Chinese mainland rises to become Singapore's third-largest services trade partner

SINGAPORE, May 22 (Xinhua) -- The Chinese mainland has become Singapore's third-largest services trade partner over the past decade, overtaking ASEAN (the Association of Southeast Asian Nations), Singapore's Ministry of Trade and Industry said on Thursday.

In a report on recent trends, the ministry said Singapore's services trade with the Chinese mainland grew from 21.3 billion Singapore dollars (16.61 billion U.S. dollars) in 2014 to 64.9 billion Singapore dollars in 2023.

The United States and the 27 countries in the European Union remained Singapore's top two services trade partners during the same period.

Services trade has gained rising importance in Singapore's economy over the past decade, the ministry said. From 2014 to 2024, Singapore's services trade increased at a robust pace of 9.4 percent per annum, outpacing nominal GDP growth of 6.2 percent per year. (1 Singapore dollar equals 0.78 U.S. dollars) Enditem