Singapore contests US claim of trade surplus amid excess capacity probe
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Singapore is contesting a US claim that it holds a trade surplus, after the US Trade Representative (USTR) announced investigations into 16 economies, including Singapore, regarding manufacturing overcapacity. The USTR stated Singapore had a $27 billion trade surplus with the US in 2024, which prompted the investigation. Singapore's Ministry of Trade and Industry refutes this, citing US Bureau of Economic Analysis data showing a $27 billion trade deficit with the US in goods and services for the same period. Singapore also disputes the USTR's suggestion of expanding manufacturing capacity amid falling occupancy rates, stating its industrial occupancy rates are consistently high, around 90%. The ministry further explained that industrial land is scarce and decreasing due to competing needs.
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