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Section 4: Trade Balance 第四部分：贸易收支

Singapore sustains a persistent goods and services trade surplus in 2024–2025, underpinned by its superior position in global intermediate goods trade and cross-border service trade, creating export advantages and structural risks for domestic and foreign enterprises. In 2025, Singapore’s total goods trade volume reached 139.77 billion Singapore dollars, with booming semiconductor, petrochemical and electronic component exports supporting steady trade surplus expansion .

The continuous trade surplus delivers core competitive advantages for export-oriented enterprises. Local high-end manufacturing and trading enterprises benefit from scale effects of surplus trade, maintaining stable overseas market share and foreign exchange income. Foreign enterprises engaged in electronic components, biomedical materials and industrial equipment manufacturing in Singapore can rely on the city-state’s global trade network and free trade agreement dividends to achieve tariff-free circulation across multiple regional markets. Strong trade surplus also consolidates Singapore’s exchange rate stability, reducing currency fluctuation risks for cross-border settlement of local and foreign enterprises.

Chronic trade surplus brings potential operational challenges. Long-term surplus strengthens Singapore dollar appreciation expectations, slightly weakening the price competitiveness of low-margin export products and compressing profit margins of small-scale trading enterprises. In addition, the excessive concentration of export advantages in high-end manufacturing and service industries causes structural resource tilt, increasing market entry costs for foreign traditional manufacturing enterprises. Meanwhile, highly open trade structure makes all export-oriented enterprises vulnerable to global trade protectionism and regional trade rule changes, bringing uncertain external demand risks to business operation and revenue growth.把原中文意思不变，英文进行扩写到350-400个单词第四部分：贸易收支

2024至2025年，新加坡依托自身在全球中间品贸易与跨境服务贸易中的领先地位，持续保持货物与服务贸易顺差，这既为本土及外资企业创造了出口优势，也带来结构性风险。2025年，新加坡货物贸易总额达1397.7亿新元，半导体、石化、电子零部件出口产业蓬勃发展，推动贸易顺差稳步扩大。

持续的贸易顺差为出口型企业构筑核心竞争优势。本地高端制造与贸易企业依托顺差贸易形成的规模效应，稳定保有海外市场份额与外汇收入。落户新加坡、主营电子零部件、生物医用材料及工业设备制造的外资企业，可借助该国全球贸易网络与各类自由贸易协定红利，在多个区域市场实现免关税流通。高额贸易顺差也稳固了新加坡汇率，降低本土及外资企业跨境结算面临的汇率波动风险。

长期贸易顺差也暗藏经营层面的潜在挑战。长期顺差会强化新元升值预期，小幅削弱低利润出口产品的价格竞争力，挤压中小型贸易企业的利润空间。此外，出口优势过度集中于高端制造业与服务业，造成资源结构性倾斜，抬高外资传统制造企业的市场准入成本。与此同时，高度开放的贸易体系让所有出口企业易受全球贸易保护主义、区域贸易规则变动冲击，为企业经营与营收增长带来外部需求不确定性风险。

专业术语注解

1. goods and services trade surplus：货物与服务贸易顺差

2. intermediate goods：中间品

3. free trade agreement dividends：自贸协定红利

4. low-margin export products：低利润出口产品

5. trade protectionism：贸易保护主义

6. cross-border settlement：跨境结算