This article examines recent trends in Singapore’s services trade, including a focus on the trends in Singapore’s services exports by types of exports and markets.

Services trade has risen in importance to Singapore’s economy 

Between 2014 and 2024, Singapore’s services trade (i.e., the sum of services exports and imports) increased at a robust pace of 9.4 per cent per annum, outpacing the growth in nominal gross domestic product (GDP) of 6.2 per cent per annum over the same period. Consequently, services trade as a share of Singapore’s nominal GDP rose from 101.8 per cent in 2014 to 136.4 per cent in 2024, reflecting its increasing importance to the economy.  

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