Export turnover from Vietnam to Singapore in November 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.
Information from the Vietnam Trade Office in Singapore said that the country's trade situation with the world in November 2024 showed positive signs when all three indicators, total two-way turnover and export and import turnover, all grew positively.
Meanwhile, 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% compared to the same period in 2023, helping Vietnam to be the partner with the largest export growth rate to Singapore (32.11%); followed by Taiwan (China) with 26.70% and India (23.86%).
Statistics from the Singapore Corporate Authority show that in November 2024, Singapore's total import-export turnover with the world reached nearly SGD 110.23 billion, up 5.02% over the same period in 2023; of which exports reached more than SGD 59.39 billion, up 5.1% and imports reached more than SGD 51.83 billion, up 4.93%.
In the 11 months from January 2024 (compared to the same period in 2023), 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 (China) increased by 22.17%; Hong Kong Special Administrative Region (China) increased by 9.72%; Thailand (increased by 6.42%)...
China, Malaysia, the United States and Taiwan are Singapore's four largest trading partners with total trade turnover of SGD 154.33 billion; SGD 126.5 billion; SGD 119.9 billion and SGD 103.87 billion respectively. Vietnam remains Singapore's 11th largest trading partner, with two-way trade turnover reaching over SGD 28.6 billion (US$ 21.03 billion), up 8.53%.
Regarding imports, in the 11 months of 2024, Singapore's main import markets were Taiwan, China, the US, Malaysia, South Korea, Japan... Vietnam currently ranks 18th among Singapore's largest import partners, with a turnover of nearly SGD 7.8 billion (USD 5.73 billion), up 32.11%.
Regarding exports, in the 11 months of 2024, Singapore's main export markets were China, Hong Kong Special Administrative Region, 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 turnover of more than 20.8 billion SGD (15.29 billion USD), up 1.72%.
In November 2024, the total import-export turnover between Vietnam and Singapore reached more than 2.52 billion SGD (1.85 billion USD), 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, while import turnover also grew positively at 1.17%, reaching more than 1.81 billion 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.
Regarding the export commodity groups from Vietnam to Singapore, in November 2024, all three main export commodity groups from Vietnam to Singapore continued to increase very strongly, even dramatically. Specifically, the group of 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 industries 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 group of imported goods from Singapore to Vietnam, November 2024 showed a strong growth of 2/3 of the main import groups, which were reactors, boilers, machine tools and spare parts of the above machines (up 36.54%); and the group of petroleum and petroleum products (up 58.1%).
However, the import group with the highest turnover is 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 products made of lead (up 59 times), alcohol and beverages (up 1.1 times)...
On the contrary, some industry groups decreased quite sharply such as aircraft, spacecraft and parts (down 63.28%), chemical products (down 48.84%).
According to Mr. Cao Xuan Thang, Commercial Counselor, Head of the Vietnam Trade Office in Singapore, in 2025, it is forecasted that the global and regional economies will continue to face many difficulties and challenges. Vietnamese enterprises need to continue to promote trade connections, promote business and product brands, and increase the search for partners... with diverse forms of support from the Vietnam Trade Office in Singapore./.
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