Singapore's service exports to the EU surged 21.6% in 2023, overtaking the U.S. as top destination.

In 2023, the European Union became Singapore's top service export destination, with a 21.6% increase to $53.6 billion, driven by sectors like business management, financial, and transport services. The United States remained Singapore's largest service import source, with a 13.3% increase to $105.1 billion, boosted by business management, telecommunications, and transport services. The digital revolution has played a key role in this shift, enhancing the trade of digitally deliverable services and boosting global competitiveness.

3 months ago
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