Vietnam’s Goods Exports to Singapore Increase by 27.03%

According to the Vietnamese Trade Office in Singapore, July 2024 witnessed strong growth in trade activities between the two countries. The total import-export turnover reached over 3.1 billion SGD, an increase of 20.91% compared to the same period last year. In particular, export services from Vietnam to Singapore increased by 36.25%, reaching 763.9 million SGD. Transport companies and logistics companies played an important role in promoting the transportation of goods between the two countries.

Goods originating from Singapore accounted for 25% of the export value to Vietnam, while the remaining 75% were goods from third countries via Singapore. Although Vietnam overall has a trade deficit, in terms of goods originating from Singapore, Vietnam has a trade surplus of over 162.4 million SGD. Freight forwarders and international transportation services have strongly supported the process of sea transportation and shipping goods abroad.

Mobile phones are the main export item to Singapore

Cumulatively in the first 7 months, the two-way import-export turnover reached over 18.32 billion SGD, an increase of 9.02%. Exports increased sharply by 27.03%, reaching over 4.7 billion SGD. Entrusted import and export services have contributed significantly to this result. Vietnam is currently the 9th largest export market and the 19th largest import market for Singapore.

In July 2024, the main export groups of Vietnam to Singapore all saw strong increases, including machinery, equipment, mobile phones and components. For imports, the main groups such as machinery, equipment and petroleum also grew well. Container transportation and logistics services have provided strong support in this process.

The Singapore Ministry of Trade and Industry (MTI) forecasts GDP growth in 2024 to be between 2% and 3%. Despite the challenging global economic environment, Singapore expects the development of the electronics manufacturing and tourism industries. Transport and international transportation services companies need to prepare to meet the increasing demand.

The Vietnamese Trade Office in Singapore will continue to support Vietnamese businesses in connecting trade, promoting products and increasing their presence in the Singapore market. Import-export services, domestic container transportation, and international shipping will be optimized to meet the growing needs of businesses.