According to the Vietnam Trade Office in Singapore, data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA) shows that in November 2024, Singapore’s total import–export turnover with the world reached SGD 110.23 billion, up 5.02% year-on-year. Of this, exports reached SGD 59.39 billion (+5.1%), while importsamounted to SGD 51.83 billion (+4.93%).
Overall Trade Growth
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During the first 11 months of 2024, Singapore’s total trade value reached SGD 1,170.45 billion, an increase of 5.64%compared with the same period in 2023. Exports accounted for SGD 614.6 billion (+4.9%) and imports SGD 555.8 billion (+6.47%).
Trade with most of Singapore’s major partners grew positively. Among the top performers were Taiwan (+22.17%), Hong Kong (+9.72%), and Thailand (+6.42%). The four largest trade partners were China (SGD 154.33 billion), Malaysia (SGD 126.5 billion), the U.S. (SGD 119.9 billion), and Taiwan (SGD 103.87 billion).
Vietnam–Singapore Trade Relations
Vietnam maintained its position as Singapore’s 11th-largest trading partner during the 11-month period, with total two-way trade exceeding SGD 28.6 billion, up 8.53% year-on-year.
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Vietnam’s exports to Singapore: nearly SGD 7.8 billion (+32.11%)
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Vietnam’s imports from Singapore: over SGD 20.8 billion (+1.72%)
As a result, Vietnam achieved a significant trade surplus with Singapore, particularly in goods originating from Singapore itself (excluding re-exports).
November 2024 Highlights
In November 2024, total bilateral trade between Vietnam and Singapore reached SGD 2.52 billion, up 8.22% year-on-year.
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Exports from Vietnam to Singapore: SGD 717.27 million (+31.32%)
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Imports from Singapore: SGD 1.81 billion (+1.17%)
If only considering goods of Singaporean origin, Vietnam recorded a trade surplus of approximately SGD 196.9 million in the month.
Cumulatively, during the first 11 months of 2024, re-exported goods through Singapore to Vietnam accounted for nearly 69.74% of total Singaporean exports to Vietnam, equivalent to SGD 14.5 billion. When isolating goods originating from Singapore, Vietnam enjoyed a trade surplus of about SGD 1.5 billion.
Key Export and Import Commodities
Top Vietnamese Export Categories to Singapore
Vietnam’s three major export groups to Singapore all showed remarkable growth in November 2024, including:
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Machinery, equipment, mobile phones, and components: +52.57%
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Reactors, boilers, tools, and mechanical equipment: +95.93%
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Glass and glassware: +77.98%
Other fast-growing export categories included:
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Toys, games, and sporting goods: +138%
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Aluminum and aluminum products: +89.79%
Main Import Categories from Singapore to Vietnam
Two of Singapore’s top three export groups to Vietnam recorded solid growth:
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Reactors, boilers, machinery, and mechanical equipment: +36.54%
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Petroleum and petroleum-based products: +58.1%
However, imports of electronics, mobile phones, and components decreased by 19.52%. Meanwhile, some smaller categories saw dramatic increases, such as lead and lead products (+5,900%) and alcoholic beverages (+110%). Declining categories included aircraft and spacecraft parts (–63.28%) and chemical products (–48.84%).
Trade Insights and Outlook
According to Mr. Cao Xuan Thang, Commercial Counselor and Head of the Vietnam Trade Office in Singapore, Singapore’s overall trade performance in November 2024 reflected positive momentum, with total turnover, exports, and imports all expanding by around 5%.
Vietnam’s export growth to Singapore remained the highest among Singapore’s key partners, up 32.11% year-on-year — followed by Taiwan (+26.7%) and India (+23.86%).
Looking ahead to 2025, global trade is expected to face ongoing challenges. The Vietnam Trade Office in Singapore will continue to:
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Provide timely updates on market regulations and trade policies;
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Support Vietnamese enterprises in business networking, product exhibitions, and brand promotion;
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Facilitate market access and investment cooperation between Vietnamese and Singaporean partners in industry, commerce, and services.