Export of goods from Vietnam to Singapore achieved very high growth

According to the Vietnam Trade Office in Singapore, in April 2024, the total import-export turnover between Vietnam and Singapore reached more than 2.48 billion SGD, an increase of 13.54% over the same period in 2023, of which, the export of goods from Vietnam to Singapore achieved a very high growth rate (55.03%) with a value of 772.82 million SGD, the import turnover of goods increased by 1.29%, reaching more than 1.71 billion SGD.

April: Exports from Vietnam to Singapore achieved very high growth

In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased sharply by 15.29%, reaching more than 639 million SGD; while goods from countries 3 through Singapore exported to Vietnam (accounting for 63% of export turnover) decreased by 5.56%, reaching more than 1.07 billion SGD. Although the deficit between imports and exports is estimated at more than 937 million SGD, if only calculating the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam has a trade surplus of more than 133.2 million SGD.

In the first 4 months of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than 10.19 billion SGD, an increase of 6.33% over the same period in 2023, of which exports increased sharply by 24.72%, reaching more than 2.6 billion SGD and imports recorded nearly 7.59 billion SGD, an increase of 1.21%.

In terms of origin of goods, temporarily imported and re-exported goods via Singapore to Vietnam account for nearly 69% of the total export turnover from Singapore to Vietnam, equivalent to 5.23 billion SGD. Meanwhile, if only goods originating from Singapore are counted, Vietnam has a trade surplus of about 252.44 million SGD.

In April 2024, all three main export groups of Vietnam to Singapore increased sharply, specifically: machinery, equipment, mobile phones, components and spare parts of all kinds increased by 51.69%; reactors, boilers, machine tools and equipment and spare parts of the above machines (increased by 62.44%); petroleum and petroleum products (increased by 5.17 times). Some other export groups had very strong growth such as iron and steel (increased by 19.63 times), rice and cereals (increased by 1.7 times)...

On the contrary, 16/21 groups of goods had positive import growth, of which 2/3 of the remaining main import groups increased compared to the same period, including reactors, boilers, machine tools and spare parts of the above machines, which continued to increase sharply (up 17.35%); gasoline and petroleum products (up 27.27%). The group of machinery, equipment, mobile phones, components and spare parts of all kinds decreased slightly by 4.7%. Some other groups had very strong increases such as: Zinc and zinc products (up 5.37 times); iron and steel products (up more than 109%); paper and paper products (up 50.34%)...

According to Mr. Cao Xuan Thang - Trade Counselor, Head of Vietnam Trade Office in Singapore, two-way trade turnover between Vietnam and Singapore in April 2024 still maintained a positive growth trend, especially exports to Singapore (up 55.03%). Notably, the rice and cereal group continued to maintain a very strong growth rate (more than 1.7 times).

In the coming time, 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 Singaporean business delegations to Vietnam to find sources of goods, promote industrial, trade and service investment in Vietnam.

Source: https://congthuong.vn/thang-42024-xuat-khau-hang-hoa-tu-viet-nam-sang-singapore-dat-muc-tang-truong-rat-cao-321449.html