In 2024, trade relations between Austria and Singapore navigated a global dynamic economic landscape. Despite global headwinds, Austria's exports Singapore reached a near-record high, highlighting the partnership's enduring strength. This trend continues to grow as 2025 shoes a plus of approximately 5% in trades. There has been a strong investment in infrastructure and in the pharma industry. This showcases the growth in business relations between Singapore and Austria and the increasing demand of Austrian products.
Key Developments and Recent Changes in 2024 Trade:
Exports on the Rise: Austria's exports to Singapore in 2024 reached a significant EUR 488 million, marking a notable 4.1% increase and nearing an all-time high. This positions Singapore as Austria's second most important trading partner in the ASEAN region, after Malaysia.
The primary driver for this growth remains machinery and equipment, accounting for roughly half of total exports, largely destined for Singapore's strong semiconductor industry. In 2024, the majority of this increase came from machinery and mechanical devices (+27%). Strong increases were also seen in the motor vehicle sector (+63%), and timber products, particularly chipboard and cross-laminated timber, doubled to EUR 3.3 million (+136%).
Imports See Slight Dip: Conversely, imports from Singapore to Austria experienced a slight decrease in 2024, totaling approximately EUR 394 million, a 5.3% decline after years of steady growth. This modest contraction is largely attributed to the weaker economic conditions in Austria and across Europe. Pharmaceutical products continue to dominate imports (EUR 175 million / 40%), followed by machinery (EUR 60 million / 20%) and measuring and testing equipment (EUR 59 million / 20%).
Macroeconomic Influences and Outlook:
2024 saw a leveling off of the post-COVID boom, impacting the order situation for Austrian subsidiaries in the region and correlating with a decline in new company registrations in Singapore. Despite these challenges, the outlook remains positive. Austrian companies in the region are optimistic about incoming orders and total sales. Strong investments in Singapore's infrastructure and pharmaceutical sectors are expected to continue fueling demand for Austrian products. Singapore's economy showed signs of recovery in 2024, with its GDP growing by over 4% after a weaker 2023. However, potential shifts towards a "post-liberal economic order" could impact trade flows, leading to adjusted growth forecasts for the coming years. In summary, 2024 reinforced Singapore's strategic importance for Austrian trade. While European economic conditions temporarily affected imports, strong demand for Austrian machinery and positive business sentiment in Singapore indicate continued robust trade relations ahead.
