The data indicates a long-term decline in the share of travel services imports in total services imports in Singapore from 2013 to 2023, with significant reductions during 2020 and 2021 due to the COVID-19 pandemic. Starting at 16.3% in 2013, the share decreased annually, culminating in a low of 1.7% in 2021. Although there was a partial recovery beginning in 2022, reaching 5.91% by 2023, this share is stabilized for the 2024-2028 period according to forecasts.
Year-on-year changes showed a general downward trend, punctuated by dramatic declines during the pandemic (-74.44% in 2020 and -49.08% in 2021) and a sharp bounce-back in 2022 (246.82%). The average annual change (CAGR) over the last five years, until 2023, was -14.84%. Future projections suggest a consistent figure of 5.91%, indicating no growth or decline from 2023 onwards.
Future trends to watch for:
- The impact of global economic recovery on travel services demand.
- Changes in travel-related technologies and services.
- Government policies on travel and tourism post-pandemic.
- Consumer behavior shifts toward other forms of digital and local tourism services.
