Overview

Singapore was the United States' 13th largest export market and 17th largest trading partner in 2013. The U.S. goods trade surplus with Singapore jumped 24.7% to nearly $12.9 billion, the highest level ever recorded with Singapore. Exports to Singapore reached $30.7 billion and imports from Singapore were $17.8 billion. The Singapore economy grew by 4.1% in 2013 and the Singapore Government forecasted GDP will expand by 2.0% to 4.0% in 2014. During the first 10 years of the U.S. Singapore Free Trade Agreement, which came into effect on January 1, 2004, two-way trade has increased 53% and U.S. exports by nearly 85.4%. The United States is Singapore's 3rd largest supplier of imported goods in 2013. China overtook Malaysia as Singapore's top source of imports and the other major suppliers were Taiwan, South Korea, Japan, Indonesia, United Emirates, Saudi Arabia and Germany. Singapore is a participant in the Trans-Pacific Partnership (TPP) negotiations, through which the United States and 11 other Asia-Pacific partners are seeking to establish a comprehensive, next-generation regional agreement to liberalize trade and investment.

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9781502324917

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