Vietnam is Singapore's 11th largest trading partner
According to Vietnam Trade Office in Singapore, citing statistics from Singapore Enterprise Management Authority, in December 2024, Singapore's total import-export turnover with the world reached nearly 116.28 billion SGD, up 18.98% over the same period in 2023, of which exports reached more than 60.14 billion SGD, up 14.61% and imports more than 56.13 billion SGD, up 24.05%.
In terms of export turnover, goods originating from Singapore reached more than SGD 23.68 billion (up 5.05%) and goods originating from third countries reached nearly SGD 36.46 billion (up 21.81%), accounting for 39.38% and 60.62% of Singapore's total export turnover, respectively.
In 2024, Singapore's import and export turnover with the world reached more than SGD 1,285.86 billion, up 6.65% over the same period in 2023, of which exports were nearly SGD 674.5 billion (up 5.65%) and imports were nearly SGD 611.36 billion (up 7.76%).
Compared to the same period in 2023, in 2024, import-export turnover between Singapore and most of its largest partners (12/15 partners) grew positively, some partners had strong growth such as Taiwan (China) (up 25.71%); Hong Kong (China) (up 11.25%), Malaysia (up 12.13%)... China, Malaysia, the US and Taiwan (China) are the 4 largest trading partners of Singapore with total trade turnover of: 170.18 billion SGD; 138.64 billion SGD; 131.99 billion SGD and 116.79 billion SGD, respectively.
After 12 months of 2024, Vietnam hold position of Singapore's 11th largest trading partner, with two-way trade turnover of more than 31.67 billion SGD, up 9.49%.
Regarding imports: In 2024, Singapore's main import markets were Taiwan (China), China, the US, Malaysia, South Korea, Japan, etc. Vietnam is currently ranked 18th among Singapore's largest import partners. 11/20 of Singapore's import partners have positive import growth, some partners have high growth rates such as Taiwan (China) (up 29.12%); India (up 23.79%)... Taiwan (China) continues to be the largest import market with a turnover of nearly SGD 84.32 billion, up 29.12%. Followed by China (2nd) and the US (3rd) with turnovers of SGD 75.74 billion (down 4.07%) and SGD 74.37 billion (up 6.54%), respectively. Vietnam is Singapore's 18th largest import market with a turnover of nearly SGD 8.58 billion (up 30.8%).
Regarding exports: In 2024, Singapore's main export markets were China, Hong Kong (China), Malaysia with turnover reaching SGD 85.76 billion (up 7.13%), SGD 66.39 billion (up 8.16%) and SGD 64.33 billion (up 16.32%) respectively... Vietnam is Singapore's 10th largest export market with a turnover of more than SGD 20.8 billion (up 1.72%).
In general, in December 2024, total import-export turnover between Vietnam and Singapore reached more than 3.06 billion SGD, an increase of 19.24% over the same period in 2023, exports from Vietnam to Singapore still maintained a high growth rate (18.98%) with a value of 781.17 million SGD, import turnover also grew strongly at 19.33%, reaching more than 2.28 billion SGD. In structure of goods exported from Singapore to Vietnam, goods of Singaporean origin increased dramatically by 52.9%, reaching more than 694.77 million SGD; goods from third countries through Singapore exported to Vietnam (accounting for 70% of export turnover) increased by 8.9%, reaching more than 1.59 billion SGD. Although deficit between imports and exports is more than SGD 1.5 billion, if only considering trade balance between Vietnamese goods and goods originating from Singapore, in December 2024, Vietnam had a trade surplus of more than SGD 86.4 million.
In 2024, two-way import-export turnover between Vietnam and Singapore reached more than SGD 31.67 billion, an increase of 9.49% over the same period in 2023, of which exports increased sharply by 30.8%, reaching nearly SGD 8.58 billion and imports were more than SGD 23.09 billion, an increase of 3.24%.
