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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 2018, Singapore GDP was an estimated $361.1 billion (current market exchange rates); real GDP was up by an estimated 3.2%; and the population was 6 million. (Source: IMF)
U.S. goods and services trade with Singapore totaled an estimated $90.0 billion in 2018. Exports were $54.1 billion; imports were $35.9 billion. The U.S. goods and services trade surplus with Singapore was $18.2 billion in 2018.
Singapore is currently our 16th largest goods trading partner with $60.4 billion in total (two way) goods trade during 2018. Goods exports totaled $33.1 billion; goods imports totaled $27.3 billion. The U.S. goods trade surplus with Singapore was $5.9 billion in 2018.
Trade in services with Singapore (exports and imports) totaled an estimated $29.6 billion in 2018. Services exports were $21.0 billion; services imports were $8.6 billion. The U.S. services trade surplus with Singapore was $12.4 billion in 2018.
According to the Department of Commerce, U.S. exports of Goods and Services to Singapore supported an estimated 213 thousand jobs in 2015 (latest data available) (121 thousand supported by goods exports and 92 thousand supported by services exports).
- Singapore was the United States' 12th largest goods export market in 2018.
- U.S. goods exports to Singapore in 2018 were $33.1 billion, up 11.2% ($3.3 billion) from 2017 and up 19.0% from 2008. U.S. exports to Singapore are up 100% from 2003 (pre-FTA). U.S. exports to Singapore account for 2.0% of overall U.S. exports in 2018.
- The top export categories (2-digit HS) in 2018 were: machinery ($5.8 billion), aircraft ($5.8 billion), mineral fuels ($4.4 billion), electrical machinery ($4.2 billion), and optical and medical instruments ($3.1 billion).
- U.S. total exports of agricultural products to Singapore totaled $851 million in 2018. Leading domestic export categories include: animal fats ($111 million), dairy products ($71 million), prepared food ($62 million), fresh fruit ($46 million), and vegetable oils (ex. soybean) ($41 million).
- U.S. exports of services to Singapore were an estimated $21.0 billion in 2018, 16.3% ($2.9 billion) more than 2017, and 201% greater than 2008 levels. It was up roughly 246% 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.
- Singapore was the United States' 18th largest supplier of goods imports in 2018.
- U.S. goods imports from Singapore totaled $27.3 billion in 2018, up 40.7% ($7.9 billion) from 2017, and up 71.6% from 2008. U.S. imports from Singapore are up 80.1% from 2003 (pre-FTA). U.S. imports from Singapore account for 1.1% of overall U.S. imports in 2018.
- The top import categories (2-digit HS) in 2018 were: pharmaceuticals ($5.5 billion), machinery ($4.5 billion), special other (returns) ($3.4 billion), organic chemicals ($2.9 billion), and optical and medical instruments ($2.8 billion).
- U.S. total imports of agricultural products from Singapore totaled $2.7 billion in 2018, our 14th largest supplier of agricultural imports. Leading categories include: tropical oils ($33 million), other vegetable oils ($15 million), snack foods ($4 million), essential oils ($4 million), and cocoa paste & cocoa butter ($2 million).
- U.S. imports of services from Singapore were an estimated $8.6 billion in 2018, 9.4% ($742 million) more than 2017, and 112% greater than 2008 levels. It was up roughly 318% from 2003 (pre-FTA). Leading services imports from Singapore to the U.S. were in the professional and management services, research and development, and transport sectors.
- The U.S. goods trade surplus with Singapore was $5.9 billion in 2018, a 43.6% decrease ($4.6 billion) over 2017.
- The United States has a services trade surplus of an estimated $12 billion with Singapore in 2018, up 21.7% from 2017.
- U.S. foreign direct investment (FDI) in Singapore (stock) was $274.3 billion in 2017 (latest data available), a 7.4% increase from 2016. U.S. direct investment in Singapore is led by nonbank holding companies, wholesale trade, and manufacturing.
- Singapore's FDI in the United States (stock) was $22.4 billion in 2017 (latest data available), down 5.2% from 2016. There is no information on the distribution of FDI in the U.S.
- Sales of services in Singapore by majority U.S.-owned affiliates were $77.8 billion in 2016 (latest data available), while sales of services in the United States by majority Singapore-owned firms were $6.5 billion.