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| Over the past seven months, Vietnam’s exports to Singapore increased by 27.03%. (Photo: The Ministry of Industry and Trade) |
The Trade Office of the Vietnamese Embassy in Singapore on August 21, cited the latest figures, saying that after seven months of 2024, Vietnam was Singapore’s 19th largest import market with a turnover of more than 4.7 billion SGD (up 27.03%) and Singapore’s 9th largest export market with a turnover of more than 13.61 billion SGD (up 3.93%). Vietnam remains Singapore’s 12th largest trading partner.
In July 2024 alone, the total import and export turnover between Vietnam and Singapore reached more than 3.1 billion SGD, a year-on-year increase of 20.91%. Exports from Vietnam to Singapore in July continued to achieve high growth of 36.25% with a value of 763.9 million SGD, while import turnover also grew at a high rate of 16.7%, worth more than 2.38 billion SGD.
In the first seven months of 2024, the two-way import and export turnover between Vietnam and Singapore reached more than 18.32 billion SGD, a year-on-year rise of 9.02%, of which exports surged sharply by 27.03%, worth more than 4.7 billion SGD and imports reached more than 13.61 billion SGD, a year-on-year increase of 3.93%.
In July 2024, all three main export groups of Vietnam to Singapore continued to increase sharply. Specifically, the group of machinery, equipment, mobile phones, components and spare parts of all kinds increased by 22.86%; reactors, boilers, machine tools and spare parts of the above machines rose by 68.21%, and glass and glass products soared by 94.61%.
Some other export groups also witnessed strong growth such as iron and steel increased by more than 12 times and optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds soared by 3 times. On the contrary, some groups had quite a sharp decline such as paper and paper products down 35.86% and clothing down 23.65%.
Among 21 groups of industries imported from Singapore, 16 groups saw positive growth. Some other groups have very strong growth rates such as tobacco and tobacco substitutes up 1.5 times and pearls, gemstones and jewelry products up nearly 2.27 times./.