SINGAPORE, Feb. 15 (Xinhua) -- Singapore's total services trade grew by 2.3 percent in 2018, after the 11.7 percent expansion in the previous year, a government agency Enterprise Singapore announced on Friday.
The total services trade value reached 500.4 billion Singapore dollars (about 368.34 billion U.S. dollars) for the year. Meanwhile, both services exports and imports increased by 4.1 percent and 0.6 percent in 2018 respectively.
In the fourth quarter of 2018, the total services trade rose by 1.4 percent year on year, compared to an increase of 2.4 percent in the previous quarter. In a breakdown, exports of services grew by 2.8 percent year on year, following the 4.4 percent increase in the preceding quarter.
Enterprise Singapore said the growth in services exports can be attributed to the increase in receipts from other business services, transport services and financial services.
According to the agency, total services trade consists of services exports and services imports. Exports of services refer to the value of cross-border services provided by Singaporean residents to non-residents, while imports of services refer to the value of cross-border services provided by non-residents to residents.
