Increase two-way import-export turnover between Vietnam and Singapore

According to data from the Vietnam Trade Office in Singapore, two-way trade turnover between Vietnam and Singapore in March 2024 continued to show positive signs, especially exports to Singapore still maintained a good increase. .

Notably, the very strong increase in rice and cereal products (increased nearly 2 times) brought Vietnamese rice products to occupy the largest market share in Singapore for the first time.

In March 2024, total import-export turnover between Vietnam and Singapore reached more than 2.54 billion SGD (1.87 billion USD), an increase of 4.29% over the same period in 2023. Exports from Vietnam to Singapore continued to maintain high growth (up 7.69%), reaching 603.3 million SGD. Import turnover also increased by 3.27%, reaching more than 1.93 billion SGD.

In the structure of goods exported from Singapore to Vietnam, goods originating from Singapore increased sharply at 15.96%, reaching more than 673 million SGD; while goods from third countries exported to Vietnam through Singapore (accounting for 65% of export turnover) decreased slightly at 2.41%, reaching more than 1.26 billion SGD.

Although the deficit between imports and exports is estimated at more than 1.33 billion SGD, if we only consider the trade balance between Vietnamese goods and goods originating in Singapore, Vietnam’s trade deficit is about nearly 70,000. 1 million SGD.

Overall, in the first 3 months of 2024, two-way import-export turnover between Vietnam and Singapore reached more than 7.71 billion SGD, an increase of 4.21% over the same period in 2023, of which exports increased sharply at 15%, 22%, reaching more than 1.83 billion SGD and imports reached nearly 5.89 billion SGD, an increase of 1.2%. Vietnam continues to hold its position as Singapore’s 10th largest trading partner.

In terms of goods origin, temporarily imported goods re-exported through Singapore to Vietnam account for 70.85% of the total export turnover from Singapore to Vietnam, equivalent to 4.1 billion SGD. Meanwhile, if only goods originating from Singapore are counted, Vietnam’s trade surplus is about 119.21 million SGD.

Among Vietnam’s three main export product groups to Singapore, only machinery, equipment, mobile phones, components and spare parts of all kinds grew at a good rate (up 25.14%); The remaining two groups all had a decrease in turnover, specifically Reactors, boilers, machine tools and spare parts of the above machines (down 8.25%); petroleum and petroleum products (down 18.79%).

Some other export industry groups have very strong growth such as animal vegetable oils, fats (increased nearly 500 times), rice and cereals (increased nearly 2 times), and iron and steel (increased more than 1.8 times). ..

On the contrary, some groups with a fairly sharp decline are Salt; sulfur; soil and rocks; plaster, lime and cement (down 33.64%); wood and wooden products (down 35.65%)…

Regarding the groups of goods imported from Singapore to Vietnam, 12/21 groups of goods have negative import turnover, of which the group of reactors, boilers, machine tools and equipment and spare parts of the above machines continues. continued to decrease sharply (down 46%); The remaining 2/3 key import groups increased over the same period: machinery, equipment, mobile phones, components and spare parts of all kinds (up 4.84%) and petroleum and petroleum products. mine (up 46.72%). Some other groups also had very strong increases such as: zinc and zinc products (increased 4.18 times); pearls, gemstones, and jewelry products (increased 16 times).

In the first 3 months of 2024, Singapore’s import-export turnover with the world reached more than 312 billion SGD, up 4.84% over the same period in 2023, of which exports reached more than 165.94 billion SGD (up 4. 45%) and imports reached nearly 146.1 billion SGD (up 5.29%).

Singapore’s main import markets are Taiwan (China), China, Malaysia, the US, Korea, Japan… Vietnam currently ranks 18th among Singapore’s largest import partners. Singapore.

Also in the first quarter of 2024, Singapore’s main export markets are China, Hong Kong Special Administrative Region (China), Malaysia, USA, Indonesia, Thailand, Korea,… Vietnam is the export market. Singapore’s 9th largest export./.