According to the Vietnam Trade Office in Singapore, Singapore's total import and export turnover in September 2024 reached SGD 103.9 billion, an increase of 0.48% compared to the same period in 2023.
In the first nine months of 2024, Singapore's total import and export value reached nearly S$953.15 billion, a 6.73% increase compared to the same period in 2023. Exports totaled over S$500.2 billion (a 5.91% increase) and imports totaled over S$452.93 billion (a 7.64% increase). This demonstrates sustained growth in Singapore's trade relations with the world , particularly with major partners such as China, Malaysia, the United States, and Taiwan (China).
Singapore's major trading partners remain important. China is the largest trading partner with a total trade value of SGD 125.5 billion, followed by Malaysia (SGD 103.97 billion), the United States (SGD 98 billion), and Taiwan (China) at SGD 84 billion. Notably, trade between Singapore and Taiwan (China) increased by 21.48% year-on-year, demonstrating the strong growth of economic relations between the two sides.
In the overall picture of Singapore's trade relations, Vietnam is currently its 12th largest trading partner, with bilateral trade reaching over SGD 23.2 billion, a 6.83% increase compared to the same period in 2023. This reflects the positive development in economic relations between the two countries and affirms Vietnam's importance in Singapore's trade strategy.
In terms of imports, Vietnam ranks 18th among Singapore's largest trading partners, with imports from Vietnam reaching over SGD 6.28 billion, an increase of 31.55%. This shows that Vietnam is increasing its presence in the Singapore market, especially in key export sectors.
In September 2024, total trade between Vietnam and Singapore reached over SGD 2.19 billion, a decrease of 6.11% compared to the same period in 2023. However, exports from Vietnam to Singapore still increased sharply, reaching SGD 694.4 million, a 35.23% increase. Meanwhile, imports decreased significantly, reaching only nearly SGD 1.5 billion, a 17.75% decrease.
The decline in imports from Singapore to Vietnam was mainly due to a decrease in key product groups such as machinery, equipment, mobile phones, components and spare parts (down 28.36%); reactors, boilers, machine tools and equipment and spare parts (down 3.29%); and petroleum and petroleum products (down 41.52%). These are noteworthy indicators of the domestic industrial production situation, especially for FDI enterprises.
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| In terms of imports, Vietnam ranks 18th among Singapore's largest trading partners. (Illustrative image) |
September 2024 witnessed strong growth in key export categories from Vietnam to Singapore, including machinery, equipment, mobile phones, components and spare parts (up 18.54%); reactors, boilers and spare parts (up 160%); and petroleum and petroleum products (up 962%).
Several other sectors also saw impressive growth, such as inorganic chemicals and precious metal compounds (up 17.7 times), optical instruments, measuring instruments, medical equipment and accessories (up 105%). These figures demonstrate the strength of Vietnam's export industries and the significant potential in the Singapore market.
Despite strong growth in some product groups such as lead and lead products (up 47 times), and vehicles and transport equipment (up 1.18 times), total imports from Singapore to Vietnam in September 2024 decreased due to a decline in key product categories. This poses a significant challenge for domestic businesses, especially in the context of a challenging global economy.
According to Mr. Cao Xuan Thang, Commercial Counselor and Head of the Vietnamese Trade Office in Singapore, Singapore's trade situation in September 2024 maintained a positive recovery, but the growth rate slowed down. In this context, exports from Vietnam to Singapore continued to increase strongly, contributing to the positive development of trade relations between the two countries.
However, the decline in imports from Singapore to Vietnam, particularly in key sectors, is a cause for concern. This could impact domestic industrial production, especially for foreign-invested enterprises (FDI).
In the coming period, the Vietnam Trade Office in Singapore will continue to support Vietnamese businesses in connecting with trading partners, showcasing goods, and promoting brands in Singapore. At the same time, the Trade Office will also support delegations from Singapore visiting Vietnam to seek sources of goods and promote investment in sectors such as aquaculture, meat, and chicken eggs.
Trade between Vietnam and Singapore in September 2024 continued to record positive results across many sectors, particularly exports from Vietnam to Singapore. Despite import challenges, both countries are striving to boost bilateral economic relations through various trade and investment promotion activities. The prospects for future cooperation hold great potential for development, especially as businesses from both sides continue to capitalize on trade and investment opportunities.
Source: https://congthuong.vn/xuat-nhap-khau-viet-nam-singapore-duy-tri-tang-truong-trong-thang-92024-354526.html
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