Export of goods from Vietnam to Singapore increased by 27.03%

In the first 7 months of 2024, two-way import-export turnover between Vietnam and Singapore reached more than 18.32 billion SGD, of which exports increased sharply at 27.03%.

Both exports and imports increased.

Information from Vietnam Trade in Singapore, in July 2024, the total import-export turnover between Vietnam and Singapore reached more than 3.1 billion SGD, an increase of 20.91% over the same period in 2023.

Of which, exports from Vietnam to Singapore continued to achieve high growth (36.25%) with a value of 763.9 million SGD, import turnover also grew at a high rate (16.7%), reaching more than 2.38 billion SGD.

Regarding the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased by 2.11%, reaching more than 601.4 million SGD; while goods from third countries exported to Vietnam through Singapore (accounting for 75% of export turnover) increased by 22.6%, reaching more than 1.78 billion SGD.

Although the deficit between imports and exports is estimated at more than 1.62 billion SGD, if only calculating the trade balance between Vietnamese goods and goods originating from Singapore, Vietnam has a trade surplus of more than 162.4 million SGD.

In the first 7 months of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than 18.32 billion SGD, an increase of 9.02% over the same period in 2023, of which exports increased sharply by 27.03%, reaching more than 4.7 billion SGD and imports were more than 13.61 billion SGD, an increase of 3.93%.

In terms of origin of goods, temporarily imported and re-exported goods via Singapore to Vietnam account for nearly 70.34% of the total export turnover from Singapore to Vietnam, equivalent to 9.57 billion SGD. Meanwhile, if only goods originating from Singapore are counted, Vietnam has a trade surplus of about 669 million SGD.

Phones are one of the main export items to Singapore (Illustration photo)

Regarding the export commodity groups from Vietnam to Singapore, in July 2024, all three main export commodity groups of Vietnam to Singapore continued to increase sharply. Specifically, the group of machinery, equipment, mobile phones, components and spare parts of all kinds (up 22.86%); reactors, boilers, machine tools and equipment and spare parts of the above types of machines (up 68.21%); glass and glass products (up 94.61%).

Some other export industries also had very strong growth such as: Iron and steel (increased more than 12 times); optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds (increased 3 times)...

On the contrary, some groups had quite sharp declines such as paper and paper products (down 35.86%); clothing (down 23.65%)...

Regarding the groups of imported goods from Singapore to Vietnam, 16/21 groups of goods had positive import growth, of which the main import groups increased compared to the same period: Machinery, equipment, mobile phones, components and spare parts of all kinds (up 30.84%); reactors, boilers, machine tools and equipment and spare parts of the above machines (up 53.28%); gasoline and petroleum products (up 1.05%).

Some other groups have very strong increases such as: Tobacco and tobacco substitutes (increased 1.5 times); pearls, gemstones, and jewelry products (increased nearly 2.27 times)...

Vietnam is currently Singapore's 9th largest export market with a turnover of over SGD 13.61 billion (up 3.93%). At the same time, it is Singapore's 19th largest import market with a turnover of over SGD 4.7 billion (up 27.03%).

Efforts to better support Vietnamese businesses

Mr. Cao Xuan Thang - Commercial Counselor, Head of Vietnam Trade Office in Singapore said that on August 13, 2024, the Singapore Ministry of Trade and Industry (MTI) narrowed the country's GDP growth forecast for the whole year of 2024 to "2% to 3%", instead of the old forecast of "1% to 3%".

The forecast range is based on Singapore’s assessment that the global economic environment is expected to remain challenging in the second half of 2024. Among major economies, growth in the US is expected to slow as rising borrowing costs weigh on domestic demand. Meanwhile, the Eurozone and UK economies are expected to stagnate as the effects of tighter monetary policy weigh on consumer spending and investment. In China, growth is expected to weaken further as a result of a prolonged property market correction.

In terms of risk factors, Singapore assesses the key risks to its economic outlook, including: The global economic recovery is not yet fully sustainable, global geopolitical volatility and volatility in financial markets. These risks could affect Singapore's export demand and financial stability.

Against this backdrop, Singapore’s economic outlook remains supported by a number of factors, notably strong demand for high-end electronics (such as AI-related chips), which is expected to support the growth of the electronics manufacturing sector. In addition, the rising trend of global tourism will also support Singapore’s tourism industry. As a result, MTI has forecasted a better-case growth scenario and narrowed the forecast range more accurately than at the beginning of the year.

After many months of decline or low growth, Singapore's trade with the world in July 2024 grew strongly with all turnover indicators growing by over 10%. Contributing to that result, two-way trade turnover between Vietnam and Singapore in July 2024 also continued to maintain a very good growth trend, especially export turnover to Singapore increased by 36.25%. In the first 7 months, Vietnam's export turnover to Singapore increased by 27.03% over the same period in 2023.

To better support Vietnamese enterprises, in the coming time, the Vietnam Trade Office in Singapore will continue to update the situation, mechanisms and policies of the locality; support Vietnamese enterprises in connecting trade, displaying goods, promoting Vietnamese business brands and product brands, increasing the presence of Vietnamese goods in the locality; support the export of goods to the Singapore market; support working delegations from Singapore to Vietnam to find sources of goods, promote industrial, trade and service investment in Vietnam.

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