Total trade between the two countries increased by 43 percent to reach S$1.89 billion (US$ 1.2 billion).
It was noted that Russia has rose in the ranking to become Singapore's 33rd largest trading partner, up from the 38th position in 2005.
Singapore currently imports mainly refined petroleum products, aluminum and steel from Russia and exports telecommunications equipment, computers and related accessories to Russia.
Both countries are targeting to increase trade figures between Russia and  Singapore to exceed US$5 billion by 2015.