Transport services boosted services exports.
Singapore's services trade moved out of the lull as it grew by 4.7% and reached a total of $463.3b in 2017.
According to International Enterprise (IE) Singapore, both services exports and imports increased by 4.2% and 5.1%, respectively.
The growth in services exports can be linked to the expansion in transport services (+6.9%), charges for the use of intellectual property (+14.7%), and insurance services (+18%).
Exports of services refer to the value of cross-border services provided by residents to non-residents, whilst imports of services refer to the value of cross-border services provided by non-residents to residents.
Do you know more about this story? Contact us anonymously through this link.