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 $51 billion in 2009 (latest data available for goods and services trade combined). Exports totaled $32 billion; Imports totaled $20 billion. The U.S. goods and services trade surplus with Singapore was $12 billion in 2009.

Singapore is currently our 13th largest goods trading partner with $46.6 billion in total (two ways) goods trade during 2010. Goods exports totaled $29.1 billion; Goods imports totaled $17.5 billion. The U.S. goods trade surplus with Singapore was $11.7 billion in 2010.

Trade in services with Singapore (exports and imports) totaled $13.1 billion in 2009 (latest data available for services trade). Services exports were $9.3 billion; Services imports were $3.8 billion. The U.S. services trade surplus with Singapore was $5.5 billion in 2009.

Exports

Singapore was the United States' 10th largest export market in 2010.

U.S. goods exports to Singapore in 2010 were $29.1 billion, up 31.1% ($6.9 billion) from 2009, and up 124% from 1994 (the year prior to Uruguay Round). U.S. exports to Singapore are up 76% from 2003 (Pre-FTA). U.S. exports to Singapore accounted for 2.3% of overall U.S. exports in 2010.

The top export categories (2-digit HS) in 2010 were: Machinery ($5.6 billion), Electrical Machinery ($5.5 billion), Aircraft ($3.8 billion), Mineral Fuel (oil) ($3.5 billion), and Optic and Medical Instruments ($2.1 billion),

U.S. exports of agricultural products to Singapore totaled $498 million in 2010. Leading categories include: dairy products ($44 million), poultry meat ($43 million), processed fruit and vegetables ($43 million), and fresh fruit ($42 million).

U.S. exports of private commercial services* (i.e., excluding military and government) to Singapore were $9.3 billion in 2009 (latest data available), the same as in 2008, and 252% greater than 1994 levels. The other private services (business, professional and technical services) and the royalties and license fees categories accounted for most of U.S. exports in 2009.

Imports

Singapore was the United States' 23rd largest import market in 2010.

U.S. goods imports from Singapore totaled $17.5 billion in 2010, a 11.3% increase ($1.8 billion) from 2009, and up 13.8% over the last 16 years. U.S. imports from Singapore are up 16% from 2003 (Pre-FTA).

The five largest import categories in 2010 were: Machinery ($5.3 billion), Electrical Machinery ($2.8 billion), Organic Chemicals ($2.7 billion), Pharmaceutical Products ($1.8 billion), and Special Other (returns) ($1.6 billion).

U.S. imports of agricultural products from Singapore totaled $117 million in 2010. Leading categories include: cocoa paste and cocoa butter ($55 million), and snack foods (including chocolate) ($21 million).

U.S. imports of private commercial services* (i.e., excluding military and government) were $3.8 billion in 2009 (latest data available), down 3.6% ($145 million) from 2008, but up 229% from 1994 level. Other private services (business, professional, and technical services and financial 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 $11.7 billion in 2010, up 78.8% ($5.1 billion) from 2009.

The United States had a services trade surplus of $5.5 billion with Singapore in 2009 (latest data available), up 3% from 2008.

Investment

U.S. foreign direct investment (FDI) in Singapore (stock) was $76.9 billion in 2009 (latest data available), a 10.7% decrease from 2008.

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 $22.9 billion in 2009 (latest data available), a 0.8% decrease from 2008.

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

Sales of services in Singapore by majority U.S.-owned affiliates were $32.7 billion in 2008 (latest data available), while sales of services in the United States by majority Singapore-owned firms were $2.0 billion.

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