Singapore 2024 services trade: exports rise 13.2% to S$533.7bn
Singapore's services exports rose 13.2% to S$533.7bn (billion Singapore dollars) in 2024. Imports rose 12.7%, so the services trade surplus grew to about S$46.1bn from S$38.7bn in 2023.
A data update from FactIQ, written from Singapore Department of Statistics figures. What is FactIQ?
Key figures
- Singapore exports of services, 2024
- S$533.7bnup 13.2% from S$471.3bn in 20232016-01-012024-01-01Singapore's Balance Of Payments Services Trade By Modes Of Supply, Annual - Exports Of Services
- Singapore imports of services, 2024
- S$487.6bnup 12.7% from 20232016-01-012024-01-01Singapore's Balance Of Payments Services Trade By Modes Of Supply, Annual - Imports Of Services
- Singapore exports of services delivered remotely (cross-border supply), 2024
- S$439.7bnup 13.1% from 20232016-01-012024-01-01Singapore's Balance Of Payments Services Trade By Modes Of Supply, Annual - Cross-Border Supply
- Singapore exports of services bought in Singapore by non-residents (consumption abroad), 2024
- S$58.2bnup 30.8% from 20232016-01-012024-01-01Singapore's Balance Of Payments Services Trade By Modes Of Supply, Annual - Consumption Abroad
Services delivered remotely drove most of the export gain
SingStat, Singapore's statistics agency, publishes an annual balance-of-payments table. The balance of payments records a country's transactions with the rest of the world. This table splits services trade by mode of supply, meaning the way a service crosses the border. Figures are in Singapore dollars (S$), and bn means billion. Exports of services reached S$533.7bn in 2024, and imports reached S$487.6bn. Cross-border supply means services delivered remotely. Exports of these services rose 13.1% to S$439.7bn.- Transport rose 17.8% to S$171.7bn. It is still below its 2022 peak of S$188.0bn.
- Financial services rose 15.7% to S$60.3bn.
- Other business services rose 14.4% to S$136.5bn.
Spending by visitors grew fastest
Consumption abroad covers non-residents buying services in Singapore. Exports in this mode rose 30.8% to S$58.2bn. Travel exports were S$32.7bn, well above 2019's S$27.8bn. Travel imports rose 19.6% to S$41.2bn. As a result, the travel deficit widened to about S$8.4bn.Services supplied by staff working in person fell
Presence of natural persons covers staff who work in person across borders. Exports in this mode fell to S$35.8bn from S$38.1bn. Imports fell to S$41.8bn from S$43.6bn.Revisions now show a small fall in 2023 exports
SingStat revised earlier years. It cut 2023 exports from S$481.0bn to S$471.3bn and raised 2022 from S$468.2bn to S$472.9bn. Before the revision, 2023 showed growth of about 2.7%. It now shows a fall of 0.3%. SingStat also lowered 2023 imports from S$438.1bn to S$432.6bn. That leaves the 2023 surplus about S$4bn smaller than first published.Source: Singapore Department of Statistics. See all SINGSTAT data in FactIQ.
About FactIQ and these updates
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