HCMC – Trade between Vietnam and Singapore reached over SGD3.1 billion in the first seven months of 2024, up by nearly 21% against the same period last year, according to the Vietnam Trade Office in Singapore.
Vietnam’s exports to Singapore surged to nearly SGD764 million, a 36.2% year-on-year increase. On the other hand, imports from Singapore surpassed SGD2.3 billion, reported the Vietnam News Agency.
Key export categories from Vietnam to Singapore showed impressive growth, including machinery, equipment, and glass, with respective growth rates of 22.8%, 68.2%, and 94.6%.
However, some sectors faced challenges, particularly paper and paper products, which saw a decline of 35.8%, and garments, which dropped by 23.6%.
On the import side, about 16 commodity groups recorded positive growth in turnover. These included machinery, equipment, reactors, boilers, tobacco and related products, as well as pearls and jewelry.
Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, attributed the positive trade figures to Singapore’s recent adjustments to its gross domestic product forecast, which was revised upward by 2 to 3 percentage points.
