Trade surplus with Singapore increased sharply in 11 months of 2024

In terms of export turnover, goods originating from Singapore reached more than 23.44 billion SGD (down 5.6%) and goods originating from third countries reached more than 34.95 billion SGD (up 13.74%), accounting for 40.15% and 59.85% of Singapore's total export turnover, respectively.

In the 11 months of 2024, Singapore's total import and export turnover with the world reached more than SGD 1,170.45 billion, an increase of 5.64% over the same period in 2023, of which exports were nearly SGD 614.6 billion (up 4.9%) and imports were more than SGD 555.8 billion (up 6.47%).

In the 11 months of 2024 (compared to the same period in 2023), the import-export turnover between Singapore and most of its largest partners (11/15 partners) grew positively, some partners had strong growth in turnover such as Taiwan (up 22.17%); Hong Kong (up 9.72%), Thailand (up 6.42%)... China, Malaysia, the US and Taiwan are Singapore's 4 largest trading partners with total trade turnover of: 154.33 billion SGD; 126.5 billion SGD; 119.9 billion SGD and 103.87 billion SGD, respectively.

After 11 months of 2024, Vietnam maintained its position as Singapore's 11th largest trading partner, with two-way trade turnover of more than SGD 28.6 billion, an increase of 8.53%.

Regarding imports: In the 11 months of 2024, Singapore's main import markets were Taiwan, China, the US, Malaysia, South Korea, Japan, etc. Vietnam currently ranks 18th among Singapore's largest import partners. 11/20 of Singapore's import partners had positive import growth, some partners had high growth rates such as Taiwan (up 26.7%); Australia (15.26%); India (23.86%)... Taiwan continues to be the largest import market with a turnover of more than SGD 75.45 billion, up 26.7%. Followed by China (2nd) and the US (3rd) with turnovers of SGD 68.57 billion (down 6.14%) and SGD 67.8 billion (up 6.18%), respectively. Vietnam is Singapore's 18th largest import market with a turnover of nearly SGD 7.8 billion (up 32.11%).

Regarding exports: In the first 11 months of 2024, Singapore's main export markets were China, Hong Kong, and Malaysia with turnover reaching 85.76 billion SGD (up 7.13%), 66.39 billion SGD (up 8.16%) and 64.33 billion SGD (up 16.32%) respectively... Vietnam is Singapore's 10th export market with a turnover of more than 20.8 billion SGD (up 1.72%).

In November 2024, the total import-export turnover between Vietnam and Singapore reached more than 2.52 billion SGD, an increase of 8.22% over the same period in 2023. Exports from Vietnam to Singapore still maintained a very high growth rate (31.32%) with a value of 717.27 million SGD, import turnover also grew positively at 1.17%, reaching more than 1.81 billion SGD.

In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased by 16.61%, reaching more than 520.2 million SGD; goods from countries 3 through Singapore exported to Vietnam (accounting for 71% of export turnover) decreased by 3.95%, reaching more than 1.29 billion SGD. If only calculating the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam had a trade surplus of more than 196.9 million SGD.

In the first 11 months of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than 28.6 billion SGD, an increase of 8.53% over the same period in 2023, of which exports increased sharply by 32.11%, reaching nearly 7.8 billion SGD and imports were more than 20.8 billion SGD, an increase of 1.72%.

In terms of origin of goods, temporarily imported and re-exported goods via Singapore to Vietnam account for nearly 69.74% of the total export turnover from Singapore to Vietnam, equivalent to 14.5 billion SGD. If we only count goods originating from Singapore, Vietnam has a trade surplus of about 1.5 billion SGD.

Regarding the export commodity groups from Vietnam to Singapore, in November 2024, all three main export commodity groups of Vietnam to Singapore continued to increase very strongly, even dramatically, specifically: Machinery, equipment, mobile phones, components and spare parts of all kinds (up 52.57%); Reactors, boilers, machine tools and equipment and spare parts of the above types of machines (up 95.93%); Glass and glass products (up 77.98%). Some other export commodity groups also had very strong growth such as: Toys, game equipment, sports equipment and tools (up more than 138%); Aluminum and aluminum products (up more than 89.79%)...

Regarding the import groups from Singapore to Vietnam, November showed a strong growth of 2/3 of the main import groups, which were Reactors, Boilers, Machine Tools and Equipment and Spare Parts of the above machines (up 36.54%); and Petroleum and Petroleum Products (up 58.1%). However, the import group with the highest turnover was Machinery, Equipment, Mobile Phones, Components and Spare Parts of All Kinds, which decreased by -19.52%; Some other groups continued to increase dramatically such as: Lead and Lead Products (up 59 times), Wine and Beverages (up 1.1 times)... On the contrary, some groups decreased quite strongly such as: Aircraft, Spacecraft & Parts (down 63.28%), Chemical Products (down 48.84%).

According to Mr. Cao Xuan Thang, Trade Counselor, Head of the Vietnam Trade Office in Singapore, Singapore's trade situation with the world in November 2024 showed positive signs when all three indicators of total two-way turnover and export and import turnover grew positively at a fairly good level, reaching 5.02%, 5.1% and 4.93% respectively.

Export turnover from Vietnam to Singapore in November 2024 continued its positive growth trend (up 31.32%), thereby maintaining the growth rate for the first 11 months of 2024 at 32.11% over the same period in 2023.

Vietnam is currently the country with the largest export growth rate to Singapore (32.11%); followed by Taiwan ($26.70) and India (23.86%).

In 2025, it is forecasted that the global and regional economies will continue to face many new difficulties and challenges. The Trade Office will continue to update the situation, mechanisms and policies of the locality; support Vietnamese enterprises in connecting trade, displaying goods, promoting business brands and product brands, increasing the presence of Vietnamese goods in the locality; support the export of goods to the Singapore market; support delegations of partners from Singapore to Vietnam to find sources of goods, open markets, promote industrial, trade and service investment in Vietnam.

Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/xuat-sieu-vao-singapore-tang-manh-trong-11-thang-nam-2024.html