Taiwan tops Singapore’s trading partners last year
去年台灣是新加坡最大的貿易夥伴
| TAIPEI (Taiwan News) — Taiwan became Singapore’s largest trading partner last year, driven mainly by the semiconductor sector and surpassing China and Malaysia, according to Singapore’s Ministry of Trade and Industry.
Taipei's envoy to Singapore, Tung Chen-yuan (童振源), said Taiwan was Singapore’s fourth-largest trading partner in 2024, with growth driven by rising exports of Taiwanese electronics and tech products, per CNA. Trade between Singapore and Taiwan totaled around NT$4.24 trillion (US$134 billion) last year, exceeding Singapore’s trade with China at about NT$3.73 trillion and Malaysia at NT$3.32 trillion. Taiwan’s exports to Singapore were significantly higher than Singapore’s exports to Taiwan. Tung attributed the trade growth mainly to expanding AI and high-performance computing development, which has boosted electronics sales. Last year, about 80% of Taiwan’s exports to Singapore were semiconductors, while around 60% of Singapore’s exports to Taiwan were semiconductor-related equipment. Tung cited growing Taiwanese investments in Singapore. In 2022, United Microelectronics invested NT$150 billion to expand its semiconductor plant, with production expected next year. In 2024, Vanguard International Semiconductor and NXP Semiconductors invested NT$234 billion to build a 12-inch wafer fab. Tung added that Singapore’s stable politics, robust legal system, and growing semiconductor sector, which accounts for about 10% of global chip production, make it a key overseas site for Taiwanese semiconductor suppliers. Additionally, Singapore is Taiwan’s sixth-largest investor, with funds concentrated in financial, manufacturing, wholesale, and retail sectors, according to the Taipei Representative Office in Singapore. Last year, Singapore invested in more than 168 projects in Taiwan, totaling over NT$14.07 billion. The office noted that Singapore’s DBS Bank acquired Citibank Taiwan in 2023, making DBS the largest foreign bank in Taiwan. The deal transferred about 2.7 million credit card accounts, 500,000 deposits, and 45 Citibank branches. Singaporean furniture brand Scanteak plans to invest NT$600 million in a Tainan warehouse and expand its brand presence in Taiwan, the company said during its 50th-anniversary event. Chair Lim Hock Chye (林福勤) said Taiwan’s sound legal system and investor-friendly environment give the company confidence in the market. |
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| Carol Yang Taiwan News, Staff Writer | |
| 2026-02-11 |
