Vietnam-Singapore trade hits record high in 2024

Laoding goods at the Gemalink port in Ba Ria-Vung Tau province. (Photo: VNA)

Vietnam’s exports to Singapore showed strong growth throughout the year, with 10 months posting increases of over 15%. This impressive performance played a major role in the record-setting trade figure.

Data from Enterprise Singapore indicates that Vietnam enjoyed a trade surplus of about 1.59 billion SGD in 2024. Key exports such as electronics, machinery, and glass remained robust, while agricultural goods like rice, seafood, and vegetable oils saw significant growth.

In December alone, trade turnover between the two nations exceeded 3.06 billion SGD, reflecting a 19.24% year-on-year increase.

For the full year, Vietnam’s exports to Singapore totaled nearly 8.58 billion SGD, marking a sharp 30.8% rise. Meanwhile, imports grew by 3.24% to over 23.09 billion SGD. This resulted in a 9.49% overall increase in bilateral trade compared to 2023.

Vietnam remained Singapore’s 11th-largest trade partner and 10th-largest export market in 2024.

Despite the positive results, Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, noted that economic experts in Singapore remain cautious about 2025 prospects due to potential geopolitical tensions among major economies.

The office is also working to help Vietnamese poultry meat and eggs enter the market, he said. /.

VNA

Source: https://en.vietnamplus.vn/vietnam-singapore-trade-hits-record-high-in-2024-post308949.vnp