FX.co ★ Singapore Current Account Surplus Widens in Q2

In the second quarter of 2025, Singapore's current account surplus expanded to SGD 34.80 billion, up from SGD 32.07 billion during the same quarter in 2024. This improvement is largely attributed to a rise in the services account surplus, which grew to SGD 15.12 billion from SGD 12.35 billion in the second quarter of 2024. The growth was primarily fueled by enhanced manufacturing services and increased travel activities. Additionally, the primary income deficit saw a reduction, decreasing to SGD 31.16 billion from SGD 33.97 billion. Conversely, the goods account surplus experienced a slight decline, falling to SGD 53.81 billion from SGD 55.41 billion, prompted by a spike in imports. Meanwhile, the secondary income deficit expanded to SGD 2.97 billion from SGD 1.73 billion. Last year, Singapore recorded a current account surplus of SGD 128.30 billion.