Vietnam's exports to Singapore in November continued their positive growth trend (up 31.32%), thus maintaining the 11-month growth rate of 32.11% in 2024 compared to the same period in 2023.
Information from the Vietnam Trade Office in Singapore indicates that the country's trade situation with the world in November 2024 showed positive signs, with all three indicators – total bilateral trade and export and import turnover – showing positive growth.
Meanwhile, Vietnam's exports to Singapore in November 2024 continued their positive growth trend (up 31.32%), maintaining the 11-month growth rate of 32.11% compared to the same period in 2023. This makes Vietnam the fastest-growing export partner to Singapore (32.11%); followed by Taiwan (China) with 26.70% and India (23.86%).
Statistics from the Singapore Enterprise Agency show that in November 2024, Singapore's total import and export turnover with the world reached nearly S$110.23 billion, an increase of 5.02% compared to the same period in 2023; of which exports reached over S$59.39 billion, an increase of 5.1%, and imports reached over S$51.83 billion, an increase of 4.93%.
In the 11 months from January 2024 (compared to the same period in 2023), trade turnover between Singapore and most of its largest partners (11 out of 15 partners) showed positive growth. Some partners experienced strong growth, such as Taiwan (China) with a 22.17% increase; Hong Kong Special Administrative Region (China) with a 9.72% increase; and Thailand (6.42% increase).
China, Malaysia, the United States, and Taiwan are Singapore's four largest trading partners, with total trade turnovers of SGD 154.33 billion, SGD 126.5 billion, SGD 119.9 billion, and SGD 103.87 billion respectively. Vietnam ranks as Singapore's 11th largest trading partner, with bilateral trade reaching over SGD 28.6 billion (USD 21.03 billion), an increase of 8.53%.
Regarding imports, in the first 11 months of 2024, Singapore's main import markets were Taiwan, China, the United States, Malaysia, South Korea, Japan, etc. Vietnam currently ranks 18th among Singapore's largest import partners, with a trade value of nearly SGD 7.8 billion (USD 5.73 billion), an increase of 32.11%.
Regarding exports, in the first 11 months of 2024, Singapore's main export markets were China, Hong Kong Special Administrative Region, and Malaysia, with export values reaching S$85.76 billion (up 7.13%), S$66.39 billion (up 8.16%), and S$64.33 billion (up 16.32%) respectively. Vietnam was Singapore's 10th largest export market with an export value of over S$20.8 billion (US$15.29 billion), an increase of 1.72%.
In November 2024, total trade between Vietnam and Singapore reached over SGD 2.52 billion (USD 1.85 billion), an increase of 8.22% compared to the same period in 2023. Exports from Vietnam to Singapore maintained a very high growth rate (31.32%) with a value of SGD 717.27 million, while imports also showed positive growth at 1.17%, reaching over SGD 1.81 billion. For the first 11 months of 2024, two-way trade between Vietnam and Singapore reached over SGD 28.6 billion, an increase of 8.53% compared to the same period in 2023.
Regarding export sectors from Vietnam to Singapore, in November 2024, all three key export groups from Vietnam to Singapore continued to experience very strong, even dramatic, growth. Specifically, machinery, equipment, mobile phones, components and spare parts (up 52.57%); reactors, boilers, machine tools and equipment and spare parts for these machines (up 95.93%); and glass and glass products (up 77.98%).
Several other export sectors also experienced very strong growth, such as toys, game equipment, and sporting goods (up over 138%); aluminum and aluminum products (up over 89.79%)...
Regarding the categories of goods imported from Singapore to Vietnam, November 2024 showed strong growth in two of the three main import groups: reactors, boilers, machine tools and spare parts (up 36.54%); and petroleum and petroleum products (up 58.1%).
However, the group with the highest import value, machinery, equipment, mobile phones, components and spare parts, decreased by -19.52%. Some other sectors continued to experience sharp increases, such as lead and lead products (up 59 times), and wine and beverages (up 1.1 times)...
Conversely, some sectors experienced significant declines, such as aircraft, spacecraft and parts (down 63.28%), and chemical products (down 48.84%).
According to Mr. Cao Xuan Thang, Commercial Counselor and Head of the Vietnamese Trade Office in Singapore, the global and regional economies are projected to continue facing many difficulties and challenges in 2025. Vietnamese businesses need to continue strengthening trade connections, promoting corporate and product brands, and actively seeking partners… with diverse forms of support from the Vietnamese Trade Office in Singapore.
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