Importance of Trade in Services: EU & Singapore

The voice of the European Service Industries emphasizes the significant role of trade in services between the EU and Singapore, showcasing data on GDP sectors, trade percentages, top global exporters, EU trading partners in services, and the comparison between Balance of Payment and Trade in Value Added.

• Trade Services
• EU Singapore
• Global Exporters
• EU Trading Partners
• Service Industries

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1. The voice of the European Service Industries for International Trade Negotiations in Services The importance of Trade in Services in Trade between EU & Singapore January 2023

2. The voice of the European Service Industries for International Trade Negotiations in Services EU Economy per sectors GDP (est. 2017) 90 80 79.2 Services = 73% of EU GDP 75.2% of Singapore GDP 80 75.2 73.3 72.7 70 61.6 60 51.6 50 40.5 40 30 25.1 24.8 23 20.7 20.2 19.1 15.4 20 7.9 6.6 10 1.6 0.9 0.7 0 0 agriculture Industry Services EU UK China Brazil India USA Singapore Source: CIA FactBook - 2021

3. The voice of the European Service Industries for International Trade Negotiations in Services The share of Trade in Services in the EU GDP is higher than in other high income countries! 27.3% (114.2% in Singapore !) Trade in Services (GDP) (%) 140 European Union High Income Middle Income Low Income Singapore 114.2 120 107.6 100 18.9 80 Share of Trade in Services in the Singapore GDP =+100% 60 40 27.4 26.1 26 25.2 20 18.9 13 7.9 2010 16.7 8.5 16.4 8.5 13 14.9 6.7 7.7 14.6 6.5 11.9 11.2 10.9 9 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: World Bank

4. TOP 20 WORLD EXPORTERS The voice of the European Service Industries for International Trade Negotiations in Services OF TRADE IN SERVICES 2370 2500 EU is the first largest global exporter of services 2017 2018 2019 2020 2021 2000 Singapore is the sixth largest global exporter of services 1500 1232 1000 772 500 415391 240 230 164133 122 103 101 77 72 58 56 52 45 40 34 32 0 Total World Export of services 2019= 5007 Bio US$ - Source: WTO Trade Statistical Review 2020 & 2021 Bio US$

5. TOP 15 EU TRADING PARTNERS IN SERVICES TOP 15 EU TRADING PARTNERS IN SERVICES The voice of the European Service Industries for International Trade Negotiations in Services (EXTRA (EXTRA- -EU27) EU27) 2021 2021 - - BIO BIO 305,383 EU27 Exports EU27 Imports 300,000 250,000 SINGAPORE IS THE EU 5TH TRADING PARTNER = 57.5 BIO 220,815 200,092 200,000 166,208 150,000 113,895 60,913 100,000 7,963 57,098 6,956 32,443 13,32710,136 14,54218,488 50,000 12,29210,980 25,14928,735 36,467 11,428 18,07422,60124,35221,81416,15215,05018,87012,77513,398 12,271 0 Source: Eurostat bop_its6_det.

6. The voice of the European Service Industries for International Trade Negotiations in Services IMPORTANCE OF TRADE IN SERVICES EU27 (Extra EU) Comparison between Balance of Payment (BoP) & Trade in Value Added TiVA EU Exports in TiVA - 2016 - % EU global Exports in BOP - 2021 Bio$ 33.2% 66.8% 1283 41.1 58.9 2578 Goods Services Goods Services Total Export Extra EU27= 3,861 $Bio Source: WTO WTS2020 & OECD/WTO TiVA

7. The voice of the European Service Industries for International Trade Negotiations in Services IMPORTANCE OF TRADE IN SERVICES in Singapore Comparison between BoP & TiVA Singapore Exports in TiVA - 2016 - % Singapore global Exports in BOP - 2021 US$ - Bio - 33.5% 66.5% 30.1 230 69.9 457 Goods Services Goods Services Total Export Singapore = 687 $ Bio TiVA: Trade in Value Added - OECD Source: WTO WTS2021 & TiVA

