EU-Singapore trade: facts and figures
Bilateral trade and investment relations between the European Union and Singapore are governed by the EU-Singapore free trade agreement, in force since November 2019. On 7 May 2025, the two sides signed a digital trade agreement, complementing the earlier free trade agreement.
About Singapore
Singapore has a population of 5.9 million people. This is equivalent to 1.3% of the EU's population in 2023. Singapore's GDP per capita is more than twice as large as the GDP per capita in the EU.
Bar chart comparing GDP per capita of Singapore (€78 363) with the EU average (€37 610). The data comes from 2023, the source is International Monetary Fund.
Singapore is a member of ASEAN – the Association of Southeast Asian Nations. This is an intergovernmental organisation comprising 11 countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Timor-Leste, Thailand, and Viet Nam (all marked on the map in blue).
Total trade value
In 2023, trade in goods and services between the EU and Singapore was worth over €132 billion. The value of trade in services significantly exceeds the value of trade in goods. In the last 10 years, EU-Singapore trade nearly doubled.
EU-Singapore trade (in € billion)
Stacked bar chart showing values of imports and exports of goods and services between the EU and Singapore in 2023.
Goods:
- imports: €20 bn
- exports: €32.1 bn
Services:
- imports: €43.4 bn
- exports: €37.2 bn
The source of data is Eurostat.
Trade in goods
In 2023, EU-Singapore trade in goods was worth over €52 billion. Singapore was the EU's 20th largest trading partner in goods, while the EU was Singapore's fourth largest trading partner.
€20 billion worth of EU imports from Singapore
€32.1 billion worth of EU exports to Singapore
Top traded goods
Products from the chemical or allied industries
Machinery and appliances
Optical and photographic instruments
Trade in services
In 2023, EU-Singapore trade in services exceeded €80 billion. In 2023, Singapore was the fifth largest trading partner for the EU in services.
€43.4 billion worth of EU imports from Singapore
€37.2 billion worth of EU exports to Singapore
Top traded services
Transport services
Other business services (e.g. professional and management consulting services)
Telecommunications, computer and information services
Charges for the use of intellectual property
Digital trade agreement
The digital trade agreement, signed in May 2025, complements the EU-Singapore trade agreement that has been in force since 2019. Following the signature both sides will need to ratify the agreement. For the EU side, the European Parliament's consent is necessary before the Council can adopt the decision on the conclusion of the agreement.
Main benefits:
- better consumer protection online
- more legal certainty for businesses
- trusted data flows
- fewer barriers to digital trade
Foreign direct investment
Singapore remains an important destination for EU investment. At the end of 2022, EU foreign direct investment (FDI) stocks held in Singapore reached €293 billion – a record high and a 6.9% increase compared to 2021 (FDI stocks are the total amount of money that companies from one country have invested in businesses in another country.
Singapore ranked globally as the EU's sixth largest destination for FDI stocks and the largest investment destination in ASEAN.
FDI stocks held by Singapore in the EU amounted to €206 billion in 2022, a 14% increase compared to 2021. Singapore ranked globally as the eighth largest source of FDI stocks in the EU.
Last review: 29 January 2026