In goods exports, the export value of domestically produced products reached 23.2 billion SGD, up 1.1%, the temporary import and re-export (transit) value reached 34.3 billion SGD, up 17.9%.
The Singapore Enterprise Authority also said that in the first 6 months of 2025, Singapore's total import-export turnover with the world reached 668.1 billion SGD, an increase of 6% over the same period in 2024, of which: Exports reached 355.6 billion SGD, an increase of 7.6%; Imports reached 312.4 billion SGD, an increase of 4.1%.
In terms of goods exports, the export value of domestically produced products reached 140.5 billion SGD, down 3.1%, while the temporary import and re-export (transit) value reached 215.2 billion SGD, up 16%.
Overall, Singapore's trade with its 15 major partners largely maintained positive growth.
In terms of exchange value, Taiwan (China) continues to temporarily hold the position of Singapore's largest trading partner with bilateral trade reaching 78.2 billion SGD, up 42.8% over the same period in 2024. Singapore's top 5 largest trading partners also include China (bilateral trade reaching 76.2 billion SGD, down 8.4%), Malaysia (70.7 billion SGD, up 2.5%), the United States (69.9 billion USD, up 12.1%), and Hong Kong (41.5 billion SGD, up 7.9%).
In June 2025 alone, Singapore's total import-export turnover with Vietnam reached 3.2 billion SGD, an increase of 30.4% over the same period in 2024, of which: Singapore's exports to Vietnam reached 2.2 billion SGD, an increase of 22.8%, and imports from Vietnam reached 993.6 million SGD, an increase of 51.9%. In Singapore's merchandise exports, the export value of domestically produced products to Vietnam reached 608.5 million SGD, an increase of 26.3%, and the value of temporary imports for re-export (transit) to Vietnam reached 1.6 billion SGD, an increase of 21.5%.
Counselor Cao Xuan Thang participated in the discussion at the ASEAN Conference - Vietnam's strategic position in the regional economy
After the first 6 months of 2025, Vietnam continued to maintain its position as Singapore's 10th largest trading partner with a total bilateral trade turnover of 19.5 billion SGD, an increase of 28.5% over the same period in 2024, of which: Exports to Vietnam reached 13.9 billion SGD, an increase of 24.4%; Imports from Vietnam reached 5.5 billion SGD, an increase of 40.1%. In Singapore's merchandise exports, the export value of domestically produced products to Vietnam reached nearly 3.9 billion SGD, an increase of 13.4%, the value of temporary imports for re-export (transit) to Vietnam reached 10.1 billion SGD, an increase of 29.2%.
In trade with Vietnam in the first 6 months of 2025, Singapore is a country with a trade surplus with the trade surplus value to Vietnam recorded by the other side reaching 8.4 billion SGD, an increase of 15.9% over the same period in 2024.
However, if only considering the origin of goods, Vietnam's trade surplus with Singapore reached more than 1.6 billion SGD.
Regarding exports, statistics from the Singapore Enterprise Authority show that in the first 6 months of 2025, two groups of goods, namely Electrical machinery and equipment and parts (HS 85) and Fuels, petroleum and distillates; bituminous substances; mineral waxes (HS 27), continued to be the first and second groups of goods exported from Singapore to Vietnam.
The total export value of these two groups reached SGD 9.5 billion, accounting for 68.3% of Singapore's total export value to Vietnam in the first 6 months of 2025. These two groups are also witnessing a fairly high growth rate, specifically: Electrical machinery and equipment and parts (HS 85) group had an export value to Vietnam of SGD 7.2 billion, an increase of 30.1% over the same period in 2024; while the group Fuels, petroleum and distillates; bituminous substances; mineral waxes (HS 27) reached SGD 2.3 billion, an increase of 24.7%.
Although both groups account for a high proportion, the nature of Singapore's exports to Vietnam is quite different. While the group of Electrical machinery and equipment and parts (HS 85) has a temporary import and re-export rate from third countries of up to 97.4%, the group of Fuels, petroleum and distillates; bituminous substances; mineral waxes (HS 27) is mainly produced domestically in Singapore, with the proportion of domestic value in exports to Vietnam accounting for up to 98.9%.
