In the year 2022, the United States experienced a noteworthy surge in its trade relations with Singapore. There was robust growth in exports and imports, ultimately resulting in an expanded trade surplus. The year saw U.S. exports of goods and services to Singapore reach a substantial $80.5 billion. It reflects a remarkable upswing of 20% compared to the 2021 figures.
Imports from Singapore also experienced growth, tallying up to $41.8 billion, a substantial 7.5% increase. This impressive performance in trade elevated the trade surplus with Singapore to an impressive $38.7 billion.
The 2022 statistics unveil the vital role that Singapore plays in the overall trade landscape of the United States. Exports to Singapore accounted for 2.7% of the total U.S. exports. Whereas imports from Singapore constituted 1.1% of the total U.S. imports, underlining the significance of this bilateral relationship.
The export sector was driven by other business services, responsible for a substantial 29.4% of all U.S. exports to Singapore. The import sector was dominated by capital goods excluding automotive, representing a significant 24.9% of U.S. imports from Singapore.
The year 2022 also marked significant movements in direct investments between the two countries. The U.S. direct investment position in Singapore was an impressive $309.4 billion. It reflects an 8.7% increase from the previous year and the growing confidence of U.S. businesses in the Singaporean market.
Conversely, the direct investment position from Singapore into the United States, the inward flow, recorded a remarkable $36.9 billion. A substantial 23.4% increase from the prior year, underscoring Singapore’s growing interest in the U.S. economy.
Furthermore, the employment and sales figures of multinational enterprises in both countries played a significant role in the economic dynamics. In 2020, Singapore-based majority-owned affiliates of U.S. MNEs contributed to the employment of a sizable 212.70 thousand people, representing a notable 5.8% increase from 2019.
However, sales saw a slight decline, amounting to $425.2 billion, reflecting a 4.7% decrease. U.S.-based majority-owned affiliates of Singapore MNEs made substantial strides. They employed 40.20 thousand people in 2021, marking an impressive 3.3% increase from the prior year. Their sales experienced a robust uptick, reaching $20.0 billion, an impressive 9.9% growth.
In conclusion, the year 2022 witnessed a flourishing trade relationship between the United States and Singapore. Substantial growth characterizes this in trade volumes and foreign direct investments. It also reaffirms the economic synergy between these two nations. The robust figures underscore the importance of this bilateral partnership in driving economic growth and global trade.
Source: Bureau of Economic Analysis
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