Services trade tops $1t in 2024

Exports rise 13.2% to $533.7b.

The total international trade in services rose 13.0% to $1,021.4b in 2024, according to data released by the Singapore Department of Statistics.

Services exports increased 13.2% to $533.7b from $471.3b in 2023, whilst imports rose 12.7% to $487.6b from $432.6b.

The European Union remained Singapore’s largest services export market, though receipts fell 1.9% to $69.3b, whilst exports to the United States rose 24.3% to $63.5b.

Exports to Japan rose 10.7% to $48.3b, Australia increased 3.2% to $40.8b, and ASEAN grew 8.3% to $37.8b.

On the import side, the United States remained Singapore’s largest services import partner, with payments rising 13.7% to $121.6b, the department said.

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