AsemconnectVietnam - In the first 7 months of the year, Vietnam held the position of the 11th largest trading partner of Singapore, 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 import-export turnover with the world reached nearly 687.44 billion SGD, down by 14.69% over the same period of 2022. Singapore’s exports of goods were more than 364.4 billion (down by 12.9%) and imports reached over 323.02 billion SGD (down by 16.63%).
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 USD, down by 9.41%.
In terms of origin of goods, 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 only goods originating from Singapore are counted, Vietnam only has a trade deficit of about 203.57 million SGD.
In July of this year, the leading industry group of Vietnam exported to Singapore was machinery, equipment, mobile phones, components and spare parts of all kinds, started to have a slight positive growth (up by 1.22%). The remaining two thirds of the main export groups with negative growth were reactors, boilers, machine tools and equipment and spare parts of the above machines (down by 2.45%), glass and other products glass products (down by 53.3%).
In the remaining industry groups, a number of groups had strong growth, such as salt, sulfur, soil and stone, gypsum, lime and cement (up by 125.45%), tobacco and substitute products (up by 45.05%); vegetable and animal oils, fats (increased by 40.45%). Notably, the group of rice and cereals had a rather high growth compared to recent months (up by 26.09%).
In the opposite direction, the groups with strong decline were petroleum and petroleum products (down by 75.76%); optical machines, measuring instruments, medical equipment, watches, musical instruments and accessories of all kinds (down by 38.44%).
Regarding the group of industries imported from Singapore to Vietnam, currently 13/21 other import groups had positive growth, in which the largest group of import turnover was machinery, equipment and spare parts had a good increase (with the turnover of more than 1 billion SGD, up by 12.30%), some groups had quite high increase, such as plastic and plastic products (up by 48.45%); paper and paper products (up by 55.85%); tobacco and tobacco substitute products (up by 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, some positive signals have begun to appear, namely the turnover of the following month compared to the previous month in 2023 has improved in both export and import directions.
The turnover of machinery, equipment, mobile phones, components and spare parts of all kinds, the group of products with the largest value, began to have positive growth in both export and import directions.
Vietnam’s exports of rice and grain industry increased sharply (by 26.09%) right after India applied a ban on the exports of non-basmati rice varieties (on July 20, 2023).
CK
Source: VITIC