In the first 7 months of the year, Vietnam held the position of Singapore’s 11th largest trading partner, with two-way trade turnover of about 16.8 billion SGD.
According to the Vietnam Trade Office in Singapore, in the first seven months of 2023, Singapore's trade turnover with the world reached nearly 687.44 billion SGD, down 14.69% year-on-year, of which exports reached more than 364.4 billion SGD (down 12.9%) and imports over 323.02 billion SGD (down 16.63%).
In the first 7 months of the year, Vietnam held the position of Singapore's 11th largest trading partner, with a two-way trade turnover of about 16.8 billion SGD, down 9.41%.
In terms of customs regime, goods temporarily imported for re-export through Singapore into Vietnam accounted for 70.16% of the total export turnover from Singapore to Vietnam, equivalent to 9.19 billion SGD. Meanwhile, if we only take goods originating from Singapore into account, Vietnam only has a trade deficit of about 203.57 million SGD with this country.
In July, the group with the largest export turnover of Vietnam machinery, equipment, mobile phones, components, and spare parts of all kinds, started to have a slight positive growth (1.22%). The remaining two-thirds of the main export groups saw negative growth including reactors, boilers, machine tools and equipment, and spare parts of the above machines (down 2.45%), glass, and other glass products (down 53.3%).
In the remaining groups, a number of groups had strong growth such as: salt, sulfur, soil and stone, gypsum, lime and cement (up 125.45%), tobacco and alternative medicine products leaves (up 45.05%); vegetable and animal oils, fats (up by 40.45%). Notably, the group of rice and cereals has a rather high growth compared to recent months (up 26.09%).
Meanwhile, the groups with strong decline were petroleum and petroleum products (down 75.76%); optical machines, measuring instruments, medical equipment, watches, musical instruments, and accessories of all kinds (down 38.44%)…
Regarding the goods imported from Singapore to Vietnam, 13/21 other import groups had positive growth, of which the group with the largest import turnover is machinery, equipment, mobile phones, etc. components, and spare parts with a turnover of more than 1 billion SGD, up 12.30%, some groups have quite high growth such as plastic and plastic products (up 48.45%) ; Paper and paper products (up 55.85%); tobacco and tobacco substitute products (up 52.33%).
According to the Vietnam Trade Office in Singapore, in general, although the indicators of trade turnover between Vietnam and Singapore are still negative, there are some positive signals such as the turnover of the following month compared to the previous month in 2023 has improved in both export and import
The turnover of the group of products with the largest value, which are machinery, equipment, mobile phones, components, and spare parts of all kinds, began to have positive growth in both export and import directions.
The export of rice and grain from Vietnam to Singapore surged (at 26.09%) after India applied a ban on the export of non-basmati rice varieties (July 20, 2023).
Source: VCN
Keywords: export, turnover, trade, singapore, import
