Vietnam’s Exports to Singapore Show Strong Growth in 2024
Vietnam’s exports to Singapore have surged by 31.55% over the first nine months of 2024, securing Vietnam as one of Singapore's key trade partners.
"Vietnam’s Exports to Singapore Show Strong Growth in 2024"
Overview of Vietnam-Singapore Trade in 2024
After the first nine months of 2024, Vietnam maintained its position as Singapore’s 12th largest trade partner. The bilateral trade volume reached over 23.2 billion SGD, up 6.83% from the previous year. Notably, Vietnam’s exports to Singapore saw a significant increase of 31.55%, amounting to nearly 6.28 billion SGD.
Trade Breakdown and Export Performance
In September 2024 alone, Vietnamese exports to Singapore surged by 35.23%, despite a 6.11% decrease in overall bilateral trade. Key export items from Vietnam to Singapore include machinery, electronics, and refined oil products, which have shown substantial growth rates.
- Machinery and Equipment: Up 18.54%
- Industrial Machinery and Parts: Surged by 160%
- Refined Oil Products: Increased by an astounding 962%
Additionally, other exports, such as inorganic chemicals, optical equipment, and medical devices, recorded significant increases, contributing to the positive export momentum.
- Máy móc và thiết bị: Tăng 18,54%
- Máy công cụ và phụ tùng công nghiệp: Tăng vọt 160%
- Sản phẩm từ dầu mỏ: Tăng mạnh 962%
Ngoài ra, các mặt hàng khác như hoá chất vô cơ, thiết bị quang học và thiết bị y tế cũng có mức tăng trưởng đáng kể, góp phần vào động lực xuất khẩu tích cực.
Vietnam’s Export Strength in Singapore’s Market
The trade surplus with Singapore demonstrates Vietnam’s competitiveness in high-demand sectors. Vietnam recorded a net trade surplus of nearly 260.76 million SGD with Singapore when focusing on goods of Singaporean origin. The Vietnamese Trade Office in Singapore has emphasized continued support for Vietnamese businesses in building a market presence.
StatisHub: Data Solutions for Vietnam’s Growing Export Markets
At StatisHub, we provide comprehensive data insights to support Vietnamese exporters in identifying growth opportunities, navigating market dynamics, and maximizing trade potential. Access our trade data on Vietnam-Singapore markets to inform strategic decisions and strengthen your market position.
Vietnam’s export growth to Singapore reinforces its role in ASEAN’s trade network. By leveraging detailed trade data, Vietnamese businesses can continue to expand their footprint in key regional markets.
For additional insights into Vietnam’s trade with Singapore and other ASEAN nations, visit StatisHub.
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