Vietnam’s exports to Singapore increase sharply

– In the first two months of 2024, Vietnam continued to hold its position as Singapore’s 10th largest trading partner, with two-way trade turnover of more than 5.17 billion Singapore dollars (SGD), an increase of 4.18%.

According to the Vietnam Trade Office in Singapore, in February 2024, the total import-export turnover between Vietnam and Singapore reached more than 2.26 billion SGD, down 9.48% over the same period in 2023. Notably, exports from Vietnam to Singapore continued to maintain positive growth (8.05%), reaching 550.6 million SGD, while import turnover decreased by nearly 14%, reaching more than 1.71 billion SGD.

In the first two months of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than 5.17 billion SGD, up 4.18% over the same period in 2023, of which exports increased sharply by 19.32%, reaching nearly 1.23 billion SGD and imports were nearly 3.94 billion SGD, up 0.21%.

Notably, in February, a series of export groups to Singapore had very strong growth rates such as: iron and steel (up 32.85 times), petroleum and petroleum products (up nearly 1.45 times). In addition, all three main export groups increased: machinery, equipment, mobile phones, components and spare parts of all kinds (up 5.04%); reactors, boilers, machine tools and equipment and spare parts of the above machines (up 22%); petroleum and petroleum products (up nearly 1.45 times).

On the contrary, some groups had quite strong declines such as iron and steel products (down 71.54%); glass and glass products (down 49.59%); Plastics and plastic products (down 36.56%)…

Regarding the import groups from Singapore to Vietnam, the Vietnam Trade Office in Singapore said that 11/21 groups had negative import turnover, of which 2/3 of the main import groups decreased sharply compared to the same period: machinery, equipment, mobile phones, components and spare parts of all kinds (down 22.64%) and reactors, boilers, machine tools and equipment and spare parts of the above machines (down 26.7%).

On the contrary, some groups had very strong increases such as: zinc and zinc products (up 1.26 times); pearls, precious stones, and jewelry products (up 206.34%); cigarettes and tobacco substitutes (up 80.38%).

According to the Vietnam Trade Office in Singapore, the trade situation in February and the first two months of 2024 between Singapore and the world still maintained quite positive signs of recovery from the end of 2023 when all indicators of total two-way turnover and export and import turnover all grew positively (3.51%, 1.72% and 5.62%, respectively).

Although the two-way trade turnover between Vietnam and Singapore in February 2024 decreased compared to the same period (down 9.48%), the positive point is that the export turnover from Vietnam to Singapore still maintained a fairly good growth rate (up 8.05%) and was quite even in all product groups.

The Trade Office said that in order to better support Vietnamese enterprises, in the coming time, it will continue to update the situation, mechanisms and policies of the locality; support Vietnamese enterprises to connect trade and export goods to the Singapore market; support Singaporean business delegations to Vietnam to seek sources of goods, promote industrial, trade and service investment in Vietnam.

At the meeting on March 20, Minister of Industry and Trade Nguyen Hong Dien and Singaporean Minister of Industry and Trade Tan See Leng both highly appreciated the economic and trade cooperation between Vietnam and Singapore in recent times, which is a bright spot for effective and mutually beneficial bilateral economic cooperation in the Southeast Asian region.

In particular, besides traditional areas such as trade in goods, cooperation between the two countries is being expanded in a diverse and sustainable direction, in line with current trends such as energy transition, digital economy, digital transformation, green economy, etc.

According to the Ministry of Industry and Trade, Singapore is currently Vietnam’s 4th largest trading partner in ASEAN and the second largest foreign investor in Vietnam.

In 2023, Vietnam and Singapore signed a Memorandum of Understanding to upgrade the Vietnam-Singapore Economic Connectivity Framework Agreement, in which energy cooperation between Vietnam and Singapore has become one of the five pillars of economic cooperation.

Trade turnover between the two countries has grown steadily in recent times. In 2023, the total import-export turnover between the two countries reached 9.1 billion USD, of which exports reached 4.4 billion USD and imports reached 4.7 billion USD.

Source: Haiquanonline