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Media & Marketing

Staff Reporter

, Singapore

Published:

3 minutes ago

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Foreign affiliates’ value added rises 5.7% to $367.8b in 2024

These firms made up over half of total enterprise VA.

Foreign affiliates in Singapore generated $367.8b in nominal value added (VA) in 2024, up 5.7% from $347.9b in 2023, according to data from the Department of Statistics.

The rise was driven by higher VA from affiliates in wholesale trade, transport and storage, and information and communications.

Foreign affiliates, or enterprises more than 50% owned by a single foreign investor, accounted for 52.9% of total enterprise value added in 2024.

They also contributed over 75% of total trade and 28.5% of total enterprise employment, the department added.

Total trade reached $1.7t in 2024. Exports grew 7.4% year-on-year to $863.2b, whilst imports increased 6.8% to $795.9b.

The number of foreign affiliates operating in Singapore increased 14.3% to 38,117 from 33,350 in 2023. Employment by these firms went up 1.2% to 1,012,589 workers in 2024.

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