The United States and Singapore have a close and cooperative trade relationship, which is underpinned by the United States-Singapore Free Trade Agreement (FTA) that entered in force on January 1, 2004. The agreement has functioned generally smoothly, with trade and investment growing significantly in both directions. The latest information regarding significant trade barriers can be found in the 2024 National Trade Estimate Report, see here.
Singapore Trade Summary
U.S. goods and services trade with Singapore totaled an estimated $146.0 billion in 2024, up 7.9 percent ($10.7 billion) from 2023.
U.S. total goods trade (exports plus imports) with Singapore was an estimated $88.2 billion in 2024. U.S. goods exports to Singapore in 2024 were $45.0 billion, up 5.5 percent ($2.3 billion) from 2023. U.S. goods imports from Singapore in 2024 totaled $43.2 billion, up 5.8 percent ($2.4 billion) from 2023. The U.S. goods trade surplus with Singapore was $1.9 billion in 2024, a 1.3 percent decrease ($24.0 million) over 2023.
U.S. total services trade (exports plus imports) with Singapore totaled an estimated $57.8 billion in 2024. U.S. services exports to Singapore in 2024 were $41.4 billion, up 5.8 percent ($2.3 billion) from 2023. U.S. services imports from Singapore in 2024 were $16.4 billion, up 29.9 percent ($3.8 billion) from 2023. The U.S. services trade surplus with Singapore was $25.1 billion in 2024, a 5.6 percent decrease ($1.5 billion) over 2023.
