What is the value of US trade with Singapore?
Updates published annually
$59.3 billion in imports and $86.4 billion in exports in 2024. That means that the US exported $27.1 billion more to Singapore than we imported from it. Benefits of trade can include higher wages and job growth, a wider variety of products available at lower prices, increased productivity, and more efficient resource allocation.
$59.3B
Value of imports from Singapore to the US (2024)
$86.4B
Value of exports from the US to Singapore (2024)
Exports are goods and services the US sells to other countries. Imports are goods and services the US buys from other countries. Combining the value of imports and exports shows us how much trade happens between the US and other countries.
The Bureau of Economic Analysis (BEA) provides data for 71 of the US' trading partners (though not necessarily the top 71 trading partners). The partners they track accounted for 94.3% of total trade with the US in 2024.
BEA data ranks Singapore as the US’ 15th top trading partner: In 2024, the US traded $145.7 billion in goods and services with Singapore. Countries with similar trade values include Vietnam ($155.2B) and Italy ($137.6B).
In 2024, the US traded $145.7 billion in goods and services with Singapore.
Total trade value (imports + exports) with the US (2024), by select countries
Another way to look at international trade is through trade balance. A nation that imports more than it exports, has a trade deficit. One that exports more than it imports has a trade surplus. Neither is inherently good or bad; trade balance is just a metric that shows the relationship between imports and exports.
The US has had a trade surplus with Singapore every year from 1999 through 2024. The 2024 surplus was $27.11 billion, a decrease from 2023's surplus of $28.45 billion.
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The trade surplus with Singapore increased to $27.1B in 2024.
Annual trade balance with Singapore, not adjusted for inflation
In 2024, 72.4% of imports from Singapore to the US were goods. The largest category was consumer goods (goods and services purchased by individuals for personal use, like clothing and cellphones), accounting for $21.3 billion. The top three imports were consumer goods, capital goods (tools used for the production process, like machinery and equipment), and other merchandise. These categories accounted for $36.1 billion of total imports.
The other 27.6% were services, with business services (like R&D, consulting, and tech services) being the largest service category. Business services accounted for $3.7 billion.
Consumer goods made up 35.9% of US imports from Singapore in 2024.
US imports from Singapore by category (2024)
In 2024, more US exports to Singapore were goods — 52%. The largest export was capital goods, which accounted for a value of $20 billion. The top three exports were capital goods, industrial supplies and materials (items used up in the production process, like oil, chemicals, and plastic), and consumer goods. These categories accounted for $38.7 billion of exports to Singapore.
The other 48% were services, with business services being the largest service category. Business services accounted for $27.4 billion.
Business services made up 31.7% of US exports to Singapore in 2024.
US exports to Singapore by category (2024)
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.
