According to the Vietnam Trade Office in Singapore, among Singapore's main import markets such as Taiwan (China), the US, China, Malaysia, South Korea, Japan..., Vietnam currently ranks 18th among Singapore's largest import partners with a turnover of more than SGD 6.28 billion, an increase of 31.55%.
Regarding exports, in the first 9 months of the year, Vietnam was Singapore's 10th export market with a turnover of more than 16.96 billion SGD (down 0.11%).
Regarding the overall balance of Vietnam-Singapore trade, in September 2024, the total import-export turnover between Vietnam and Singapore reached more than SGD 2.19 billion. Meanwhile, exports from Vietnam to Singapore still maintained a high growth rate with a value of SGD 694.4 million, while import turnover decreased sharply by 17.75%, reaching nearly SGD 1.5 billion.
In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore decreased by 9.01%, goods from third countries through Singapore exported to Vietnam accounted for 71% of export turnover, decreased by 20.84% reaching more than 1.06 billion SGD. Although the deficit between imports and exports was nearly 805 million SGD, if only calculating the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam had a trade surplus of nearly 260.76 million SGD.
In the first 9 months of 2024, the two-way import-export turnover between Vietnam and Singapore reached nearly 23.24 billion SGD, an increase of 6.83% over the same period in 2023, of which exports increased sharply by 31.55%, reaching nearly 6.28 billion SGD and imports were more than 16.96 billion SGD, down 0.11%.
In terms of origin of goods, temporarily imported and re-exported goods via Singapore to Vietnam account for nearly 70.17% of the total export turnover from Singapore to Vietnam, equivalent to 10.84 billion SGD. Meanwhile, if only goods originating from Singapore are counted, Vietnam has a trade surplus of about 1.22 billion SGD.
Regarding the export commodity groups from Vietnam to Singapore, in September 2024, all three main export commodity groups of Vietnam to Singapore continued to increase very strongly, even dramatically. Specifically, the group of machinery, equipment, mobile phones, components and spare parts of all kinds increased by 18.54%; Reactors, boilers, machine tools and equipment and spare parts of the above machines increased by 160%; Petroleum and petroleum products increased by 962%.
Some other export industries also had very strong growth such as inorganic chemicals; inorganic or organic compounds of precious metals, rare earth metals, radioactive elements or isotopes increased by more than 17.7 times; Optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds increased by more than 105%.
On the contrary, some groups had quite strong declines such as Petroleum and petroleum products down 71.1%; Animal oil and fat down 56.41%...
Regarding the group of imported goods from Singapore to Vietnam, there was a sharp increase in some groups such as lead and lead products increased nearly 47 times; Vehicles and transport equipment except railway vehicles increased 1.18 times.
However, the three main import groups are machinery, equipment, mobile phones, components and spare parts of all kinds, down 28.36%; the group of reactors, boilers, machine tools and equipment and spare parts of the above machines down 3.29%.
A 41.52% decrease in petroleum and petroleum products was the main reason for the decline in total import turnover from Singapore to Vietnam in September.
According to Mr. Cao Xuan Thang, Trade Counselor, Head of the Vietnam Trade Office in Singapore, Singapore's trade situation with the world in September 2024 still maintained a positive recovery when all three indicators of total two-way turnover and export and import turnover grew positively, however the growth rate slowed down (respectively 0.48%, 0.14% and 0.85%).
Export turnover from Vietnam to Singapore in September 2024 continued its positive growth trend (up 35.23%), thereby maintaining a high growth rate in the first 9 months of 2024 at 31.55% over the same period in 2023.
However, September also continued to witness a sharp decline in imports from Singapore to Vietnam in three important product groups: Machinery, equipment, mobile phones, components and spare parts of all kinds decreased by 28.36%; Reactors, boilers, machine tools and spare parts of the above machines decreased by 3.29%; Petroleum and petroleum products decreased by 41.52% compared to the same period in 2023... This is a sign that needs attention regarding the domestic industrial production situation, especially the FDI enterprise sector in the coming time.
Source: https://baophapluat.vn/viet-nam-tiep-tuc-la-doi-tac-thuong-mai-lon-thu-12-cua-singapore-post529453.html
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