According to the Vietnam Trade Office in Singapore, Singapore's total import-export turnover in September 2024 reached 103.9 billion SGD, an increase of 0.48% over the same period in 2023.
In the first 9 months of 2024, Singapore's total import and export turnover reached nearly SGD 953.15 billion, up 6.73% over the same period in 2023. Exports reached more than SGD 500.2 billion (up 5.91%) and imports reached more than SGD 452.93 billion (up 7.64%). This shows sustainable growth in Singapore's trade relations with the world, especially with major partners such as China, Malaysia, the US and Taiwan (China).
Singapore’s major trading partners remained important. China was the largest trading partner with a total turnover of SGD 125.5 billion, followed by Malaysia (SGD 103.97 billion), the US (SGD 98 billion) and Taiwan (China) with SGD 84 billion. Notably, trade turnover between Singapore and Taiwan (China) increased by 21.48% over the same period, showing the strong development of economic relations between the two sides.
In the overall picture of Singapore's trade relations, Vietnam is currently the 12th largest trading partner with two-way turnover reaching more than SGD 23.2 billion, up 6.83% over the same period in 2023. This reflects the positive development in economic relations between the two countries, while affirming the importance of Vietnam in Singapore's trade strategy.
In terms of imports, Vietnam ranks 18th among Singapore's largest partners, with import turnover from Vietnam reaching over SGD 6.28 billion, up 31.55%. This shows that Vietnam is increasing its presence in the Singapore market, especially in key export sectors.
In September 2024, the total import-export turnover between Vietnam and Singapore reached more than 2.19 billion SGD, down 6.11% over the same period in 2023. However, exports from Vietnam to Singapore still increased sharply, reaching 694.4 million SGD, up 35.23%. Meanwhile, import turnover decreased significantly, reaching only nearly 1.5 billion SGD, down 17.75%.
The decline in imports from Singapore to Vietnam was mainly due to the decline in key commodity groups such as machinery, equipment, mobile phones, components and spare parts of all kinds (down 28.36%); reactors, boilers, machine tools and spare parts (down 3.29%); and petroleum and petroleum products (down 41.52%). These are notable signs of the domestic industrial production situation, especially for FDI enterprises.
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| In terms of imports, Vietnam ranks 18th among Singapore's largest partners. (Illustration photo) |
September 2024 witnessed strong growth in key export groups from Vietnam to Singapore, including machinery, equipment, mobile phones, components and spare parts (up 18.54%); reactors, boilers and spare parts (up 160%); and petroleum and petroleum products (up 962%).
Several other industry groups also saw impressive growth, such as inorganic chemicals and precious metal compounds (up 17.7 times), optical machines, measuring instruments, medical equipment and accessories (up 105%). These figures show the strength of Vietnam's export industries and the great potential in the Singapore market.
Despite strong growth in some commodity groups such as lead and lead products (up 47 times), vehicles and transport equipment (up 1.18 times), total import turnover from Singapore to Vietnam in September 2024 decreased due to the decline in key commodity groups. This poses a big challenge for domestic enterprises, especially in the context of many difficulties in the global economy.
According to Mr. Cao Xuan Thang, Trade Counselor and Head of the Vietnam Trade Office in Singapore, Singapore's trade situation in September 2024 maintained a positive recovery, but the growth rate slowed down. In that context, export turnover from Vietnam to Singapore continued to increase strongly, contributing to the positive development of trade relations between the two countries.
However, the decline in imports from Singapore to Vietnam, especially in important product groups, is a signal that needs attention. This may affect the domestic industrial production situation, especially foreign-invested enterprises (FDI).
In the coming time, the Vietnam Trade Office in Singapore will continue to support Vietnamese businesses in connecting trade, displaying goods and promoting their brands in Singapore. At the same time, the Trade Office will also support working groups from Singapore to Vietnam to seek sources of goods and promote investment in areas such as aquaculture, meat and chicken eggs.
Trade between Vietnam and Singapore in September 2024 continued to record positive results in many sectors, especially exports from Vietnam to Singapore. Despite import challenges, both countries are making efforts to promote bilateral economic relations through many trade and investment promotion activities. The future cooperation prospects promise great potential for development, especially when businesses from both sides continue to take advantage of trade and investment opportunities.
Source: https://congthuong.vn/xuat-nhap-khau-viet-nam-singapore-duy-tri-tang-truong-trong-thang-92024-354526.html
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