Forecast: Share of Travel Services in Services Exports in Singapore

The share of travel services in Singapore's services exports has experienced significant fluctuations over the past decade. After peaking at 13.54 in 2013, the share generally declined, reaching a low of 1.54 in 2021 due to the impact of the COVID-19 pandemic. Although there was a recovery in 2022 with a share of 4.05, the value stood at 3.81 in 2023, with a continued downward trend forecasted through 2028.

Notable trends and variations include:

• A dramatic drop in 2020 (-73%) and 2021 (-38%), highlighting the pandemic's impact.
• Partial recovery in 2022 (163%) with a subsequent slight decline by 2023 (-6%).
• Over the last two years, the annual variation showed signs of modest recovery followed by stabilization.
• Long-term forecasted CAGR (2024-2028) indicates an average annual decrease of -2.58%.
• Forecasted 5-year growth rate (2024-2028) projects a total decline of -12.26%.

Future trends to watch for include the continued recovery of global travel demand post-pandemic, potential impacts of emerging travel technologies, geopolitical stability, and changes in consumer travel preferences.