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 Singapore, the TPP negotiating partners include Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, 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.
U.S.-Singapore Trade Facts
U.S. goods and private services trade with Singapore totaled $68 billion in 2012 (latest data available). Exports totaled $43 billion; Imports totaled $25 billion. The U.S. goods and services trade surplus with Singapore was $18 billion in 2012.
Singapore is currently our 17th largest goods trading partner with $49 billion in total (two ways) goods trade during 2013. Goods exports totaled $31 billion; Goods imports totaled $18 billion. The U.S. goods trade surplus with Singapore was $13 billion in 2013.
Trade in private services with Singapore (exports and imports) totaled $17 billion in 2012 (latest data available). Services exports were $12 billion; Services imports were $5 billion. The U.S. services trade surplus with Singapore was $7 billion in 2012.
Singapore was the United States‘ 13th largest export market in 2013.
U.S. goods exports to Singapore in 2013 were $30.7 billion, up 0.7% ($199 million) from 2012, and up 86% from 2003 (pre-FTA). U.S. exports to Singapore accounted for 1.9% of overall U.S. exports in 2013.
The top export categories (2-digit HS) in 2013 were: Machinery ($5.2 billion), Mineral Fuel (oil) ($4.9 billion), Electrical Machinery ($4.5 billion), Aircraft ($3.8 billion), and Optic and Medical Instruments ($2.7 billion).
U.S. exports of agricultural products to Singapore totaled $753 million in 2013. Leading categories include: dairy products ($91 million), prepared foods ($87 million), fresh fruit ($60 million), and pork and pork products ($45 million).
U.S. exports of private commercial services* (i.e., excluding military and government) to Singapore were an estimated $12.2 billion in 2012 (latest data available), up 16.6% ($1.7 billion) from 2011, and 123% greater than 2002 level. It was up 108% from 2003 (Pre-FTA). The other private services (business, professional and technical services) and the royalties and license fees (led by industrial processes) categories accounted for most of U.S. services exports to Singapore.
Singapore was the United States’ 26th largest import market in 2013.
U.S. goods imports from Singapore totaled $17.8 billion in 2013, a 11.9% decrease ($2.4 billion) from 2012, but up 18% from 2003 (pre-FTA).
The five largest import categories in 2013 were: Organic Chemicals ($3.6 billion), Machinery ($3.4 billion), Electrical Machinery ($2.7 billion), Special Other (returns) ($2.7 billion), and Optic and Medical Instruments ($2.1 billion).
U.S. imports of agricultural products from Singapore totaled $105 million in 2013. Leading categories include: snack foods (including chocolate) ($25 million), and cocoa paste and cocoa butter ($21 million).
U.S. imports of private commercial services* (i.e., excluding military and government) were an estimated $4.9 billion in 2012 (latest data available), up 6.0% ($280 million) from 2011 and up 149% from 2002. It was up 130% from 2003 (Pre-FTA). Other private services and other transportation (freight services) categories led U.S. services imports from Singapore.
The U.S. goods trade surplus with Singapore was $12.9 billion in 2013, up 25.3 % ($2.6 billion) from 2012.
The United States had a private services trade surplus of $7.3 billion with Singapore in 2012 (latest data available), up 25.0% from 2011.
U.S. foreign direct investment (FDI) in Singapore (stock) was $138.6 billion in 2012 (latest data available), a 16.9% increase from 2011.
U.S. direct investment in Singapore is primarily concentrated in the nonbank holding companies and the manufacturing sectors.
Singapore FDI in the United States (stock) was $26.2 billion in 2012 (latest data available), a 8.4% increase from 2011.
Distribution of Singapore direct investment in the U.S. is primarily in the manufacturing sector.
Sales of services in Singapore by majority U.S.-owned affiliates were $56.3 billion in 2011 (latest data available), while sales of services in the United States by majority Singapore-owned firms were $8.9 billion.
*NOTE: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. government services.5/7/14