EU emerges as Singapore's largest destination for service exports last year

(MENAFN) In 2023, the European Union became Singapore's largest destination for service exports, with receipts rising by 21.6 percent to reach 72.4 billion Singapore dollars, or about 53.6 billion U.S. dollars. This growth was driven by key sectors such as business management, financial services, and transport services, which helped solidify the EU's position as Singapore's top trading partner for services.

Meanwhile, the United States became Singapore's largest source of service imports, with payments totaling 105.1 billion Singapore dollars, marking a 13.3 percent rise from the previous year. The major sectors driving this increase were business management, telecommunications, computer and information services, and transport services.

However, Singapore’s service exports to the U.S., which had been its largest destination in 2022, saw a decline of 19 percent in 2023. This drop indicates a shift in Singapore's export patterns, with the EU taking the lead. Despite the decrease in U.S. exports, the increase in EU exports helped maintain Singapore's overall positive performance in the service trade sector.

The report also pointed out that the digital revolution has played a significant role in shaping global trade, particularly in digitally deliverable services. This has opened new opportunities for businesses and individuals, allowing them to reach global markets more easily and improve their competitiveness.

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