In the first two months of 2024, Vietnam remained as Singapore’s 10th largest trading partner, with a total bilateral trade value of over 5.17 billion SGD, an increase of 4.18%. Specifically, exports showed strong growth at 19.32%, reaching nearly 1.23 billion SGD, while imports reached nearly 3.94 billion SGD, an increase of 0.21%. Let’s join WR1 to learn more about the import and export situation of Vietnam – Singapore in the first 2 months of the year through the article below.

The situation of Singapore’s import-export in 2M

In the first 2 months of 2024, Singapore’s import-export turnover compared to the world reached 203.4 billion SGD, an increase of 8.81% over the same period in 2023. Of which, exports reached nearly 108.9 billion SGD, an increase of 9.1% and imports reached nearly 94.5 billion SGD, an increase of 8.47%.

Vietnam continued to be Singapore’s 10th largest trading partner, with a total bilateral trade value of over 5.17 billion SGD, a 4.18% increase, after the first two months of 2024.

Singapore’s main import markets during these two months remained China, Taiwan, Malaysia, the United States, South Korea, and Japan,… Vietnam ranked 19th among Singapore’s largest import partners. Out of these, 15/21 import partners experienced positive growth, with some showing significant increases, such as Switzerland (108.41%) and Russia (72.88%).

Singapore’s main export markets in the first two months of 2024 were China, Hong Kong, Malaysia, the United States, Indonesia, Thailand, and South Korea,… Vietnam ranked 9th in this list. China had the largest export value at 15.22 billion SGD (an 16.23% increase), followed by Hong Kong with 12.44 billion SGD (an 47.84% increase), and Malaysia with 10.59 billion SGD (an 8.31% increase).

Import-export Vietnam – Singapore

In February 2024, the total export turnover between Vietnam and Singapore reached more than 2.26 billion SGD, down 9.48% compared to the same period in 2023. However, exports from Vietnam to Singapore still maintained the level 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 product structure from Singapore to Vietnam, goods originating from Singapore increased slightly by 4.19%, reaching nearly 527 million SGD. Meanwhile, goods from third countries through Singapore to Vietnam (accounting for 69% of export turnover) decreased significantly by 20.14%, reaching nearly 1.19 billion SGD.

Although the deficit in the trade balance between imports and exports is more than 1.16 billion SGD, if we only consider the trade balance between Vietnamese goods and goods originating from Singapore, then Vietnam’s Trade surplus is nearly 24 million SGD.

After the first 2 months of 2024, two-way import-export turnover between Vietnam and Singapore will reach more than 5.17 billion SGD, an increase of 4.18% compared to the same period in 2023. In particular, exports increased sharply at 19.32%, reaching nearly 1.23 billion SGD and imports reached nearly 3.94 billion SGD, an increase of 0.21%.

In February 2024, a series of industry groups exporting to the Singapore market recorded impressive growth, typically the Iron and Steel industry had strong development with a growth rate of up to 32.85 times, the gasoline industry Oil and petroleum products are no less competitive, reaching an increase of nearly 1.45 times. Key export sectors also achieved impressive growth such as machinery, equipment, mobile phones, components and spare parts of all kinds increased by 5.04%; Reactors, boilers, machine tools and spare parts of the above machines increased by 22%; Petroleum and petroleum products increased nearly 1.45 times.

However, not all industries have positive results, some export industries have a significant decline such as iron and steel products down 71.54%, glass products down 49.59% and plastic products decreased by 36.56%,…

In contrast, 11/21 product groups had negative import turnover, of which 2/3 of the main import groups decreased significantly over the same period. Especially machinery, equipment, mobile phones, components and spare parts of all kinds are down 22.64%; reactors, boilers, machine tools and equipment and spare parts of the above machines are down 26.7%.

However, it cannot be denied that some import industries have outstanding breakthroughs such as zinc and zinc products increased by 1.26 times; pearls, gemstones and jewelry products increased by 206.34%; cigarettes and cigarette substitute products increased by 80.38%.

Observations on Vietnam and Singapore’s import-export situation in 2M

Overview of the trade situation between Singapore and the world in February and February 2024 still shows quite positive signs, when all indicators on total two-way turnover and import-export turnover were recorded, achieving positive growth rates respectively of 3.51%, 1.72% and 5.62%.

Although, in February 2024, two-way trade turnover between Vietnam and Singapore decreased by 9.48% over the same period, the positive point is that export turnover from Vietnam to Singapore still maintained a fairly high increase of 8.05% and relatively even among product groups.

To support Vietnamese businesses in developing and expanding markets, Mr. Cao Xuan Thang (Commercial Counselor, Head of the Vietnam Trade Office in Singapore) pledged that the Trade Office will continue to update information and policies and support trade connections as well as export goods to the Singapore market. Besides, supporting Singaporean businesses in finding sources of goods and promoting industrial investment as well as trade and services in Vietnam.