The Central Bureau of Statistics (BPS) reported that 2020 trade balance with surplus at US$21.74 billion, the highest since 2011 when it was recorded at S$26.06 billion. The total export in 2020 reached US$163.31 billion or declining by 2.61% annually (yoy). The 2020 trade balance increase was due to 17.34% contraction in imports with the total value of US$141.57 billion.