Vietnam-Singapore trade on the rise since start of 2024
Trade between Vietnam and Singapore topped 2.54 billion SGD (1.87 billion USD) in March, rising 4.29% year on year, according to the Trade Office of Vietnam in the city state.
Singapore (VNA) – Trade betweenVietnam and Singapore topped 2.54 billion SGD (1.87 billion USD) in March,rising 4.29% year on year, according to the Trade Office of Vietnam in the citystate.
Vietnam’s exports to Singapore lastmonth increased 7.69% to 603.3 million SGD while its imports went up 3.27% to over1.93 billion SGD.
In the first quarter, bilateral trade surpassed 7.71 billion SGD, up 4.21% fromthe same period last year. Vietnam recorded over 1.83 billion SGD in exports toand nearly 5.89 billion SGD in imports from Singapore, respectively growing15.22% and 1.2%.
With this result, Vietnam remains the10th largest trading partner of Singapore, the Trade Office said.
Amongthe three groups of Vietnam’s key exports, only machinery and equipment, mobilephones and components, and spare parts posted growth, at 25.14%. The tworemainders witnessed revenue declines, namely reactors, boilers, machine tools,and spare parts of those machines (down 8.25%), along with petrol, oil, andpetroleum products (down 18.79%).
Some commodities enjoyed exportsurges such as animal and plant oil and fat (up nearly 500-fold), rice andcereal (up nearly two-fold), and steel (up over 1.8-fold). Others saw plungesin shipments to Singapore, including salt, sulfur, earth and stone, plaster,lime and cement (down 33.64%), together with timber and wood products (down35.65%).
Regarding imports from Singapore, 12of 21 groups of commodities experienced import decreases, including reactors,boilers, machine tools, and spare parts of those machines (down 46%).
The import value of Singapore’s machinery,equipment, mobile phones, components, and spare parts rose 4.84% while petrol,oil and petroleum grew 46.72%. Imports of others also increased sharply such aszinc and zinc products (up 4.18-fold), and pearl, gemstone and jewellery (up16-fold), statistics showed./.
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Illustrative image (Photo: VNA) 
