Hanoi (VNA)ꦅ - Vietnam has become Singapore's 9th largest trading partner, with two-way trade rising by 16.83% year-on-year to 3.39 billion SGD (2.53 billion USD) in January, according to the latest trade statistics.
Data from Singapore's corporate management agency revealed that the city-state’s total trade volume in January reached 114.15 billion SGD, marking a 6.75% increase from the previous year. Exports rose by 2.97% to 59.4 billion SGD, while imports grew by 11.17%, reaching 54.75 billion SGD. Among Singapore’s top trading partners, Taiwan (China), Malaysia, China, and the US led the way, with bilateral trade volumes of 14.9 billion SGD, 13.2 billion SGD, 12.8 billion SGD, and 11.21 billion SGD, respectively.
Vietnam ranked as Singapore's 8th largest export destination, with shipments valued at 2.56 billion SGD, a year-on-year increase of 16.79%. Vietnamese imports from Singapore reached 794 million SGD, making Vietnam the 15th largest import source for the city-state. Notably, Singapore-origin goods exported to Vietnam surged by 47.89% to 759.19 million SGD, while re-exports through Singapore to Vietnam totaled 1.84 billion SGD, representing 71% of total exports.
Producing rice for exports in An Giang (Photo: VNA)
Key Vietnamese exports to Singapore showed remarkable growth, including machinery, mobile phones, and components (46.02%), reactors, boilers, and components (47%), and glass products (58.91%). Other significant increases were seen in optical instruments, medical equipment, and rice. Meanwhile, Singapore’s main exports to Vietnam also saw growth, such as machinery and equipment (9.33%), petroleum products (107.87%), and pharmaceutical products (96%).
Last year, Vietnam was Singapore’s 11th largest trading partner.
Cao Xuan Thang, Commercial Counsellor and Director of the Vietnam Trade Office in Singapore, warned of potential challenges to the Singaporean economy in 2025, due to trade tensions between major economies, geopolitical conflicts, and possible disruptions in global inflation reduction efforts.
In light of this, Vietnamese enterprises were advised to stay alert to policy changes and product quality standards while embracing digital transformation to enhance their competitive edge. Thang also suggested that businesses focus on promoting Vietnamese products and brands through international trade fairs and exhibitions to boost their presence in the Singaporean market./.
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