Singapore's current account surplus increased to SG$37.08 billion in the second quarter from SG$30.52 billion a year earlier, according to data from the Department of Statistics Singapore on Wednesday.

The increase was a result of higher goods exports during the quarter, which led to the goods account surplus rising to SG$70.4 billion in Q2 from SG$60.1 billion in the same period a year earlier. Services account surplus also increased to SG$14.3 billion from SG$12.3 billion.

The primary income deficit widened to SG$44.77 billion from SG$37.87 billion, while the secondary income deficit narrowed to SG$2.88 billion from SG$4 billion.