Vietnam - Singapore import-export turnover reaches record level

ANTD.VN - After 12 months of 2024, Vietnam remains Singapore's 11th largest trading partner, with two-way trade turnover of more than SGD 31.67 billion, an increase of 9.49%.

Import and export between Vietnam and Singapore hit new record

According to the Vietnam Trade Office in Singapore, Vietnam currently ranks 18th among Singapore's largest import partners with a turnover of nearly SGD 8.58 billion (up 30.8%).

In terms of exports, Vietnam is Singapore's 10th export market with a turnover of more than SGD 20.8 billion (up 1.72%).

In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased dramatically by 52.9%, reaching more than 694.77 million SGD; goods from countries 3 through Singapore exported to Vietnam (accounting for 70% of export turnover) increased by 8.9%, reaching more than 1.59 billion SGD.

Although the deficit between imports and exports is more than 1.5 billion SGD, if only calculating the trade balance between Vietnamese goods and goods originating from Singapore, in December 2024, Vietnam had a trade surplus of more than 86.4 million SGD.

Accumulated for the whole year of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than 31.67 billion SGD, an increase of 9.49% over the same period in 2023, of which exports increased sharply by 30.8%, reaching nearly 8.58 billion SGD and imports were more than 23.09 billion SGD, an increase of 3.24%.

In terms of origin of goods, temporarily imported and re-exported goods through Singapore to Vietnam account for nearly 69.73% of the total export turnover from Singapore to Vietnam, equivalent to 16.1 billion SGD.

If we only count goods originating from Singapore and goods originating from Vietnam, Vietnam has a trade surplus of about 1.59 billion SGD.

In 2024, 14/21 groups of Vietnamese goods exported to Singapore will have positive growth compared to 2023. Notably, all 3 main groups of Vietnamese goods exported to Singapore will have strong growth, specifically: machinery, equipment, mobile phones, components and spare parts of all kinds (up 30.58%); Reactors, boilers, machine tools and equipment and spare parts of the above types of machines (up 77.4%); Glass and glass products (up 57.01%)...

On the contrary, 13/21 import commodity groups grew positively compared to 2023, however, only 1 main import commodity group, gasoline and petroleum products, grew positively at 19.22%, 2/3 of the main import groups decreased slightly.

According to Mr. Cao Xuan Thang - Commercial Counselor, Head of the Vietnam Trade Office in Singapore, compared to previous months of 2024, Singapore's trade situation in December with the world showed a sudden breakthrough with all three indicators of total two-way turnover and export and import turnover growing strongly, reaching 18.98%, 14.61% and 24.05% respectively.

In 2024, 10 out of 12 months of Vietnam's exports to Singapore had a growth rate of over 15%. This is the main factor leading to the total two-way trade turnover reaching 31.67 billion SGD. Thus, the two-way import-export turnover between Singapore and Vietnam is the largest ever.

Although the 2024 results are very positive, local economic experts are still very cautious when assessing the prospects for 2025, especially the impact of geopolitical competition factors between major economies.

Source: https://www.anninhthudo.vn/kim-ngach-xuat-nhap-khau-viet-nam-singapore-dat-muc-ky-luc-post602366.antd