Temporarily imported and re-exported goods via Singapore to Vietnam accounted for 69.73%
In terms of origin of goods, temporarily imported and re-exported goods via Singapore to Vietnam accounted for nearly 69.73% of total export turnover from Singapore to Vietnam, equivalent to SGD 16.1 billion. If we only count goods originating from Singapore and goods originating from Vietnam, Vietnam has a trade surplus of about 1.59 billion SGD.
Regarding export commodity groups from Vietnam to Singapore in December: all three main export commodity groups from Vietnam to Singapore continued to increase very strongly, even dramatically, specifically: machinery, equipment, mobile phones, components and spare parts of all kinds increased by 29.92%; reactors, boilers, machine tools and spare parts of the above machines increased by 119.55%. Some other groups also grew remarkably strongly such as rice and cereals increased by 61.39%, seafood increased by 59.51%... Regarding import commodity groups from Singapore to Vietnam in December: 2/3 of the main import groups increased strongly: reactors, boilers, machine tools and spare parts of above machines increased by 90.36% and group of petroleum and petroleum products increased by 125.24%. However, import group with the highest turnover is machinery, equipment, mobile phones, components and spare parts of all kinds, which decreased slightly by -2.33%; some other groups continued to increase dramatically such as lead and lead products increased nearly 16 times... Regarding export groups from Vietnam to Singapore in the whole year of 2024: 14/21 export groups had positive growth compared to 2023. Notably, all 3 main export groups of Vietnam to Singapore grew strongly, specifically: machinery, equipment, mobile phones, components and spare parts of all kinds (up 30.58%); reactors, boilers, machine tools and equipment and spare parts of the above machines (up 77.4%); glass and glass products (up 57.01%)...Group of products that decreased sharply compared to 2023 includes: Iron and steel products (down 43.99%), paper and paper products (down 26.46%), tobacco and substitute materials (down 17.79%)... Regarding group of imported goods from Singapore to Vietnam in the whole year of 2024: 13/21 groups of imported goods grew positively compared to 2023, however, only 1 main group of imported goods, which is gasoline and petroleum products, grew positively at 19.22%, 2/3 of main import groups decreased slightly, which are: Machinery, equipment, mobile phones, components and spare parts of all kinds (down 1.86%) and reactors, boilers, machine tools and equipment and spare parts of the above machines (down 1.29%). Some items with strong import turnover growth include: Zinc and zinc products (up 1.2 times), pharmaceuticals (up 93.05%), pearls, gemstones and jewelry products (up 80.81%)... On contrary, industry groups with negative growth include: Aircraft, spacecraft & parts (down 29.9%), plastics and plastic products (down 5.8%)... According to Mr. Cao Xuan Thang, Trade Counselor, Head of Vietnam Trade Office in Singapore, compared to previous months of 2024, Singapore's trade situation in December with the world showed a breakthrough with all three indicators of total two-way turnover and export and import turnover growing strongly, reaching 18.98%, 14.61% and 24.05% respectively. According to the announcement on January 2, 2025 of Singapore Ministry of Trade and Industry (MTI), the country's GDP in the fourth quarter of 2024 is expected to grow by 4.3% compared to the same period in 2023 and GDP for the whole year of 2024 is expected to grow by 4% (higher than the forecast at the beginning of the year of 1% - 3%). This is a positive signal showing that Singapore's economy in 2024 has recovered better than forecasts. In above context, 2024 witnessed an impressive growth in Vietnam's exports to Singapore with 10/12 months having a growth rate of over 15%. This is the main factor leading to the total two-way trade turnover reaching 31.67 billion SGD, which is the largest two-way import-export turnover between Singapore and Vietnam ever. If only considering the origin of goods, Vietnam has a trade surplus of about 1.59 billion SGD. In structure of export products, in addition to traditional key groups such as electronic equipment, machinery, glass, there is also good growth in other industries, notably agricultural products such as rice, seafood, animal and vegetable oils, etc.
Although results in 2024 are very positive, local economic experts are still very cautious when assessing prospects for 2025, especially impact of geopolitical competition factors between major economies.

Source: Vitic/ congthuong.vn