ECONOMIC SERVICES
Singapore’s economic links with the United States are robust and longstanding.
The United States-Singapore Free Trade Agreement, which came into force in 2004, attests to this close economic relationship.
SINGAPORE-US TRADE RELATIONS
In 2008, the U.S. was Singapore’s 3rd largest trading partner, with total trade amounting to about US$60 billion. This constituted 10.4 per cent of Singapore’s total trade. Singapore was also the U.S.’s 16th largest trading partner (its 5th largest in Asia), as well as its 12th largest export destination.
Singapore’s top imports from the U.S. were electronic valves, aircraft parts, civil engineering parts and non-electric motors. Singapore’s top exports to the U.S. included electronic valves, office data processing machines and its parts, as well as telecommunications equipment.
In 2007, Singapore’s trade with the U.S. in services reached US$10.54 billion, a 14-year high. Singapore was also the U.S.’s 8th largest services trading partner in Asia.
SINGAPORE-US INVESTMENT RELATIONS
In 2007, the U.S was Singapore's second largest foreign direct investor, and the returns generated by American investors was 28.3 per cent. As at end 2007, the stock of U.S. direct investment into Singapore amounted to about US$35.2 billion, an increase of about one-third from the year before. U.S. investments were mainly in financial/insurance services (49.4 per cent), manufacturing (22.2 per cent), and wholesale/retail trade (20.9 per cent). There are about 1,500 U.S. firms in Singapore.
Singapore’s investments in the U.S. amounted to about US$9.3 billion in 2007, making the U.S. Singapore’s 10th most popular investment destination. Singapore was also the U.S.’s 4th largest Asian foreign direct investor. Singapore's investments in the U.S. were mainly in manufacturing (53.4 per cent) and financial/insurance (30.3 per cent)
UNITED STATES-SINGAPORE FREE TRADE AGREEMENT (USSFTA)
The USSFTA came into force on 1 January 2004. Between 2004-2008, bilateral trade has increased by 20 per cent. Foreign direct investment from the U.S. has also grown by 30.7 per cent between end-2003 and end-2007. Click here for more information on the USSFTA.
(Note: Exchange rates used for monetary figures in the text are for July 2009)
[Sources: U.S Department of Commerce; U.S. Department of State; Ministry of Trade and Industry, Singapore]
SINGAPORE’S ECONOMIC AGENCIES IN THE UNITED STATES
Singapore’s economic agencies maintain representative offices in the U.S. to develop and strengthen Singapore-U.S. economic links