According to statistics from Singapore’s Enterprise Governance Authority and the Commercial Affairs Department of the Vietnamese Embassy in Singapore, after months of decline or low growth, Singapore’s trade with the world in July 2024 experienced a strong recovery, with all trade balance indicators surging by over 10%. Bilateral trade between Vietnam and Singapore also continued to thrive during this period.
Specifically, in July 2024, the trade turnover between Vietnam and Singapore surpassed SGD 3.14 billion, marking a 20.91% increase compared to the same period in 2023. Vietnam’s exports to Singapore witnessed a significant surge of 36.25%, reaching SGD 763.9 million, while imports also grew impressively by 16.7%, totaling over SGD 2.38 billion.
For the first seven months of 2024, two-way trade between Vietnam and Singapore exceeded SGD 18.32 billion, a 9.02% increase compared to the same period in 2023. Vietnam’s exports reached over SGD 4.7 billion, surging by 27.03%, while imports totaled more than SGD 13.61 billion, a 3.93% increase.
In terms of export commodities from Vietnam to Singapore, all three key export groups witnessed robust growth in July 2024: machinery, equipment, mobile phones, and parts (up 22.86%); reactors, boilers, tools, and parts (up 68.21%); and glass and glass products (up 94.61%).
Additionally, several other export categories recorded remarkable growth, including iron and steel (over 12 times) and optical devices, measuring instruments, medical equipment, clocks, musical instruments, and parts (triple increase). On the other hand, some groups experienced significant declines, such as paper and paper products (down 35.86%) and garments (down 23.65%).
Regarding import commodities from Singapore to Vietnam, 16 out of 21 commodity groups witnessed positive growth in import turnover. The main import groups that increased compared to the same period were machinery, equipment, mobile phones, and parts (up 30.84%); reactors, boilers, tools, and parts (up 53.28%); and gasoline and oil products (up 1.05%). Some other groups witnessed substantial growth, including tobacco and tobacco substitutes (1.5 times) and pearls, precious stones, and jewelry (nearly 2.27 times).
Mr. Cao Xuan Thang, Commercial Counselor and Chief of the Vietnamese Trade Office in Singapore, noted that on August 13, 2024, Singapore’s Ministry of Trade and Industry (MTI) narrowed the country’s GDP growth forecast for 2024 to between 2% and 3%, from the previous prediction of 1% to 3%.
This revised forecast considers Singapore’s assessment of the global economic environment in the second half of 2024, which is expected to remain challenging. Growth in the US is projected to slow down due to rising borrowing costs affecting domestic demand. The Eurozone and the UK economies are forecast to stagnate due to the impact of tight monetary policies on consumer spending and investment. In China, economic growth is expected to weaken further due to the prolonged adjustment in the real estate market.
Among the risks, Singapore identified the fragile global economic recovery, geopolitical volatilities, and financial market fluctuations as the primary risks to its economic outlook. These factors could impact Singapore’s export demand and financial stability.
However, Singapore’s economic prospects are supported by several factors, particularly the strong demand for high-end electronic products (such as AI-related chips), which is expected to boost the electronics manufacturing industry. Additionally, the rising trend in global tourism will benefit Singapore’s tourism industry. Consequently, the Ministry of Trade and Industry has predicted growth in a more favorable scenario and narrowed the forecast range compared to the beginning of the year.
To better support Vietnamese businesses in the future, the Vietnamese Trade Office in Singapore will continue to update information, mechanisms, and policies related to the market. They will facilitate Vietnamese businesses in trade connections, product displays, brand promotion, and increasing the presence of Vietnamese goods in Singapore. The office will also assist in exporting goods to the Singaporean market and support delegations from Singapore in finding suppliers, promoting industrial investment, and fostering trade and services cooperation with Vietnam.
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