According to the Vietnam Trade Office in Singapore, data from the Accounting and Corporate Regulatory Authority (ACRA) of Singapore shows that in December 2024, Singapore’s total import–export turnover with the world reached SGD 116.28 billion, up 18.98% compared to December 2023.
Exports totaled SGD 60.14 billion (+14.61%), while imports amounted to SGD 56.13 billion (+24.05%). Of the total export value, goods originating from Singapore accounted for SGD 23.68 billion (+5.05%), while re-exports of goods from third countries reached SGD 36.46 billion (+21.81%), representing 39.38% and 60.62% of total exports, respectively.
Singapore’s Global Trade Overview in 2024
For the full year 2024, Singapore’s total trade turnover with the world hit SGD 1,285.86 billion, up 6.65% year-on-year.
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Exports: SGD 674.5 billion (+5.65%)
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Imports: SGD 611.36 billion (+7.76%)
Compared with 2023, trade between Singapore and most of its top partners (12 out of 15) recorded positive growth. Notably strong increases were seen with:
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Taiwan: +25.71%
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Hong Kong: +11.25%
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Malaysia: +12.13%
The four largest trading partners of Singapore in 2024 were:
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China: SGD 170.18 billion
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Malaysia: SGD 138.64 billion
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United States: SGD 131.99 billion
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Taiwan: SGD 116.79 billion
Vietnam–Singapore Trade Hits Record Level
According to the Vietnam Trade Office in Singapore, the bilateral trade value between Vietnam and Singapore reached a record level in 2024, reflecting the growing strength of economic relations between the two ASEAN partners.
This milestone reinforces Singapore’s position as one of Vietnam’s leading trade and investment partners in the region, particularly in areas such as manufacturing, logistics, digital transformation, and renewable energy.
Attached file: “Vietnam–Singapore Trade Value Record 2024.doc”