The current account surplus rose to 19.1 percent in 2014, up by 1.2 percentage points relative to
2013, driven by both the goods and the services balance. The trade balance improved significantly in
the first quarter of 2015, reflecting mainly the impact of the oil price shock. Singapore’s exports have
been relatively weak, due to the slow pace of global economic recovery, as well as supply-side
constraints. The overall balance of payments surplus narrowed in 2014 and recorded a deficit in the
first quarter of 2015, amid higher net outflows in the financial account.