Singapore export payments drop 27% YoY in 2024: Instarem

Signs of sector recovery and rising sentiment may spur market expansion.

Singapore's export payments fell 27% YoY in 2024, which may reflect a shift toward domestic priorities, Instarem said.

Instarem noted that signs of a turnaround in several sectors and improving business sentiment could encourage businesses to explore and expand into new markets once again.

Office expenses across all sectors rose moderately, driven by retail and wholesale, business services, and real estate and leasing, reflecting SMEs' sustained investment in physical spaces such as retail, office, and warehousing infrastructure.

Despite broader economic challenges, salary spending remained flat in 2024, reflecting varied industry responses.

On the other hand, some sectors scaled back, like media and marketing (+13%) and business services (+2.69%), increased spending on external advisors to drive growth.