Singapore’s exports to Vietnam reached 16.3 billion SGD (up 20.2%), while imports from Vietnam hit 6.7 billion SGD, surging by 43% compared to the same period last year.
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Pasir Panjang cargo port in Singapore |
In July alone, Singapore’s trade with Vietnam reached 3.6 billion SGD (USD 2.8 billion), up 14.6% from the same period last year. Of the total, Singapore’s exports to Vietnam stood at 2.4 billion SGD, unchanged from a year earlier, while imports from Vietnam surged 58.1% to 1.2 billion SGD.
According to Singapore’s data, the country enjoyed a trade surplus of 9.6 billion SGD with Vietnam in the last seven months, up 8.2% from last year. However, considering only goods of Singaporean and Vietnamese origin, Vietnam posted a trade surplus of 2.12 billion SGD with Singapore in this period.
Statistics show that in this reviewed period, machinery, electrical equipment and parts (HS 85) remained Singapore’s top imports from Vietnam, reaching 3.4 billion SGD, up 88.5% year-on-year and accounting for 50.5% of total imports from Vietnam. Ranked second and third were nuclear reactors, boilers, machinery and mechanical parts (HS 84) at 1.5 billion SGD (up 85.6%), and glass and glassware (HS 70) at 494.3 million SGD (up 11.8%).
Aside from the above-mentioned categories, most of Singapore’s other top 15 import groups from Vietnam recorded negative growth year-on-year.
According to Vietnamese Trade Counselor in Singapore Cao Xuan Thang, the fact that most bilateral trade is concentrated in technology and fuel reflects the unique trade structure of the two economies. He said this forms a foundation for businesses to tap new cooperation opportunities in areas of shared interest, such as supply - production chain linkages, and new trade platforms and logistics development.
Source: VNA