SINGAPORE: Singapore’s tourism sector hit a new high in 2025, with receipts reaching a record S$32.8 billion (US$25.9 billion), Minister-in-charge of Trade Relations Grace Fu said on Friday (May 8). The previous record was S$29.8 billion in 2024.

Alongside the strong performance, Ms Fu announced an additional S$740 million in funding for the Tourism Development Fund over the next five years, building on the more than S$300 million injected in 2024.

"Our strong performance in 2025 is encouraging, but we cannot afford to be complacent. There are challenges on the horizon, given the Middle East energy crisis and its knock-on effects on consumer spending," Ms Fu said at the Tourism Industry Conference 2026.

"This funding will support our ambitions under Tourism 2040, charting the next chapter of growth and ensuring that Singapore remains a compelling destination," Ms Fu, who is also Minister for Sustainability and the Environment, said. 

Among other things, the fund will allocate S$5 million to a grant meant to help businesses undertake marketing activities and build attendance for business events in Singapore. Another S$5 million will go to a market access fund to help firms grow their presence in new markets, she said.

Under Tourism 2040, STB projects tourism receipts to reach between S$47 billion and S$50 billion by 2040.

Also speaking at the same conference, Singapore Tourism Board chief executive Melissa Ow said that Singapore welcomed 16.9 million visitors in 2025, marking progress towards its Tourism 2040 goal.  

The growth was driven by key achievements last year, with Changi Airport welcoming an all-time high of nearly 70 million passenger movements. Cruise traffic also exceeded two million passengers last year.

However, Ms Ow cautioned that demand is expected to be muted in the coming months amid global headwinds, with the conflict in the Middle East posing challenges to the tourism industry.

"Our tourism businesses are under strain from the crisis and the global uncertainty that persist," Ms Ow said, adding that while visitor arrivals grew 3 per cent year-on-year in the first quarter, demand may soften in the months ahead.

STB projects S$31 billion to S$32.5 billion in tourism receipts this year, and between 17 million and 18 million international visitor arrivals.

"STB has already stepped up our efforts to support our industry partners to overcome immediate challenges. We will monitor the situation and adjust o...