According to the Vietnam Trade Office in Singapore, citing data from Enterprise Singapore, Singapore’s total global trade in March 2026 reached SGD 154.8 billion, marking a 38.5% increase year-on-year. Of this, exports accounted for SGD 82.4 billion, up 41.2%, while imports stood at SGD 55.9 billion, rising 61.1%.
In terms of exports, domestically produced goods were valued at SGD 26.4 billion, up 12%, while re-exports (transshipment) totaled nearly SGD 56 billion, increasing 61.1%.
For the first quarter of 2026, Singapore’s total trade with the world reached SGD 409.7 billion, up 25.7% compared to the same period in 2025. Exports amounted to SGD 219.8 billion, up 28%, while imports reached SGD 189.9 billion, up 23.1%.
Of this, domestic exports were valued at SGD 73.1 billion, increasing 2.9%, while re-exports reached SGD 146.7 billion, up 45.6%. Trade with 15 key partners largely recorded positive growth during the period.
By trading value, Taiwan (China) remained Singapore’s largest trading partner, with bilateral trade reaching SGD 68.9 billion, up 84.5% year-on-year. The top five partners also included China (SGD 41.3 billion, up 14.5%), Malaysia (SGD 36.1 billion, up 2%), the United States (SGD 35.9 billion, up 4.6%), and Hong Kong (China) (SGD 26.5 billion, up 27.8%).
During the first quarter of 2026, Vietnam continued to rank as Singapore’s 10th-largest trading partner, with total bilateral trade reaching SGD 13.6 billion, up 38.3% year-on-year. Singapore’s exports to Vietnam amounted to SGD 7.7 billion, up 6.5%, while imports from Vietnam reached SGD 5.8 billion, increasing sharply by 128.7%.
Ribbon-cutting ceremony opens the Vietnam pavilion at the FHA 2026 trade exhibition in Singapore.
When considering only domestically originated goods, Vietnam recorded a trade surplus with Singapore of nearly SGD 3.5 billion (equivalent to USD 2.74 billion).
In March 2026 alone, bilateral trade between Singapore and Vietnam reached nearly SGD 5.2 billion, up 59% year-on-year. Singapore’s exports to Vietnam totaled SGD 2.6 billion, up 18.2%, while imports from Vietnam reached SGD 2.5 billion, surging 145.5%. Of Singapore’s exports, domestically produced goods to Vietnam were valued at SGD 986.8 million, up 62%, while re-exports to Vietnam reached SGD 1.6 billion, up 1.5%.
In overall exports to Vietnam, domestically produced goods amounted to SGD 1.3 billion, down 7%, while re-exports reached SGD 3.8 billion, up 4.6%.
Data shows that in the first quarter of 2026, machinery and electrical equipment and parts (HS 85), along with mineral fuels, oils and distillation products, bituminous substances and mineral waxes (HS 27), remained the top two export categories from Singapore to Vietnam.
The combined export value of these two categories reached SGD 5.6 billion, accounting for 72.6% of Singapore’s total exports to Vietnam during the period. Both categories recorded solid growth: machinery and electrical equipment exports reached SGD 4.2 billion, up 9.4% year-on-year, while fuel-related products totaled SGD 1.4 billion, increasing 15.5%.
On the import side, machinery and electrical equipment and parts (HS 85) also remained the largest category imported by Singapore from Vietnam, reaching SGD 3 billion, up 147% year-on-year and accounting for 51.4% of total imports from Vietnam.
The second and third largest import categories were nuclear reactors, boilers, machinery and mechanical appliances and parts (HS 84), valued at SGD 2 billion, up 245.5%, and glass and glassware (HS 70), totaling SGD 198.5 million, down 11.6%.
According to Cao Xuan Thang, Trade Counsellor of Vietnam in Singapore, based on the quarterly economic report released on April 14, 2026 by the Ministry of Trade and Industry, Singapore’s economy maintained relatively positive growth momentum in Q1 2026, though signs of moderation have emerged. GDP expanded by 4.6% year-on-year, lower than the 5.7% recorded in Q4 2025.
In terms of external trade and trade-related sectors, foreign trade continues to serve as a key pillar of Singapore’s economy. This is reflected in strong growth across wholesale trade, transportation, and storage sectors, which are closely linked to exports, imports, and global supply chains. Growth drivers include trade in machinery and equipment as well as logistics services, reflecting sustained global demand for intermediate goods and transshipment services. Meanwhile, expansion in high-tech manufacturing, particularly electronics, underscores the continued importance of exports.
Ambassador Tran Phuoc Anh and Trade Counsellor Cao Xuan Thang promote Vietnamese products at the Vietnam pavilion during the FHA 2026 exhibition in Singapore.
Regarding trade with Vietnam, in addition to maintaining its position as Singapore’s 10th-largest trading partner, three key product groups machinery and electrical equipment (HS 85); mineral fuels and related products (HS 27); and nuclear reactors, boilers, machinery and mechanical appliances (HS 84) have recorded positive growth in both export and import directions.
The growth trend in these categories aligns closely with Singapore’s broader economic trajectory. The value of non-oil domestic exports (NODX) and non-oil re-exports (NORX) both increased in Q1 2026, indicating Singapore’s deeper integration into global value chains and its ability to capitalize on rising global demand for electronic components, particularly in the development of AI technologies. At the same time, the increase in oil-related trade values is likely linked to the global rise in oil prices.
| To support Vietnamese authorities and domestic enterprises, the Vietnam Trade Office in Singapore will continue to closely monitor and update developments in policies and market conditions; assist Vietnamese businesses in trade connectivity, product showcasing, and brand promotion; enhance the presence of Vietnamese goods in Singapore; facilitate exports to the market; and support Singaporean delegations in exploring sourcing opportunities and promoting investment in industry, trade, and services in Vietnam. |