The United States and Singapore have a close and cooperative trade relationship, which is underpinned by The United States-Singapore Free Trade Agreement (FTA) that entered in force on January 1, 2004. The agreement has functioned generally smoothly, with trade and investment growing significantly in both directions. The latest information regarding significant trade barriers can be found in the 2021 National Trade Estimate Report, see here.
Singapore Trade & Investment Summary
U.S. goods and services trade with Singapore totaled an estimated $122.7 billion in 2022. Exports were $80.5 billion; imports were $42.2 billion. The U.S. goods and services trade surplus with Singapore was $38.3 billion in 2022.
U.S. goods exports to Singapore in 2022 were $46.2 billion, up 30.5 percent ($10.8 billion) from 2021 and up 51 percent from 2012. U.S. goods imports from Singapore totaled $31.6 billion in 2022, up 6.7 percent ($2.0 billion) from 2021, and up 56 percent from 2012. U.S. exports to Singapore account for 2.2 percent of overall U.S. exports in 2022. The U.S. goods trade surplus with Singapore was $14.6 billion in 2022, a 152.3 percent increase ($8.8 billion) over 2021.
U.S. exports of services to Singapore were an estimated $34.3 billion in 2022, 7.7 percent ($2.5 billion) more than 2021, and 150 percent greater than 2012 levels. U.S. imports of services from Singapore were an estimated $10.6 billion in 2022, 11.3 percent ($1.1 billion) more than 2021, and 66 percent greater than 2012 levels. Leading services exports from the U.S. to Singapore were in the research and development services, professional and management services, and intellectual property sectors. The United States had a services trade surplus of an estimated $23.7 billion with Singapore in 2022, up 6.1 percent from 2021.
U.S. foreign direct investment (FDI) in Singapore (stock) was $309.4 billion in 2022, a 8.7 percent increase from 2021. U.S. direct investment in Singapore is led by nonbank holding companies, manufacturing, and wholesale trade.
Singapore's FDI in the United States (stock) was $36.9 billion in 2022, up 23.4 percent from 2021. Singapore's direct investment in the U.S. is led by manufacturing, real estate, and wholesale trade.