Export of goods from Vietnam to Singapore achieved very high growth rate

According to the Vietnam Trade Office in Singapore, in April 2024, the total import and export turnover between Vietnam and Singapore reached over 2.48 billion SGD, an increase of 13.54% compared to the same period in 2023. Of this, exports from Vietnam to Singapore achieved very high growth (55.03%) with a value of 772.82 million SGD, while imports increased by 1.29%, reaching over 1.71 billion SGD.

April: Exports from Vietnam to Singapore achieved very high growth.

In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased sharply by 15.29%, reaching over 639 million SGD; while goods from third countries exported via Singapore to Vietnam (accounting for 63% of export turnover) decreased by 5.56%, reaching over 1.07 billion SGD. Although the deficit between imports and exports is estimated at over 937 million SGD, if only considering the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam has a trade surplus of over 133.2 million SGD.

In the first four months of 2024, bilateral trade between Vietnam and Singapore reached over SGD 10.19 billion, an increase of 6.33% compared to the same period in 2023. Exports increased sharply by 24.72%, reaching over SGD 2.6 billion, while imports recorded nearly SGD 7.59 billion, an increase of 1.21%.

In terms of origin, goods temporarily imported and re-exported via Singapore to Vietnam account for nearly 69% of the total value of goods exported from Singapore to Vietnam, equivalent to SGD 5.23 billion. Meanwhile, if considering only goods originating from Singapore, Vietnam has a trade surplus of approximately SGD 252.44 million.

In April 2024, all three of Vietnam's main export product groups to Singapore saw very strong growth, specifically: machinery, equipment, mobile phones, components and spare parts (up 51.69%); reactors, boilers, machine tools and equipment and spare parts (up 62.44%); and petroleum and petroleum products (up 5.17 times). Several other export sectors also experienced very strong growth, such as iron and steel (up 19.63 times), and rice and grains (up 1.7 times)...

Conversely, 16 out of 21 commodity groups showed positive import growth, with two-thirds of the remaining key import groups showing strong year-on-year increases: reactors, boilers, machine tools and spare parts (up 17.35%); and petroleum and petroleum products (up 27.27%). The group of machinery, equipment, mobile phones, components and spare parts decreased slightly by 4.7%. Several other groups experienced very strong growth, such as: zinc and zinc products (up 5.37 times); iron and steel products (up over 109%); and paper and paper products (up 50.34%).

According to Mr. Cao Xuan Thang, Commercial Counselor and Head of the Vietnamese Trade Office in Singapore, bilateral trade between Vietnam and Singapore in April 2024 maintained a positive growth trend, especially exports to Singapore (up 55.03%). Notably, the rice and grain group continued to maintain a very strong growth rate (more than 1.7 times).

In the coming period, the Trade Office will continue to update information on the situation, mechanisms, and policies of the region; support Vietnamese businesses in connecting with trading partners, showcasing goods, promoting business and product brands, and increasing the presence of Vietnamese goods in the region; support the export of goods to the Singapore market; and support Singaporean business delegations visiting Vietnam to seek sources of goods and promote investment in industry, trade, and services in Vietnam.

Source: https://congthuong.vn/thang-42024-xuat-khau-hang-hoa-tu-viet-nam-sang-singapore-dat-muc-tang-truong-rat-cao-321449.html