Vietnam posts strong trade surplus with Singapore in 11 months of 2024

15:52 | 29/12/2024 Trade Follow Ven.vn on

In the first 11 months of 2024, two-way trade between Vietnam and Singapore reached more than 28.6 billion SGD (equivalent to about 21 billion USD), up 8.53% over the same period last year. Notably, exports from Vietnam to Singapore skyrocketed, reaching a growth rate of 32.11%.

Processing fresh coconut for export at Hung Thinh Phat Cooperative, Cho Gao District, Tien Giang Province. (Illustrative photo: VNA)

According to the Vietnam Trade Office in Singapore, in the first 11 months of 2024, Vietnam maintained its position as Singapore's 11th largest trading partner, with two-way trade turnover of more than SGD 28.6 billion, up 8.53%.

In November 2024 alone, the total import-export turnover between Vietnam and Singapore reached more than 2.52 billion SGD, an increase of 8.22% over the same period in 2023.

Exports from Vietnam to Singapore still maintained a very high growth rate, climbing up to 31.32%, with a value of 717.27 million SGD.

In the first 11 months of the year, Vietnam’s exports to Singapore increased sharply by 32.11%, reaching nearly 7.8 billion SGD. If only goods originating from Singapore imported into Vietnam are counted, Vietnam has a trade surplus of about 1.5 billion SGD in this market.

Figures showed that Vietnam is currently the country with the largest export growth rate to Singapore (up 32.11%), followed by Taiwan (China) (up 26.70%), and India (up 23.86%).

Source: NDO

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