Vietnam’s exports to Singapore continued the growth trajectory in November, rising by 31.32%, sustaining the year-on-year expansion of 32.11% for the first 11 months, positioning Vietnam as the partner with the fastest export growth there, reported the Vietnam Trade Office in the city state.
Vietnam was the 11th largest trading partner of Singapore during the first 11 months of 2024, with bilateral trade topping 28.6 billion SGD (21.03 billion USD), rising 8.53%. (Illustrative phoo: VNA)
Singapore (VNA) – Vietnam’s exports to Singapore continued the growth trajectory in November, rising by 31.32%, sustaining the year-on-year expansion of 32.11% for the first 11 months, positioning Vietnam as the partner with the fastest export growth there, reported the Vietnam Trade Office in the city state.
Recent data from the Accounting and Corporate Regulatory Authority of Singapore revealed that during January - November, Vietnam was the 11th largest trading partner of Singapore, with bilateral trade topping 28.6 billion SGD (21.03 billion USD), rising 8.53%.
It ranked 18th among Singapore's largest import partners, with turnover approximating 7.8 billion SGD, up 32.11%. Simultaneously, Vietnam has solidified its status as Singapore's 10th largest export market, with revenue exceeding 20.8 billion SGD, up 1.72%.
November witnessed the two-way trade surpass 2.52 billion SGD, reflecting an annual growth rate of 8.22%. The value consists of 717.27 million SGD in Vietnam's exports and over 1.81 billion SGD in its imports from Singapore, respectively increasing 31.32% and 1.17%.
The month also saw Vietnam's major export items to Singapore experience substantial growth. Machinery, equipment, mobile phones, and various parts and components posted a 52.57% increase. Even more impressive, reactors, boilers, machine tools, and spare parts saw a 95.93% surge, while glass and glass products grew by 77.98%. Other sectors such as toys, game devices, and sporting goods and equipment skyrocketed by over 138%, and aluminum and its products jumped by more than 89.79%.
On the flip side, Singapore's exports to Vietnam also demonstrated robust growth in key commodities. Reactors, boilers, machine tools, and spare parts hiked 36.54%, while petrol, oil and petroleum products soared by 58.1%. Noteworthy gains were also seen in lead and lead products, which shot up 59 times, along with alcoholic beverages and drinks, which saw a 1.1-fold increase.
However, not all sectors fared well. Imports of machinery, equipment, mobile phones, and components from Singapore faced a decline of 19.52%. Aircraft, spacecraft and their parts plummeted🌳 by 63.28%, and chemical products fell by 48.84%, statist♛ics showed./.
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