In January 2024, Vietnam rose to become Singapore's 10th largest trading partner, with two-way trade turnover of more than SGD 2.9 billion, an increase of 18.08%.
The group of goods with the largest export turnover to Singapore is machinery, equipment, mobile phones, components and spare parts of all kinds, growing very strongly, reaching 255.2 million SGD, an increase of 50.62% - Illustrative photo
According to the Vietnam Trade Office in Singapore, in January 2024, import-export turnover between Singapore and most major partners recovered and grew positively, with some partners having strong turnover growth such as Switzerland (up 135.87%); Hong Kong (up 55.27%), South Korea (up 34.44%)...
For Vietnam, in January 2024, Vietnam rose to become Singapore's 10th largest trading partner, with two-way trade turnover of more than SGD 2.9 billion, an increase of 18.08%.
Of which, Vietnam is Singapore's 8th export market with a turnover of 2.23 billion SGD, up 14.79% and is the 17th largest import partner out of 20 largest import partners of Singapore with a turnover of 678.8 million SGD (up 30.34%).
Mr. Cao Xuan Thang, Commercial Counselor, Head of the Vietnam Trade Office in Singapore, said that in the structure of goods exported from Singapore to Vietnam, goods originating from Singapore reached 513.35 million SGD, down 9.85% and goods from third countries through Singapore exported to Vietnam reached 1.71 billion SGD (accounting for 77%), up 25.04%.
“Although the trade surplus is estimated at nearly 1.55 billion SGD, if we only consider the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam has a trade surplus of about 165.49 million SGD,” Mr. Thang informed.
Machinery and mobile phone equipment exported to Singapore increased by more than 50%
Regarding export product groups, the Trade Office said that in January 2024, most of the main product groups exported by Vietnam to Singapore grew positively, of which many groups had quite strong growth such as: Iron and steel (increased more than 30 times); salt, sulfur, soil and stone, gypsum, lime and cement (increased 1.22 times); animal oil and fat (increased 85.32%).
Notably, the industry group with the largest export turnover is machinery, equipment, mobile phones, components and spare parts of all kinds, which grew very strongly (reaching 255.2 million SGD, an increase of 50.62%).
In contrast, the largest group of goods imported from Singapore by Vietnam is: Machinery, equipment, mobile phones, components and spare parts of all kinds, up 19.82% over the same period, and the group of Reactors, boilers, machine tools and equipment and spare parts of all kinds of machines, up 31.9% over the same period.
The remaining product groups all achieved high growth rates (over 20%), especially some groups with very strong growth rates such as: Pearls, gemstones, and jewelry products (increased by more than 2.34 times); cigarettes and tobacco substitutes (increased by more than 1.7 times); optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds (increased by nearly 1.6 times)...
Vietnam becomes Singapore's 10th largest trading partner
Analyzing and evaluating the prospects for trade cooperation between Vietnam and Singapore in 2024, Mr. Cao Xuan Thang said that Singapore's trade situation with the world in the first month of 2024 showed quite positive signals when all indicators of total two-way turnover and import-export turnover increased well at double-digit levels (14.06%, 16.74% and 11.06%, respectively). However, the long-term outlook for the whole year of 2024 still has many potential difficulties because the Singaporean Government is still very cautious about negative factors that will persist (at least until the end of the first half of 2024).
In the first month of the year, all three import-export turnover indicators between the two countries increased sharply and reached the highest level since 2020, making Vietnam the 10th largest trading partner (up 1 rank) and the 17th largest import partner (up 4 ranks) and the 8th largest export partner (up 2 ranks) of Singapore. The positive point is that the growth rate is quite even among industries and sectors, not just focusing on key industries.
In 2024, to promote export growth to Singapore, the Trade Office will continue to update the situation, mechanisms and policies of the locality; support Vietnamese enterprises to connect trade, export goods to the Singapore market as well as support Singaporean business delegations to Vietnam to find sources of goods, promote industrial, trade and service investment in Vietnam.
Source: https://baochinhphu.vn/viet-nam-tro-thanh-doi-tac-thuong-mai-lon-thu-10-cua-singapore-102240222200900428.htm
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