EXPORTS TO SINGAPORE SOAR NEARLY 60% IN AUGUST

Vietnam’s exports to Singapore surged by 58.4% to around S$876.3 million in August, marking the highest level since late 2022, according to Vietnam’s trade office in Singapore.

This sharp growth has positioned Vietnam as Singapore’s 18th largest export partner.

Total trade between the two nations in August amounted to nearly S$2.74 billion, a 4.89% year-on-year increase. For the first eight months of the year, bilateral trade surpassed S$21 billion, an 8.5% rise compared to the same period in 2023.

Key export sectors included machinery, electronics, and petroleum, which grew by 21.4%, 150%, and 870%, respectively. Other sectors, such as glass and postal items, also recorded positive growth.

Meanwhile, imports from Singapore to Vietnam declined by 9.5% in August, totaling over S$1.86 billion. Goods transshipped through Singapore to Vietnam dropped by 18.8%, amounting to around S$1.26 billion.

Source: The Saigon Times