The Vietnam Trade Office in Singapore has just released figures relating to Singapore’s import-export situation in the first month of 2024.
In January 2024, Singapore’s total import-export (IE) turnover with the world reached over SGD 107.11 billion, an increase of 14.06%. Exports (EX) reached over SGD 57.8 billion, up 16.74%, and imports (IM) nearly SGD 49.3 billion, up 11.06% compared to January 2023.
In the EX category, goods of Singaporean origin reached nearly SGD 25.15 billion (up 12.47%) and goods of originating from third countries reached over SGD 32.67 billion (up 20.26%), accounting for 43.49% and 56.51% respectively of Singapore’s total EX turnover.
IE turnover between Singapore and its largest trading partners recovered and grew positively. China, Malaysia, the United States and Taiwan (China) are the four largest trading partners of Singapore with total trade turnover of SGD 15.19 billion, SGD 11.18 billion, SGD 9.97 billion and SGD 7.75 billion respectively. Some partners with strong growth in turnover include Switzerland by 135.87%, Hong Kong by 55.27%, and South Korea by 34.44%.
| China | 15196548 |
|---|---|
| Malaysia | 11178988 |
| United States | 9975359 |
| Taiwan (China) | 7754889 |
| South Korea | 6747371 |
| Indonesia | 6534036 |
| Hong Kong | 6492725 |
| Thailand | 4252934 |
| Japan | 4163872 |
| Vietnam | 2904509 |
Singapore’s main import markets are still China, Malaysia, Taiwan (China), the United States, South Korea, Japan, Indonesia… 14 out of 20 markets had positive growth, with many partners experiencing strong growth such as Switzerland by 126.9%, Russia by 134.19% and the United Kingdom by 45.39%.
Singapore’s main export markets are China (SGD 8.8 billion, up over 46%), Hong Kong (SGD 6.3 billion, up nearly 62%), Malaysia (SGD 5.4 billion, up 8.67%), Indonesia (SGD 4.78 billion, up 23.38%)…
Vietnam – Singapore trade relations in January 2024
In January, Vietnam’s total IE turnover with Singapore reached SGD 2.9 billion, an increase of 18.08% compared to the same period in 2023. Vietnam is currently ranked 17th out of Singapore’s top 20 largest importing partners. Exports from Vietnam to Singapore reached SGD 678.84 million, up 30.34%.
In January 2024, 18 out of 21 main EX product groups to Singapore experienced positive growth, with some groups experiencing significant growth such as iron and steel (increased by over 30 times); salt, sulfur, earth and stone, gypsum, lime and cement (increased by 1.22 times); animal and vegetable oils and fats (increased by 85.32%). Of note, the group with the largest EX turnover is machinery, equipment, mobile phones, components and parts of all kinds, which experienced very strong growth (reaching SGD 255.2 million, up 50.62%).
IM from Singapore to Vietnam was about SGD 2.25 billion, up 14.79%. In the structure of goods from Singapore to Vietnam, goods of Singaporean origin reached SGD 513.35 million, a decrease of 9.85%, and goods from third countries via Singapore to Vietnam reached SGD 1.71 billion (accounting for 77%), an increase of 25.04%.
2 out of 3 largest IM product groups were machinery, equipment, mobile phones, components and parts of all kinds, and reactor, boiler, mechanical tools and spare parts which both saw strong growth compared to the same period, up 19.82% and 31.9% respectively.
Most of the remaining product groups also achieved high growth rates (over 20%), especially some groups with very strong growth such as pearls, precious stones, and precious metal products (up over 2.34 times); cigarettes and cigarette substitutes (up over 1.7 times); optical machines, measuring instruments, medical equipment, clocks, musical instruments and accessories (up nearly 1.6 times)… Vietnam is Singapore’s 8th largest export market with turnover of SGD 2.23 billion, up 14.79%.
Although the trade deficit between IM and EX is estimated at nearly SGD 1.55 billion, if referring only to the trade balance between Vietnam’s goods and goods of Singaporean origin, Vietnam achieved a surplus of about SGD 165.49 million.
Crystal
