Singapore enjoyed a rapid recovery in merchandise export revenue in 2010. Although revenue will continue to rise, the pace of growth will be relatively slow in the early part of the forecast period. The import bill will meanwhile continue to expand as a result of a healthy rate of increase in domestic demand and renewed growth in the export-oriented manufacturing sector, but export revenue will be sufficient to keep the merchandise trade account in a strong position. The services account will remain in surplus in the forecast period, boosted by plentiful tourism receipts and strong external demand for Singapore's financial services. By contrast, the income account will stay in deficit throughout the period. Although income from abroad is expected to grow as local companies and the MAS enjoy a rise in returns on overseas investments, income payments will also increase, in line with higher profits made by foreign companies with subsidiaries in Singapore. The current account will continue to post large surpluses in the forecast period, owing to healthy surpluses on the merchandise trade account.