The Services exports of Singapore attained a value of USD 248,062.75 million in 2023
The indicator recorded a historical growth (CAGR) of 5.81% between 2020 to 2023, and is expected to grow by...
GlobalData projects the figure to grow at a CAGR of ...
Service Exports
The term "export" in international trade refers to "selling of services from home country to foreign markets." It refers to the monetary value of immaterial goods that can be produced, transferred, and consumed at the same time. Exports of services are a significant new emerging trend in world trade. The provision of services is essential to both preserving and promoting the export of products.
Global Scenario of Service Exports
As the value of global trade increased through each quarter of 2021, growth remained robust. Growth in trade extended beyond just products. In 2021, trade in services also increased significantly, eventually reaching pre-pandemic levels in Q4 2021. Global trade overall increased by nearly 25% compared to 2020 and by around 13% compared to the pre-pandemic level of 2019 to reach a record high of about $28.5 trillion in 2021. The improvement in global trade in 2021 was mostly driven by rising commodity prices, easing pandemic restrictions, and a robust recovery in demand as a result of economic stimulus measures.
External trade (USD): Services Exports of Singapore
Services exports of Singapore attained a value of $197,666.22 million in 2021. It recorded a 14.5% growth in 2021 compared to the previous year. Between 2018-2021, the service exports of Singapore declined by 2.3%. The services account surplus increased during COVID-19 from $12 billion in 2019 to $21 billion in 2020 as the 16.1% fall in services imports outpaced the 12.7% decline in services exports.
Along with transportation services, which switched from net payments in 2019 to net receipts in 2020, the decline in net payments of travel services was the primary factor in driving up the services account surplus. Maintenance and repair service exports decreased by 27.5%, a greater reduction than the 17.0% decline in imports, while construction service exports and imports declined by 35.9% and 36.3%, respectively.
Global Trade Forecast in 2022
Slower than anticipated economic expansion:
Forecasts for economic growth in 2022 have been reduced. For instance, the International Monetary Fund reduced its estimate of global economic growth for 2022 by 0.5 points (from 4.9 to 4.4) due to ongoing inflation in the United States and worries about China's real estate market. With less trade growth than anticipated, it is likely that global trade trends will reflect these macroeconomic developments.
Agreements on trade and regionalization trends:
The Regional Comprehensive Economic Partnership (RCEP) went into effect on January 1, 2022. Many of the economies in East Asia and the Pacific may now trade more easily due to this trade agreement, which is also expected to enhance commerce amongst members significantly by diverting trade from non-member nations.
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