In January 2025, import-export turnover between Singapore and 9/15 partners grew positively, some partners had strong, even sudden increases in turnover such as Taiwan (China) (up 92.27%); Philippines (up 25.99%), UAE (up 18.7%)...
Vietnam rose to the position of Singapore's 9th largest trading partner, with two-way trade turnover of more than 3.39 billion SGD, up 16.83%.
In terms of imports, in January, Singapore's main import markets were Taiwan (China), China, Malaysia, the US, South Korea... Vietnam currently ranked 15/20 largest importing partners of Singapore with a turnover of more than 794 million SGD (up 16.97%).
Regarding exports, in January, Singapore's main export markets were Malaysia (6.75 billion SGD, up 24.86%), Hong Kong (China) (6.58 billion SGD, up 4.68%), China (6.06 billion SGD, down 31.02%)...
Vietnam is Singapore's 8th export market with a turnover of 2.56 billion SGD, up 16.79%. 13/20 of Singapore's leading export markets achieved positive growth, some markets had quite high growth rates such as Taiwan (up nearly 127%), Malaysia (up 24.86%), Philippines (up 20.72%)...
For bilateral trade between Vietnam and Singapore, in January, total import-export turnover between Vietnam and Singapore reached 3.39 billion SGD, up 16.83% over the same period in 2024. Of which, exports from Vietnam to Singapore reached 794 million SGD, up 16.97% and imports from Singapore to Vietnam were about 2.6 billion SGD, up 16.79%.
In the structure of goods exported from Singapore to Vietnam, goods of Singaporean origin reached 759.19 million SGD, up 47.89% and goods from third countries exported to Vietnam from Singapore reached 1.84 billion SGD (accounting for 71%, up 7.46%.
If only calculating the trade balance between Vietnamese goods and goods of Singaporean origin, Vietnam has a trade surplus of about 34.8 million SGD.
According to data, import-export turnover between Vietnam and Singapore in January is still maintaining a very good growth momentum with all three turnover indicators increasing sharply, making Vietnam the 9th largest trading partner of Singapore. Vietnam has risen to become the 15th largest export partner to Singapore and the 8th largest import partner of Singapore.
Mr. Cao Xuan Thang - Vietnam Trade Advisor in Singapore, assessed that Singapore's trade situation with the world in the first month of 2025 continued to maintain a positive momentum when all two-way total turnover and import-export turnover indicators grew positively. However, assessing the long-term outlook for the whole year of 2025 still has many potential difficulties.
In its report on February 14, 2025, the Singapore Ministry of Commerce and Industry (MTI) maintained its official GDP growth forecast for the whole year of 2025 of the country from 1% to 3%. The broad forecast shows that MTI believes that 2025 will be more unstable with risks that can negatively impact the investment, trade and global supply chain shift.
Firstly, trade tensions between major economies, along with the risk of escalating geopolitical conflicts, can increase production costs as well as increase instability in global economic policies.
Second, disruptions in the global inflation reduction process could lead to longer tightening of financial conditions, potentially causing instability in the banking and financial system.
