with $57.6 billion in total (two way) goods trade during 2019. Goods exports totaled $31.2 billion; goods imports totaled $26.4 billion. The U.S. goods trade surplus with Singapore was $4.8 billion in 2019.
Trade in services with Singapore (exports and imports) totaled an estimated $33.9 billion in 2019. Services exports were $23.7 billion; services imports were $10.2 billion. The U.S. services trade surplus with Singapore was $13.4 billion in 2019.
Exports
- Singapore was the United States' 14th largest goods export market in 2019.
- U.S. goods exports to Singapore in 2019 were $31.2 billion, down 5.1% ($1.7 billion) from 2018 but up 40.4% from 2009. U.S. exports to Singapore are up 88.5% from 2003 (pre-FTA). U.S. exports to Singapore account for 2% of overall U.S. exports in 2019.
- The top export categories (2-digit HS) in 2019 were: aircraft ($6.1 billion), machinery ($5.3 billion), electrical machinery ($4.1 billion), optical and medical instruments ($3.1 billion), and mineral fuels ($2.9 billion).
- U.S. total exports of agricultural products to Singapore totaled $991 million in 2019. Leading domestic export categories include: animal fats ($186 million), dairy products ($80 million), prepared food ($80 million), vegetable oils (ex. soybean) ($73 million), and processed vegetables ($41 million).
- U.S. exports of services to Singapore were an estimated $23.7 billion in 2019, 4.3% ($970 million) more than 2018, and 224% greater than 2009 levels. It was up roughly 290% from 2003 (pre-FTA). Leading services exports from the U.S. to Singapore were in the research and development services, professional and management services, and intellectual property (industrial processes) sectors.
Imports
- Singapore was the United States' 19th largest supplier of goods imports in 2019.
- U.S. goods imports from Singapore totaled $26.4 billion in 2019, down 0.5% ($126 million) from 2018, but up 68.1% from 2009. U.S. imports from Singapore are up 74.4% from 2003 (pre-FTA). U.S. imports from Singapore account for 1.1% of overall U.S. imports in 2019.
- The top import categories (2-digit HS) in 2019 were: machinery ($4.1 billion), pharmaceuticals ($3.8 billion), special other (returns) ($3.7 billion), optical and medical instruments ($3.6 billion), and miscellaneous food (extract of coffee) ($3.0 billion).
- U.S. total imports of agricultural products from Singapore totaled $3.1 billion in 2019, our 9th largest supplier of agricultural imports. Leading categories include: tropical oils ($36 million), other vegetable oils ($16 million), essential oils ($5 million), snack foods ($4 million), and feeds & fodders ($4 million).
- U.S. imports of services from Singapore were an estimated $10.2 billion in 2019, 3.5% ($343 million) more than 2018, and 152% greater than 2009 levels. It was up roughly 396% from 2003 (pre-FTA). Leading services imports from Singapore to the U.S. were in the research and development, professional and management services, and financial services sectors.
Trade Balance
- The U.S. goods trade surplus with Singapore was $4.8 billion in 2019, a 24.2% decrease ($1.5 billion) over 2018.
- The United States had a services trade surplus of an estimated $13 billion with Singapore in 2019, up 4.9% from 2018.
Investment
- U.S. foreign direct investment (FDI) in Singapore (stock) was $288.0 billion in 2019, a 13.1% increase from 2018. U.S. direct investment in Singapore is led by manufacturing, finance and insurance, and wholesale trade.
- Singapore's FDI in the United States (stock) was $21.1 billion in 2019, up 15.3% from 2018. Singapore's direct investment in the U.S. is led by manufacturing, wholesale trade, and real estate.
- Sales of services in Singapore by majority U.S.-owned affiliates were $82.6 billion in 2017 (latest data available), while sales of services in the United States by majority Singapore-owned firms were $9.7 billion
