Vietnam’s export turnover to Singapore surged by 58.4%, reaching SGD 876.3 million, marking the highest growth since late 2022. This increase is largely attributed to the electronics, machinery, and equipment manufacturing sectors, elevating Vietnam to become Singapore’s 18th largest export partner. Key export categories to Singapore saw notable growth. Machinery, equipment, mobile phones, and components rose by 21.39%, while reactors, boilers, machine tools, and their spare parts surged by 150%. Petroleum and petroleum products experienced the most significant rise, with an increase of 870%.
Other export sectors also performed well. Glass and glass products saw growth exceeding 177%, and postal items increased nearly 26 times compared to previous figures. However, some categories faced declines, such as rice and cereals, which dropped by 46.12%, and leather goods, including travel bags, which fell by 34.6%. Meanwhile, Vietnam’s imports from Singapore decreased by 9.49%, amounting to over SGD 1.86 billion. Goods from third countries re-exported via Singapore to Vietnam, which accounted for 68% of export turnover, dropped by 18.87% to SGD 1.26 billion.
In August 2024, the total trade turnover between Vietnam and Singapore reached nearly USD 2.74 billion, a 4.89% increase compared to the same period last year. Over the first eight months of 2024, two-way trade between the two nations exceeded SGD 21 billion, reflecting an 8.47% year-on-year growth, reinforcing Vietnam’s position as Singapore’s 12th largest trading partner.
Cao Xuan Thang, trade counselor and head of the Vietnam Trade Office in Singapore, noted that despite challenges, trade between Vietnam and Singapore continues to grow. The Vietnam Trade Office aims to further support Vietnamese businesses by fostering connections and increasing the visibility of Vietnamese goods in Singapore, while also encouraging industrial, trade, and service investments between the two nations.
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