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| Vietnam was the 11th largest trading partner of Singapore during the first 11 months of 2024, with bilateral trade topping 28.6 billion SGD (21.03 billion USD), rising 8.53%. (Illustrative photo: VNA) |
Recent data from the Accounting and Corporate Regulatory Authority of Singapore revealed that during January - November, Vietnam was the 11th largest trading partner of Singapore, with bilateral trade topping 28.6 billion SGD (21.03 billion USD), rising 8.53%.
It ranked 18th among Singapore's largest import partners, with turnover approximating 7.8 billion SGD, up 32.11%. Simultaneously, Vietnam has solidified its status as Singapore's 10th largest export market, with revenue exceeding 20.8 billion SGD, up 1.72%.
November witnessed the two-way trade surpass 2.52 billion SGD, reflecting an annual growth rate of 8.22%. The value consists of 717.27 million SGD in Vietnam's exports and over 1.81 billion SGD in its imports from Singapore, respectively increasing 31.32% and 1.17%.
The month also saw Vietnam's major export items to Singapore experience substantial growth. Machinery, equipment, mobile phones, and various parts and components posted a 52.57% increase. Even more impressive, reactors, boilers, machine tools, and spare parts saw a 95.93% surge, while glass and glass products grew by 77.98%. Other sectors such as toys, game devices, and sporting goods and equipment skyrocketed by over 138%, and aluminum and its products jumped by more than 89.79%.
On the flip side, Singapore's exports to Vietnam also demonstrated robust growth in key commodities. Reactors, boilers, machine tools, and spare parts hiked 36.54%, while petrol, oil and petroleum products soared by 58.1%. Noteworthy gains were also seen in lead and lead products, which shot up 59 times, along with alcoholic beverages and drinks, which saw a 1.1-fold increase.
However, not all sectors fared well. Imports of machinery, equipment, mobile phones, and components from Singapore faced a decline of 19.52%. Aircraft, spacecraft and their parts plummeted by 63.28%, and chemical products fell by 48.84%, statistics showed./.