The US and Singapore Enjoy a Goods Trade Surplus in 2024
A Positive Development for Both Countries
The United States had a goods trade surplus of US$2.8 billion with Singapore in 2024, according to the US Trade Representative. This is a significant development for both countries, as it highlights the growing economic ties between them.
The surplus was driven by a strong performance in key industries such as aerospace, electronics, and pharmaceuticals. The US exported a significant amount of aircraft and aircraft parts to Singapore, which helped to boost the surplus. Additionally, the electronics sector also contributed to the surplus, with the US exporting a large quantity of computer chips and other electronic components to Singapore.
The pharmaceutical and biotechnology sectors also played a significant role in the surplus. The US exported a large quantity of pharmaceutical products, including vaccines and medicines, to Singapore. This is a significant development, as Singapore is a major hub for pharmaceutical manufacturing and research.
The goods trade surplus between the US and Singapore presents opportunities for future growth and expansion. Both countries have a strong commitment to free trade and are working to strengthen their economic ties. The surplus is expected to continue to grow in the coming years, driven by the strong performance of key industries such as aerospace, electronics, and pharmaceuticals.
In conclusion, the US goods trade surplus with Singapore in 2024 is a significant development that highlights the growing economic ties between the two countries. The surplus was driven by a strong performance in key industries such as aerospace, electronics, and pharmaceuticals, and presents opportunities for future growth and expansion.
