Vietnam’s goods exports to Singapore: Maintaining growth momentum

According to data from the Vietnam Trade Office in Singapore, in March 2024, total import-export turnover between Vietnam and Singapore reached more than 2.54 billion Singapore dollars (SGD), an increase of 4.29% over the same period. 2023, in which, exports from Vietnam to Singapore continue to maintain a fairly good positive growth rate (up 7.69%) reaching 603.3 million SGD, import turnover also increases 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 country 3 exported to Vietnam through Singapore (accounting for 65% of export turnover) decreased by 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 70.1 million. SGD.

Accumulated in the first 3 months of 2024, two-way import-export turnover between Vietnam and Singapore reached more than 7.71 billion SGD, up 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 nearly 5.89 billion SGD, an increase of 1.2%.

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 the group of machinery, equipment, mobile phones, components and spare parts of all kinds grew at a good rate (up 25.14%); The remaining 2 groups both decreased in turnover. Specifically, the group of 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: Vegetable – animal oils, fats (increased nearly 500 times); rice and cereals (increased nearly 2 times); iron and steel (increased more than 1.8 times)… In the opposite direction, some groups with a fairly sharp decrease are salt; sulfur; soil and rocks; plaster, lime and cement (down 33.64%); wood and wooden products (down 35.65%)…

Also according to the Vietnam Trade Office in Singapore, regarding the product groups imported from Singapore to Vietnam, 12/21 product groups have negative import turnover, including Reactors, boilers, machine tools and equipment. Spare parts for the above machines continue 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%); Petroleum and petroleum products (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)…

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 (up 7.69%). 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.

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