Singapore 2010 international trade in services posts positive growth

Singapore's international trade in services recorded positive growth in 2010 as both services exports and imports rose in tandem with the economy's recovery from the recession of 2009. According to a report released by the Statistics Department, Ministry of Trade and Industry today, the total exports of services increased to S$136.4 billion, up 16.9 per cent on an annual basis in 2010 following a decline of 6.4 per cent in the previous year. It said overall services imports expanded by 10.7 per cent to reach S$134.3 billion after decreasing by 5.5 per cent in 2009. Transport, travel and charges for the use of intellectual property contributed to the bulk of the increase in total services trade in 2010. Overall services exports increased on the back of rising receipts from travel, charges for the use of intellectual property, transport and telecommunications, computer & information services. For services imports, payments for insurance recorded the largest increase followed closely by imports of telecommunications, computer & information services. Singapore's major trading partners in 2010 were the European Union, the United States, Asean, China, Japan and Australia, and they accounted for 65.2 per cent of total services exports and 70.6 per cent of imports.