Singapore Trade Trends May 2024

According to data released by Singapore’s Department of Statistics, the country’s international total trade increased by 14.2 per cent year-on-year in May, following a 15.6 per cent expansion in April.

On a yearly basis, exports grew by 12.6 per cent in May, while imports rose by 16 per cent in the same period.

Singapore's main export markets were China, Malaysia, Indonesia and the United States.

In its latest outlook, the International Monetary Fund estimated Singapore GDP growth rate to be 2.1 per cent in 2024 and 2.3 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.