Singapore

Singapore and the United States are partners in the ongoing Trans-Pacific Partnership (TPP) negotiations. In this negotiation, the United States is seeking to develop a high-standard, 21st-century regional trade agreement that will support the creation and retention of jobs in the United States and promote economic growth. In addition to the United States and Australia, the TPP negotiating partners include Brunei Darussalem, Chile, Malaysia, New Zealand, Peru, and Vietnam. Starting with a group of like-minded countries, the goal is to expand the agreement to include countries across the Asia Pacific, which together represent more than half of global output and over 40 percent of world trade.

For further information about TPP, click here.

U.S.-Singapore Free Trade Agreement

The U.S.-Singapore Free Trade Agreement (FTA) was the first comprehensive U.S. FTA with an Asian country. The United States-Singapore FTA entered into force on January 1, 2004. Since then, the U.S. and Singaporean governments have met annually to review the results of the agreement and address implementation issues.

The United States and Singapore held the sixth annual FTA review in October 2010 to assess implementation of the agreement. The two governments agreed that implementation remains on track and discussed ways to deepen the bilateral relationship. During the review, the two sides discussed a range of issues covered by the FTA, including trade in textiles and apparel, restrictions on imports of U.S. beef, registration criteria for private education services providers, protection of intellectual property rights, and new requirements for pay TV companies to cross-carry content from competing providers.

The FTA review also provided an opportunity to discuss labor issues and areas of ongoing labor cooperation. During the year, labor officials from both governments met to develop cooperative efforts in areas. These include studying the United States’ system for mediating collective bargaining disputes and improving labor-management relations, as well as promoting work-life balance and flexible work arrangements. The two sides agreed to pursue further labor cooperation in these areas.

U.S.-Singapore Trade Facts

U.S. goods and services trade with Singapore totaled $65 billion in 2011. Exports totaled $42 billion; Imports totaled $24 billion. The U.S. goods and services trade surplus with Singapore was $18 billion in 2011.

Singapore is currently our 15th largest goods trading partner with $50.5 billion in total (two ways) goods trade during 2011. Goods exports totaled $31.4 billion; Goods imports totaled $19.1 billion. The U.S. goods trade surplus with Singapore was $12.3 billion in 2011.

Trade in services with Singapore (exports and imports) totaled $15 billion in 2011 (preliminary data). Services exports were $10 billion; Services imports were $4 billion. The U.S. services trade surplus with Singapore was $6 billion in 2011.

Exports

Singapore was the United States' 11th largest export market in 2011.

U.S. goods exports to Singapore in 2011 were $31.4 billion, up 8.2% ($2.4 billion) from 2010, and up 76% from 2000. U.S. exports to Singapore are up 90% from 2003 (pre-FTA). U.S. exports to Singapore accounted for 2.1% of overall U.S. exports in 2011.

The top export categories (2-digit HS) in 2011 were: Machinery ($5.9 billion), Electrical Machinery ($5.1 billion), Mineral Fuel (oil) ($4.5 billion), Aircraft ($3.9 billion), and Optic and Medical Instruments ($2.3 billion).

U.S. exports of agricultural products to Singapore totaled $618 million in 2011. Leading categories include: dairy products ($78 million), poultry meat ($61 million), processed fruit and vegetables ($51 million), and fresh fruit ($49 million).

U.S. exports of private commercial services* (i.e., excluding military and government) to Singapore were $10.3 billion in 2011 (preliminary data), up 6% ($585 million) from 2010, and 71% greater than 2000 level. It was up 75% from 2003 (Pre-FTA). The other private services (business, professional and technical services) and the royalties and license fees categories accounted for most of U.S. services exports to Singapore.

Imports

Singapore was the United States' 25th largest import market in 2011.

U.S. goods imports from Singapore totaled $19.1 billion in 2011, a 9.7% increase ($1.7 billion) from 2010, but down 0.4% from 2000. U.S. imports from Singapore are up 26% from 2003 (Pre-FTA).

The five largest import categories in 2011 were: Machinery ($5.2 billion), Organic Chemicals ($4.5 billion), Electrical Machinery ($2.9 billion), Special Other (returns) ($1.8 billion), and Optic and Medical Instruments ($1.7 billion).

U.S. imports of agricultural products from Singapore totaled $118 million in 2011. Leading categories include: cocoa paste and cocoa butter ($51 million), and snack foods (including chocolate) ($24 million).

U.S. imports of private commercial services* (i.e., excluding military and government) were $4.4 billion in 2011 (preliminary data), up 17% ($646 million) from 2010 and up 91% from 2000. It was up 107% from 2003 (Pre-FTA). Other private services (business, professional, and technical services) and other transportation (freight services) categories led U.S. services imports from Singapore.

Trade Balance

The U.S. goods trade surplus with Singapore was $12.3 billion in 2011, up 6.0% ($692 million) from 2010.

The United States had a services trade surplus of $5.9 billion with Singapore in 2011 (preliminary data).

Historical Trade Data  Note:  FTA entered into force January 1, 2004.

U.S. Goods Trade with Singapore (in billions of dollars)

U.S. Services Trade with Singapore (in billions of dollars), 1994, 2000, 2005-2011

Investment

U.S. foreign direct investment (FDI) in Singapore (stock) was $106.0 billion in 2010 (latest data available), a 19.2% increase from 2009.

U.S. direct investment in Singapore is primarily concentrated in nonbank holding companies and the manufacturing sectors.

Singapore FDI in the United States (stock) was $21.8 billion in 2010 (latest data available), a 5.7% increase from 2009.

Distribution of Singapore direct investment in the U.S. is not available.

Sales of services in Singapore by majority U.S.-owned affiliates were $34.4 billion in 2009 (latest data available), while sales of services in the United States by majority Singapore-owned firms were not available ($2.7 billion in 2007).

*NOTE: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. government services.