The EU stayed Singapore's top services export market in 2024

The gap between the two largest destinations narrowed

EU exports fell from SGD 70.7 billion to SGD 69.3 billion. US exports rose from SGD 51.1 billion to SGD 63.5 billion. Based on the rounded values, the gap between them fell from SGD 19.6 billion to SGD 5.8 billion. Source 1

Japan, Australia and ASEAN rounded out the top five

Japan received SGD 48.3 billion, Australia SGD 40.8 billion and ASEAN SGD 37.8 billion. The five destination groups together accounted for about 49% of Singapore's total reported services exports. Source 1 Source 2

Transport accounted for a larger share of U.S. receipts

Singapore exported SGD 27.5 billion in transport services to the United States and SGD 9.4 billion to Japan in 2024. Those figures amount to about 43% and 19% of the two destination totals, respectively. Telecommunications, computer and information services brought in about SGD 6.5 billion from the United States and SGD 5.8 billion from Japan. Source 1 Source 3

The US was larger as a source of services than as a destination

SingStat records SGD 121.6 billion of services imports from the United States in 2024 and SGD 63.5 billion of exports to it. That implies a bilateral services deficit of about SGD 58.0 billion from the unrounded figures. Goods trade is recorded separately. Source 1 Source 4

Sources

• SingStat exports of services by major trading partner, annual
• SingStat trade in services overview and national totals
• SingStat exports of services by trading partner and service category
• SingStat imports of services by major trading partner, annual