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Balance of Payments
CHAPTER 7
BALANCE OF PAYMENTS
OVERVIEW
Singapores balance of payments surplus rose from $7.8 billion in the third quarter of 2012 to $14
billion in the final quarter, mainly due to a narrower deficit in the capital and financial account. For
the year as a whole, the balance of payments surplus rose to $33 billion, from $21 billion in 2011,
also reflecting a smaller net outflow from the capital and financial account. Singapores official foreign
reserves rose to $317 billion as at the end of 2012, equivalent to 8.0 months of merchandise imports.
CURRENT ACCOUNT
$ Billion
22
14
30
20
18
16
12
IV
2011
I
2012
II
III
IV
20
15
10
5
Services Balance
0
Primary Income Balance
-5
IV
2011
I
2012
II
III
IV
Balance of Payments
I
2012
II
III
IV
10
0
-10
-20
-30
Portfolio
Investment
Other
Investment
Financial
Derivatives
-40
IV
2011
I
2012
II
III
IV
31