Singapore has rejected US claims that it recorded a $27 billion bilateral trade surplus in 2024, stating that official American data instead shows the US ran a trade deficit with Singapore of roughly the same amount.
The disagreement emerged as Washington launched a Section 301 investigation into alleged structural excess capacity in manufacturing across 16 major trading partners, including Singapore.
Singapore’s Ministry of Trade and Industry (MTI) issued a statement on 12th March 2026 responding to a Federal Register notice from the Office of the US Trade Representative (USTR). The notice stated that Singapore posted a $27 billion bilateral trade surplus in goods and services with the US in 2024.
MTI disputed the figure, citing data from the US Bureau of Economic Analysis.
According to the Bureau of Economic Analysis, Singapore recorded a bilateral goods trade deficit of $1.7 billion and a services trade deficit of $25.1 billion with the US in 2024. Combined, these figures produce a total trade deficit of about $27 billion.
MTI described the discrepancy as significant and said the USTR’s claim contradicts data published by other US government agencies. The ministry said it has provided the information to the USTR and will continue engaging with American counterparts to clarify the trade data and the scope of the investigation.
The investigation was announced by US Trade Representative Jamieson Greer on 11th March 2026. It targets economies accused of structural excess capacity and production practices that could harm American manufacturing.
The probe focuses on countries with large or persistent trade surpluses and underutilised manufacturing capacity. In Singapore’s case, the USTR notice cited potential excess global capacity in the semiconductor sector.
Greer said the investigation could lead to new tariffs against several economies, including China, the European Union, India, Japan, South Korea, and Mexico, potentially by summer 2026.
Singaporean officials also disputed suggestions that manufacturing capacity has expanded while industrial occupancy rates have fallen.
MTI said industrial space occupancy rates remain around 90% and have stayed consistently high. The ministry added that land allocated for industrial use has decreased over time because of competing land needs in Singapore.
The ministry reiterated that these statistics have been shared with the USTR.
The Section 301 action comes as the US intensifies efforts to address what it views as unfair trade practices and to protect domestic industries.
The investigation follows a US Supreme Court decision last month that invalidated major parts of earlier tariff programmes. President Donald Trump subsequently introduced a global tariff rate of 10%, later increased to 15%, to restore tariff pressure.
Deputy Prime Minister Gan Kim Yong said last month that Singapore is likely to be affected by the new 15% US tariff under current trade conditions.
Despite the dispute, Singapore’s domestic economy remains stable. Growth is projected at 2%–4% this year, compared with an earlier forecast of 1 %–3%.
Additional US data highlights the scale of the bilateral relationship. US Census Bureau figures cited by MTI in February 2026 show the US ran a goods trade surplus of $3.6 billion with Singapore in 2025, up from $1.9 billion in 2024.
Overall goods and services trade between the two countries reached an estimated $146 billion in 2024, reflecting a long-standing partnership supported by the US-Singapore Free Trade Agreement signed in 2004.
MTI said it will provide further updates as discussions with the USTR continue. The Section 301 investigation remains in its early stages, with consultations planned and a public comment process expected to open
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