8. The voice of the European Service Industries for International Trade Negotiations in Services EU27-Singapore Trade (Imports and exports of goods & services) Trade in Services ( Mio) Trade in Goods ( Mio) 35000 35000 31631 32443 30841 31245 25655 28911 28894 30000 30000 27721 27361 26266 25960 25149 24123 20880 25000 25000 21640 23085 20297 20115 19421 20000 20000 17993 17672 16935 16647 15707 15000 15000 11823 11653 10900 10049 9312 8546 10000 10000 7202 5358 4575 5000 5000 235 0 0 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 -5000 EU Imports EU Exports Balance -7270 -7293 -10000 EU Imports EU Exports Balance Source: Eurostat - ext_lt_maineu + bop_its6_det.

9. The voice of the European Service Industries for International Trade Negotiations in Services IMPORTANCE OF TRADE IN SERVICES IN THE EU27 IMPORTANCE OF TRADE IN SERVICES IN THE EU27- -SINGAPORE TRADE RELA SINGAPORE TRADE RELATIONSHIP TIONSHIP Services represents 57.2% of the total trade between EU27 & Singapore Services represents 57.2% of the total trade between EU27 & Singapore (47.9% of EU exports to Singapore = Services) (47.9% of EU exports to Singapore = Services) Singapore Exports to EU27 2021 Mio - % EU27 Exports to Singapore 2021 Mio - % EU27 & Singapore Total volume of trade 2021 Mio - % 57.2% 57.2% 52.1% 52.1% 67.4% 67.4% 32.6% 32.6% 42.8% 42.8% 47.9% 47.9% 15707 43068 27361 25149 57592 32443 Goods Services Goods Services Goods Services Total: 52 510 Mio Total: 48 150 Mio Total: 100 660 Mio Source: Eurostat - ext_lt_maineu + bop_its6_det.

10. The voice of the European Service Industries for International Trade Negotiations in Services 37,000 EU28 Trade in Services with Singapore ( Mio) FTA 32,443 31,605 EU Imports from Singapore = +242% in 11 years EU Exports to Singapore = +152% in 11 Years 32,000 30,606 28,911 25,655 27,000 26,414 25,149 20,880 22,000 20,004 21,640 23,097 18,109 18,87920,115 14,407 20,297 17,000 11,563 9,979 12,000 12,677 13,408 8,508 10,088 9,459 7,000 5,358 4,700 4,192 1,728 1,474 1,125 2,000 765 502 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -3,000 -8,000 -7,270 -7,293 Balance EU Exports EU Imports Source: Eurostat [bop_its6_det]

11. The voice of the European Service Industries for International Trade Negotiations in Services EU27 Services Exports and Imports to Singapore per sectors (2021 - Million) Exports - Total 25 149 Imports - Total: 32 443 34.4 % of Exports 10000 26.3 % of Imports 9000 8651 25.6 % 8528 8000 8309 20.3 % 22.8% 7000 18.9 % 6611 6000 6132 19.2% 5755 5000 4834 11.3% 4000 3000 8.6% 2860 2000 2167 1000 1331 477 383 366 271 254 131 228 472 466 111 87 63 17 6 0 Source: Eurostat 2019 Note: Other business services comprise mainly: research and development, professional and management consulting services, technical, trade-related services.

12. The voice of the European Service Industries for International Trade Negotiations in Services EU 27 FDI with Singapore Million 262,596 255,610 250,000 221,601 191,286 200,000 183,274 173,648 150,372 150,000 118,825 115,850 110,294 103,392 114,964 100,000 89,034 56,091 45,140 39,785 50,000 0 2013 2014 2015 2016 2017 2018 2019 2020 EU27 Outward FDI EU27 Inward FDI Source: Eurostat [bop_fdi6_pos]