COUNTRY'S NEWS

Singapore’s Trade Performance in Q1 2025

Posted on by content02.vinahugo
07
Oct

According to statistics from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), cited by the Vietnam Trade Office in Singapore, the country’s total import and export turnover with the world reached over SGD 112 billion in March 2025, up 3.36% year-on-year.
Exports totaled SGD 58.32 billion (+2.26%), while imports were SGD 53.7 billion (+4.6%).

Of the export value, goods of Singaporean origin reached SGD 23.5 billion (-2.29%), while re-exported goods from third countries accounted for SGD 34.78 billion (+5.58%), representing 40.36% and 59.64% of total exports, respectively.

For the first quarter of 2025, Singapore’s total trade with the world reached nearly SGD 326.55 billion, up 4.85% from the same period in 2024.

  • Exports: SGD 171.57 billion (+3.46%)

  • Imports: SGD 154.97 billion (+6.44%)

Key Trade Partners

In Q1 2025, Singapore’s trade value with 10 out of its 15 major partners recorded positive growth. Some partners showed remarkable increases, including:

  • Taiwan: +42.52%

  • United Kingdom: +41.55%

The four largest trading partners of Singapore were Taiwan (SGD 37.36 billion), China (SGD 36 billion), Malaysia (SGD 35.37 billion), and the United States (SGD 34.45 billion).

Vietnam ranked as Singapore’s 9th largest trading partner, with bilateral trade exceeding SGD 9.81 billion, up 27.32% year-on-year.

Import and Export Overview

Imports

In Q1 2025, Singapore’s major import sources included Taiwan, China, Malaysia, the United States, South Korea, and Japan.
Vietnam ranked 14th among Singapore’s top import partners, with import value reaching SGD 2.55 billion (+39.46%).

Significant increases were seen from:

  • Hong Kong (+69.11%)

  • Taiwan (+26.96%)

  • United Kingdom (+43.56%)

Exports

Singapore’s key export markets included Hong Kong (SGD 19.1 billion, +4.04%), China (SGD 17.46 billion, -26.72%), and the United States (SGD 17.21 billion, +25.7%).
Vietnam ranked as Singapore’s 8th largest export market, with exports exceeding SGD 7.26 billion (+23.53%).

Vietnam–Singapore Bilateral Trade

In March 2025, total two-way trade between Vietnam and Singapore reached SGD 3.25 billion, up 27.93% compared to March 2024.

  • Vietnam’s exports to Singapore: over SGD 1 billion (+72.58%)

  • Vietnam’s imports from Singapore: SGD 2.2 billion (+14.02%)

Re-exported goods via Singapore accounted for 72% of total exports to Vietnam, worth SGD 1.6 billion, while goods of Singaporean origin decreased 9.5%, to about SGD 610 million.
Despite a trade deficit of SGD 1.16 billion, Vietnam maintained a surplus of nearly SGD 432 million when counting only goods of Singaporean origin.

Cumulatively, for the first three months of 2025, bilateral trade between Vietnam and Singapore reached SGD 9.81 billion (+27.32%), with Vietnam’s exports up 39.46% and imports up 23.53%.

Top Exported and Imported Goods

Vietnam’s Exports to Singapore:

  • Machinery, equipment, mobile phones, and parts: +97.82%

  • Reactors, boilers, and machine tools: +155.15%

  • Glass and glassware: +37.65%

  • Optical and medical instruments: +116.38%

  • Jewelry, pearls, and gemstones: +658.28%

  • Meanwhile, rice and cereals (-57.87%) and petroleum products (-49.85%) saw declines.

Singapore’s Exports to Vietnam:

  • Machinery, electronics, and components: +25.67%

  • Industrial boilers and tools: +69.90%

  • Petroleum products: -19.98%

  • Aircraft and aerospace equipment: -42.54%

  • Processed foods: -32.32%

  • Meanwhile, lead and lead products rose nearly 6 times, and pharmaceuticals grew 1.4 times.

Trade Outlook

According to Mr. Cao Xuan Thang, Commercial Counselor and Head of the Vietnam Trade Office in Singapore, Singapore’s trade maintained a positive momentum in Q1 2025, with all key indicators showing growth.
Vietnam’s exports to Singapore achieved a record-breaking 72.58% increase in March, reinforcing Vietnam’s position as Singapore’s 9th largest trading partner and 14th largest export market.

The Trade Office will continue to:

  • Update businesses on policies and trade opportunities,

  • Support Vietnamese companies in trade promotion, exhibitions, and brand development in Singapore,

  • Facilitate export activities and B2B networking,

  • Assist Singaporean delegations seeking sourcing and investment opportunities in Vietnam.