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 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 17th largest goods trading partner, with $50.8 billion in total (two ways) goods trade during 2012. Goods exports totaled $30.6 billion; goods imports totaled $20.2 billion. The U.S. goods trade surplus with Singapore was $10.3 billion in 2012.
Trade in services with Singapore (exports and imports) totaled $14.9 billion in 2011 (preliminary data). Services exports were $10.5 billion; services imports were $4.4 billion. The U.S. services trade surplus with Singapore was $6.0 billion in 2011.
Singapore was the United States‘ 13th largest export market in 2012.
U.S. goods exports to Singapore in 2012 were $30.6 billion, down 2.2% ($662 million) from 2011, and up 71% from 2000. U.S. exports to Singapore are up 89% from 2003 (pre-FTA). U.S. exports to Singapore accounted for 2.0% of overall U.S. exports in 2012.
The top export categories (2-digit HS) in 2012 were: Machinery ($5.5 billion), Electrical Machinery ($4.6 billion), Mineral Fuel (oil) ($4.4 billion), Aircraft ($3.9 billion), and Optic and Medical Instruments ($2.4 billion).
U.S. exports of agricultural products to Singapore totaled $693 million in 2012. Leading categories include: dairy products ($87 million), vegetables (frozen, prepared and fresh) ($59 million), and fresh fruit ($46 million).
U.S. exports of private commercial services (i.e., excluding military and government) to Singapore were $10.5 billion in 2011, up 4.6% ($462 million) from 2010, and 73% greater than 2000 level. It was up 77% 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.
Singapore was the United States’ 24th largest import market in 2012.
U.S. goods imports from Singapore totaled $20.2 billion in 2012, a 5.8% increase ($1.1 billion) from 2011, and up 5.8% from 2000. U.S. imports from Singapore are up 33.6% from 2003 (pre-FTA).
The five largest import categories in 2012 were: Organic Chemicals ($5.0 billion), Machinery ($4.9 billion), Electrical Machinery ($2.8 billion), Special Other (returns) ($2.5 billion), and Optic and Medical Instruments ($2.0 billion).
U.S. imports of agricultural products from Singapore totaled $70 million in 2012. Leading categories include: fatty acids ($34 million) and fish and fish products ($30 million).
U.S. imports of private commercial services (i.e., excluding military and government) were $4.4 billion in 2011, up 22.5% ($815 million) from 2010 and up 92% from 2000. It was up 108% 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.
The U.S. goods trade surplus with Singapore was $10.3 billion in 2012, down 14.9% ($1.8 billion) from 2011.
The United States had a services trade surplus of $6.0 billion with Singapore in 2011, down 5.5% from 2010.
U.S. foreign direct investment (FDI) in Singapore (stock) was $116.6 billion in 2011, a 11.8% increase from 2010. U.S. direct investment in Singapore is primarily concentrated in the nonbank holding companies and manufacturing sectors.
Singapore FDI in the United States (stock) was $23.5 billion in 2011, a 12.3% increase from 2010. 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 $40.1 billion in 2010 (latest data available), while sales of services in the United States by majority Singapore-owned firms were $4.6 billion.