Singapore Market Imports and Exports in the First Quarter of 2025

The Vietnam Trade Office in Singapore quoted statistics from the Singapore Enterprise Authority as saying that in March 2025, the total import and export volume of Singapore and other parts of the world reached more than 112 billion Singapore dollars, an increase of 3.36 percent over the same period in 2024, of which the export value reached 58.32 billion Singapore dollars, an increase of 2.26 percent, and the import value was nearly 53.7 billion Singapore dollars, an increase of 4.6 percent.

In terms of exports, exports of goods of Singapore origin exceeded S $23.5 billion (down 2.29 per cent) and exports of goods of third-country origin exceeded S $34.78 billion (up 5.58 per cent), accounting for 40.36 per cent and 59.64 per cent of Singapore's total exports, respectively.

In the first three months of 2025, Singapore's imports and exports with the rest of the world reached nearly S $326.55 billion, an increase of 4.85 per cent over the same period in 2024, with exports exceeding S $171.57 billion (up 3.46 per cent) and imports exceeding S $154.97 billion (up 6.44 per cent).

In the first 3 months of 2025 (compared with the same period in 2024), both import and export turnover between Singapore and most of its largest partners (10 out of 15 partners) achieved positive growth, with some partners posting strong turnover growth, such as Taiwan (China) (up 42.52 per cent); the United Kingdom (up 41.55 per cent)... China Taiwan, China, Malaysia and the United States are Singapore's four largest trading partners, with a total trade of S $37.36 billion; 36 billion Singapore dollars; 35.37 billion Singapore dollars and 34.45 billion Singapore dollars.

In the first three months of 2025, Vietnam continued to maintain its position as Singapore's ninth largest trading partner, with two-way trade volume reaching 9.81 billion billion Singapore dollars, up 27.32 percent year on year.

In terms of imports, in the first three months of 2025, Singapore's main import markets are Taiwan, China, Malaysia, the United States, South Korea, Japan… Vietnam currently ranks 14th among Singapore's largest import partners. Thirteen of Singapore's 20 import partners achieved positive import growth, with some partners such as Hong Kong (up 69.11 per cent), Taiwan (up 26.96 per cent) and the United Kingdom (up 43.56 per cent)... Taiwan (China) continued to be the largest import market, with turnover exceeding 24.83 billion Singapore dollars, up 26.96 per cent. It was followed by China (second) and Malaysia (third) with turnover of S $18.6 billion (up 6.03 per cent) and S $18.17 billion (up 11.44 per cent), respectively. Vietnam is Singapore's 14th largest import market, with turnover exceeding 2.55 billion Singapore dollars (up 39.46 percent).

In terms of exports, in the first three months of 2025, Singapore's main export markets were Hong Kong, China, and the United States, with exports reaching 19.1 billion Singapore dollars (up 4.04 percent year-on-year), 17.46 billion Singapore dollars (down 26.72 percent year-on-year), and 17.21 billion Singapore dollars (up 25.7 percent year-on-year). Vietnam is Singapore's eighth largest export market, with exports reaching more than 7.26 billion Singapore dollars (up 23.53 per cent year-on-year).

Overall, in March 2025, the total value of imports and exports between Vietnam and Singapore reached nearly 3.25 billion Singapore dollars, an increase of 27.93 percent over the same period in 2024. Vietnam's exports to Singapore increased significantly (72.58 per cent), with exports exceeding 1 billion Singapore dollars and imports up 14.02 per cent to more than 2.2 billion Singapore dollars.

In the commodity structure of Singapore's exports to Vietnam, goods originating in Singapore fell by 9.5 per cent to nearly 0.61 billion Singapore dollars, while goods from three countries (72 per cent of exports) exported to Vietnam through Singapore increased by 26.55 per cent to nearly 1.6 billion Singapore dollars. Although the import and export deficit exceeded 1.16 billion Singapore dollars, Vietnam's trade surplus was close to 0.432 billion Singapore dollars if only the trade balance between Vietnamese goods and those originating in Singapore was calculated.

In the first three months of 2025, the two-way import and export volume between Vietnam and Singapore will reach more than 9.81 billion Singapore dollars, an increase of 27.32 percent over the same period in 2024. Among them, the export value will increase by 39.46 percent to reach more than 2.55 billion Singapore dollars, and the import value will reach more than 7.26 billion Singapore dollars, an increase of 23.53 percent.

From the point of origin of goods, goods temporarily imported through Singapore and re-exported to Vietnam accounted for nearly 72.21 per cent of Singapore's total exports to Vietnam, equivalent to 5.24 billion Singapore dollars. If only goods originating in Singapore are counted, Vietnam's trade surplus is about S $0.5382 billion.