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EU-Singapore trade in goods and services

Figure 1 – EU-Singapore trade in goods and services, 2005-2017

EU-Singapore trade in goods and services, 2005-2017

In 2017, Singapore was the EU’s 14th largest trading partner in goods, with a 1.4 % share in EU trade. The EU ranked as Singapore’s third largest trading partner in goods, after China and Malaysia, representing 10.4 % of Singapore’s global trade in goods. EU exports to Singapore amounted to €33.2 billion and imports to €20.1 billion in 2017. For trade in goods, the surplus for the EU increased significantly from €292 million in 2006 to approximately €13 billion in 2017.
In 2016, the EU exported €22.4 billion worth of services to Singapore, while imports of services from Singapore totalled €22 billion. The average annual growth rates for the period between 2013 and 2016 for trade in services with Singapore (imports 15.2 % and exports 6.9 %) are considerably higher than those for trade in goods (3.7 % and 2.7 % respectively). In 2016, the EU remained Singapore’s largest services export destination, and the second largest source of services imports behind the USA. The EU was a major trading partner in service categories such as transport services and financial and insurance services.
In 2016, Singapore held €99.3 billion inward FDI stocks in the EU (+62.9 % compared to 2015), for instance in the financial and insurance services sector, constituting approximately 2.7 % of total extra-EU inward stocks. In the same year, it accounted for €168.5 billion outward FDI stocks from the EU (-2.2 % compared to 2015), a share worth 1.3 % of total EU FDI stocks held abroad. In 2016, the EU remained the leading source of FDI in Singapore.

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