FX.co ★ Singapore Current Account Largest in Near 3 Years

In the first quarter of 2025, Singapore's current account surplus expanded to SGD 34.61 billion, up from SGD 33.52 billion in the same period of the previous year, marking the most significant surplus since Q2 of 2022. The services account surplus rose to SGD 15.48 billion from SGD 14.51 billion, primarily due to an increase in transport and freight services. Meanwhile, the primary income deficit reduced to SGD 23.10 billion from SGD 24.07 billion in Q1 of 2024, and the secondary income deficit contracted slightly to SGD 2.61 billion from SGD 2.66 billion. On the other hand, the goods account surplus decreased to SGD 44.84 billion from SGD 45.75 billion in Q1 of 2024, due to a rise in imports.