Vietnam becomes Singapore’s 10th largest trading partner

Updated: 07:27, 24/02/2024

Vietnam became the 10th largest trading partner of Singapore in January, with two-way trade turnover reaching over 2.9 billion SGD (2.16 billion USD), up 18.08% over the same period last year, according to the Vietnam Trade Office in the island nation.

The group with the largest import turnover was machinery, equipment, mobile phones, components and spare parts, which reported a year-on-year surge of 19.82%. (Illustrative image)

In particular, Vietnam was Singapore's 8th export market with a turnover of 2.23 billion SGD, an increase of 14.79% year-on-year. It was the 17th largest import partner of Singapore with a turnover of 678.8 million SGD, up 30.34%.

According to the trade office, most of Vietnam's exports to Singapore enjoyed growth in January. Among them, iron and steel increased more than 30 times while salt, sulfur, soil and stone, lime and cement rose by 1.22 times; and animal-vegetable oils and fats by 85.32%. The group with the largest export turnover was machinery, equipment, mobile phones, components and spare parts, which expanded by 50.62% to 255.2 million SGD.

Among Vietnam's imports from Singapore, the group with the largest import turnover was machinery, equipment, mobile phones, components and spare parts, which reported a year-on-year surge of 19.82%. The remaining groups saw a growth of over 20%.

To promote exports to Singapore, the office will continue to update the policies and import-export situation of the island nation, facilitate trade connections between companies of both countries as well as assist Singaporean firms in exploring sources of goods and investing in Vietnam.

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VNA