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.
Economic and Trade Statistics
In 2020, Singapore GDP was an estimated $337.5 billion (current market exchange rates); real GDP was down by an estimated 6.0 percent; and the population was 6 million. (Source: IMF)
U.S. goods and services trade with Singapore totaled an estimated $93.7 billion in 2020. Exports were $51.6 billion; imports were $42.1 billion. The U.S. goods and services trade surplus with Singapore was $9.6 billion in 2020.
Singapore is currently our 17th largest goods trading partner with $57.8 billion in total (two way) goods trade during 2020. Goods exports totaled $26.9 billion; goods imports totaled $30.8 billion. The U.S. goods trade deficit with Singapore was $3.9 billion in 2020.
Trade in services with Singapore (exports and imports) totaled an estimated $35.9 billion in 2020. Services exports were $24.7 billion; services imports were $11.2 billion. The U.S. services trade surplus with Singapore was $13.5 billion in 2020.
According to the Department of Commerce, U.S. exports of goods and services to Singapore supported an estimated 235 thousand jobs in 2019 (latest data available) (115 thousand supported by goods exports and 120 thousand supported by services exports).
Exports
• Singapore was the United States' 14th largest goods export market in 2020.
• U.S. goods exports to Singapore in 2020 were $26.9 billion, down 13.7 percent ($4.3 billion) from 2019 and down 7 percent from 2010. U.S. exports to Singapore are up 62.6 percent from 2003 (pre-FTA). U.S. exports to Singapore account for 1.9 percent of overall U.S. exports in 2020.
• The top export categories (2-digit HS) in 2020 were: machinery ($5.1 billion), electrical machinery ($4.1 billion), aircraft ($3.5 billion), optical and medical instruments ($2.9 billion), and mineral fuels ($2.5 billion).
• U.S. total exports of agricultural products to Singapore totaled $1.1 billion in 2020, our 25th largest agricultural export market. Leading domestic export categories include: animal fats ($227 million), vegetable oils (excluding soybean) ($160 million), dairy products ($85 million), food preparations ($63 million), and essential oils ($47 million).
• U.S. exports of services to Singapore were an estimated $24.7 billion in 2020, 2.8 percent ($703 million) less than 2019, but 132 percent greater than 2010 levels. It was up roughly 297.5 percent 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 (licenses for the use of research and development) sectors.
Imports
• Singapore was the United States' 17th largest supplier of goods imports in 2020.
• U.S. goods imports from Singapore totaled $30.8 billion in 2020, up 16.8 percent ($4.4 billion) from 2019, and up 77 percent from 2010. U.S. imports from Singapore are up 104 percent from 2003 (pre-FTA). U.S. imports from Singapore account for 1.3 percent of overall U.S. imports in 2020.
• The top import categories (2-digit HS) in 2020 were: precious metal and stone (gold) ($5.6 billion), pharmaceuticals ($4.3 billion), machinery ($3.9 billion), optical and medical instruments ($3.6 billion), and miscellaneous food (preperations for beverage manufacture) ($3.2 billion).
• U.S. total imports of agricultural products from Singapore totaled $3.3 billion in 2020, our 9th largest supplier of agricultural imports. Leading categories include: sugars, sweeteners, beverages bases ($3.2 billion), other feeds and grain products ($22 million), vegetable oils ($14 million), baked goods, cereals, and pasta ($11 million), and essential oils ($5 million).
• U.S. imports of services from Singapore were an estimated $11.2 billion in 2020, 1.6 percent ($182 million) more than 2019, and 115 percent greater than 2010 levels. It was up roughly 371.7 percent from 2003 (pre-FTA). Leading services imports from Singapore to the U.S. were in the research and development, financial services, and professional and management services sectors.
Trade Balance
• The U.S. trade balance with Singapore shifted from a goods trade surplus of $4.8 billion in 2019 to a goods trade deficit of $3.9 billion in 2020.
• The United States has a services trade surplus of an estimated $13.5 billion with Singapore in 2020, down 6.2 percent from 2019.
Investment
• U.S. foreign direct investment (FDI) in Singapore (stock) was $270.8 billion in 2020, a 3.9 percent increase from 2019. 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 $27.3 billion in 2020, up 3.8 percent from 2019. Singapore's direct investment in the U.S. is led by manufacturing, wholesale trade, and professional, scientific, and technical services.
• Sales of services in Singapore by majority U.S.-owned affiliates were $88.1 billion in 2018 (latest data available), while sales of services in the United States by majority Singapore-owned firms were $6.8 billion.
