Vietnam's exports to Singapore see significant growth
Vietnam’s exports to Singapore saw a substantial increase in August, contributing to a 31.1% year-on-year rise in shipments to the city state in the first eight months of 2024, the Vietnam Trade Office in Singapore has reported.
Vietnam's exports to Singapore see significant growth (Photo: VNA)
Hanoi (VNA) 🌸- Vietnam’s exports to Singapore saw a substantial increase in August, contributing to a 31.1% year-on-year rise in shipments to the city state in the first eight months of 2024, the Vietnam Trade Office in Singapore has reported.
Last month, Vietnam's exports to Singapore surged by 58.4%, reaching 876.3 million SGD (678.6 million USD), driven by the strong performance of electronics, machinery, and equipment sectors. This growth made Vietnam Singapore's 18th largest export partner.
Among the key exports, machinery, phones, and parts grew 21.39%, while reactors, boilers, and machinery surged 150%, and petroleum products soared 870%.
Meanwhile, imports from Singapore to Vietnam dropped by 9.49% to 1.86 billion SGD, while goods from third countries through Singapore to Vietnam decreased by 18.87% to 1.26 billion SGD.
In total, bilateral trade between Vietnam and Singapore in August reached nearly 2.74 billion SGD, an increase of 4.89% year-on-year.
For the first eight months of 2024, total trade exceeded 21 billion SGD, up 8.47%, retaining Vietnam as Singapore’s 12th largest trade partner./.
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