In addition to the two groups mentioned above, in the Top 15 main export groups of Singapore to Vietnam in the first 6 months of 2025, there are a number of other notable groups with good export value or impressive growth such as: Nuclear reactors, boilers, machinery and mechanical equipment and parts (HS 84), reaching 1.1 billion SGD, up 65.1%; Plastics and plastic products (HS 39), reaching 535.4 million SGD, up 6.0%; and Essential oils, perfumes, cosmetics or cleaning preparations (HS 33), reaching 296.5 million SGD, down 10.7%.
Regarding imports, statistics from the Singapore Enterprise Authority show that in the first 6 months of 2025, the group of Electrical Machinery and Equipment and Parts (HS 85) also continued to be the group of goods with the highest import value that Singapore imported from Vietnam, reaching 2.7 billion SGD, an increase of 80.7% over the same period in 2024 and accounting for 49.8% of Singapore's total import value from Vietnam.
Conference connecting Vietnamese - Singaporean businesses in the field of AI
Ranked 2nd and 3rd in terms of Singapore's import value from Vietnam are the groups: Nuclear reactors, boilers, machinery and mechanical equipment and parts (HS 84), reaching 1.2 billion SGD, up 80.9%; and Glass and glass products (HS 70), reaching 430.5 million SGD, up 16.8%.
In addition, the remaining groups in the Top 15 main import groups of Singapore from Vietnam mostly recorded negative growth compared to the same period in 2024, with only three groups recording positive growth: Optical/photographic/cinematic/precision measuring/ medical or surgical instruments and apparatus and parts/accessories (HS 90), reaching SGD 59.5 million, up 69.6%; Fish and other crustaceans/mollusks/aquatic invertebrates (HS 03), reaching SGD 57.2 million, up 10.8%; and Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metals and products; jewellery made of other materials; coins (HS 71), reaching SGD 27 million, up 184.6%.
Regarding Singapore's economic situation, according to data released by the Singapore Ministry of Trade and Industry, in the second quarter of 2025, Singapore's economy grew by 4.3% year-on-year, higher than the 4.1% in the first quarter. In the first 6 months of the year, the average GDP increased by 4.2%. However, the outlook for the second half of the year still has many potential risks due to the unclear US tax policy.
For each specific sector, Singapore's statistics recorded: Manufacturing increased by 5.5% over the same period, initially recovering after a decline in the first quarter; Construction increased by 4.9%, attributed to public construction projects; Wholesale, retail and transportation, warehousing increased by 4.8%, led by water transport and trade in equipment and machinery; Information technology - communications, finance - insurance and professional services increased by 3.8%, supported by technology demand and banking activities; Accommodation, real estate, support services and other services increased by 3.4%, thanks to the increase in international visitors.
According to Mr. Cao Xuan Thang, Vietnam Trade Counselor in Singapore, Vietnam-Singapore trade relations in the first half of 2025, bilateral trade relations continued to improve significantly. After the first 6 months of the year, Vietnam continued to maintain its 10th position among Singapore's trade partners with a total bilateral exchange value of 19.5 billion SGD, an increase of 28.5% over the same period in 2024, of which Singapore exported 13.9 billion SGD to Vietnam (up 24.4%) and imported 5.5 billion SGD from Vietnam (up 40.1%).
Vietnam's maintenance of its position as one of Singapore's leading partners has further strengthened the increasingly deep economic ties and is a foundation for the business community to exploit new cooperation opportunities from regional investment and business trends that both sides are interested in, such as linking production-supply chains, penetrating the halal market, and green-digital projects.
To better support Vietnamese enterprises, the Trade Office will continue to update the situation, mechanisms and policies of the locality; support Vietnamese enterprises in connecting trade, displaying goods, promoting business brands and product brands, increasing the presence of Vietnamese goods in the locality; support the export of goods to the Singapore market; support working delegations from Singapore to Vietnam to search for goods sources, promote industrial, trade and service investment in Vietnam.
Vietnamese enterprises need to pay attention to updating local regulations, ensuring stable product quality standards, improving packaging designs and technology to reduce product costs and increase competitiveness in the international market.
Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/tang-truong-xuat-khau-sang-singapore-tang-40-1-so-voi-cung-ky-nam-2024.html
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