Vietnam's goods exports to Singapore increased by 27.03%

Two-way import-export turnover between Vietnam and Singapore reached more than 18.32 billion SGD after 7 months.

In the first seven months of 2024, the two-way trade turnover between Vietnam and Singapore exceeded SG$18.32 billion, up 9.02% compared to the same period in 2023. Notably, exports increased significantly by 27.03%, reaching over SG$4.7 billion, while imports grew by 3.93% to over SG$13.61 billion.

Regarding Vietnam's export groups to Singapore, in July 2024, all three main export groups continued to grow strongly: machinery, equipment, mobile phones, components, and parts (up 22.86%); reactors, boilers, machinery, and mechanical appliances (up 68.21%); and glass and glass products (up 94.61%). Other export groups also experienced significant growth, such as iron and steel (up more than 12 times), optical instruments, measuring instruments, medical equipment, clocks, musical instruments, and their parts (a growth of 3 times). Conversely, some groups saw a sharp decline, including paper and paper products (a reduction of 35.86%) and garments (a decline of 23.65%).

For imports from Singapore to Vietnam, 16 out of 21 product groups recorded positive growth. Key import groups such as machinery, equipment, mobile phones, components, and parts (up 30.84%); reactors, boilers, machinery, and mechanical appliances (up 53.28%); and petroleum and petroleum products (up 1.05%) saw increases compared to the same period. Other groups with significant growth include tobacco and tobacco substitutes (up 1.5 times) and pearls, precious stones, and jewelry (up nearly 2.27 times).

The Vietnam Trade Office in Singapore stated that to better support Vietnamese businesses, in the coming time, they will continue to update information on the local market, mechanisms, and policies; support Vietnamese businesses in connecting, exhibiting goods, and promoting the brands of Vietnamese businesses and products, increasing the presence of Vietnamese goods in the local market; support the export of goods to the Singapore market; and support delegations from Singapore to Vietnam in seeking sources of goods, promoting industrial investment, trade, and services in Vietnam.