Chinese mainland, Hong Kong rank among Singapore's top services import partners in 2024

SINGAPORE, Feb. 26 (Xinhua) -- The Chinese mainland and Hong Kong were Singapore's third- and fourth-largest partners for services imports in 2024, respectively, the Singapore Department of Statistics said on Thursday.

Singapore's payments for services imports from the Chinese mainland totaled 38 billion Singapore dollars (about 30 billion U.S. dollars) in 2024, up 8.2 percent from 2023. The main categories were business management, telecommunications, computer and information, and transport services.

Payments for services imports from Hong Kong rose 17.5 percent year-on-year to 23.5 billion Singapore dollars (about 18.6 billion dollars). Key segments included business management, financial, and transport services.

The United States and the European Union ranked as Singapore's top two services import partners in 2024.

On the export side, Singapore's leading services markets were the European Union, the United States, Japan, Australia and ASEAN.

Singapore's overall services trade, defined as the sum of exports and imports, reached 1,021.4 billion Singapore dollars (about 808.3 billion dollars) in 2024, an increase of 13 percent from the previous year.