Statistics indicate that exports to Singapore grew by 58.4% worth SGD 876.3 million, the highest since the end of 2022, driven by the electronics and machinery and equipment manufacturing industries. This growth has brought Vietnam up a notch to become the 18th largest export partner to Singapore.
Specifically, all three major export groups of Vietnam to Singapore witnessed an abrupt increase, including machinery, equipment, mobile phones, components and spare parts of all kinds (up 21.39%); reactors, boilers, machine tools and equipment and spare parts of the above machines (up 150%); and petroleum and petroleum products (up 870%).
Some other export groups also recorded very strong growth such as: Glass and glass products (up by more than 177%) and postal items (by nearly 26 times). On the contrary, some commodity groups posted quite strong declines such as rice and cereals (down 46.12%); leather, leather products and travel bags of all kinds (down 34.6%).
August 2024 also witnessed a decline in imports from Singapore to Vietnam, with import turnover dropping by 9.49% (worth more than SGD 1.86 billion), while goods from third countries via Singapore exported to Vietnam (accounting for 68% of export turnover) dropped by 18.87% (SGD 1.26 billion).
In August 2024, the total import-export turnover between Vietnam and Singapore reached nearly US$2.74 billion, a year-on-year rise of 4.89%.
During the past 8 months of this year, the two-way import-export turnover between the two nations hit more than SGD21 billion, up 8.47% on-year, thereby helping Vietnam retain its position as Singapore's 12th largest trading partner.
According to Cao Xuan Thang, trade counselor and head of the Vietnam Trade Office in Singapore, in the context of Singapore's trade with the world still seeing a positive recovery, Vietnam-Singapore trade is maintaining a growth trend.
The Vietnam Trade Office in Singapore will continue to support Vietnamese businesses in connecting trade activities, increasing the presence of Vietnamese goods in the city-island state as well as helping working delegations from Singapore to Vietnam seek sources of goods, and promote industrial investment, trade and service, Thang added.
