Singapore-ASEAN trade stands at $295.6b in 2023

The total trade between Singapore and its Southeast Asian neighbors amounted to $295.6b in 2023, a 14% increase from 2019.

“The ASEAN region is an important market for our Singapore companies,” said Trade and Industry Minister Gan Kim Yong on 7 May.

“Singapore's trade and investment with ASEAN countries have registered double-digit growth over the past five years.”

The direct investment abroad from Singapore to ASEAN also saw an uptick of 37% from 2018 to 2022, reaching $226.1b.

Based on a survey conducted by the Singapore Business Federation 2023, Gan outlined the primary hurdles faced by companies expanding into ASEAN, including uncertainties about demand, an unpredictable business environment, scarcity of suitable manpower for market development, and the financial costs associated with internationalisation efforts.

Gan also cited the role of Enterprise Singapore (EnterpriseSG) in aiding Singaporean companies tackling these obstacles. In 2023,

EnterpriseSG backed approximately 2000 projects aimed at expanding into ASEAN markets, marking a significant increase from around 700 projects in 2019.

EnterpriseSG's extensive network of Overseas Centres, particularly within ASEAN, also serves as crucial connections for Singaporean businesses, facilitating partnerships and opportunities.

Additionally, collaborations with Trade Associations and Chambers (TACs), such as GlobalConnect@SBF, further enhance support for enterprises venturing into the ASEAN market.

Source:sbr