Singapore Q3 Current Account Surplus Smallest in 3 Quarters

Singapore’s current account surplus narrowed to SGD 33.39 billion in the third quarter of 2025, down from SGD 33.89 billion in the same period of 2024. It was the smallest surplus since Q4 2024, as the goods account surplus fell to SGD 46.95 billion from SGD 48.18 billion a year earlier, amid a decline in exports, while the secondary income deficit widened to SGD 3.84 billion from SGD 3.25 billion. However, the services account surplus rose slightly to SGD 17.54 billion from SGD 17.38 billion. Meanwhile, the primary income deficit narrowed to SGD 27.27 billion from SGD 28.42 billion over the same period. Last year, the country posted a current account surplus of SGD 128.30 billion.

Singapore’s current account surplus widened to SGD 34.80 billion in the second quarter of 2025, up from SGD 32.07 billion in the same period of 2024. The increase was driven by a higher services account surplus, which rose to SGD 15.12 billion from SGD 12.35 billion in Q2 2024, mainly due to stronger performance in manufacturing services and travel. Additionally, the primary income deficit narrowed to SGD 31.16 billion from SGD 33.97 billion over the same period. However, the goods account surplus decreased slightly to SGD 53.81 billion from SGD 55.41 billion, amid a surge in imports. Meanwhile, the secondary income deficit widened to SGD 2.97 billion from SGD 1.73 billion. Last year, the country registered a current account surplus of SGD128.30 billion.

Singapore's current account surplus widened to SGD 34.61 billion in the first quarter of 2025 from SGD 33.52 billion in the same period of 2024, marking the largest current account surplus since the second quarter of 2022. The services account surplus increased to SGD 15.48 billion from SGD 14.51 billion, mainly due to higher transport and freight services. Additionally, the primary income deficit declined to SGD 23.10 billion in Q1 from SGD 24.07 billion in Q1 of 2024, and the secondary income gap decreased to SGD 2.61 billion from SGD 2.66 billion. Meanwhile, the goods account surplus narrowed to SGD 44.84 billion from SGD 45.75 billion in Q1 of 2024, amid a surge in imports. Last year, the country posted a current account surplus of SGD128.30 billion.