AsemconnectVietnam - The two-way trade relations between Vietnam and Singapore in the first 2 months of 2024 reached 1.49 billion USD, a slight decrease of 0.09% compared to the same period of 2023, showed the preliminary statistics from the General Department of Customs.

Vietnam’s exports of goods to Singapore market in February of 2024 reached 342.6 million USD, down by 13.7% compared to the previous month.
In the first 2 months of 2024, Vietnam's total export turnover to Singapore reached 736.9 million USD, an increase of 8.7% over the same period last year.
Meanwhile, Vietnam's imports of goods from Singapore in February of 2024 increased by 20% compared to January of 2024, reaching nearly 410.42 million USD but decreased slightly by 0.8% compared to February of 2023.
Vietnam's total imports of goods from Singapore reached nearly 751.98 million USD in the first 2 months of 2024, down by 7.5% compared to the first 2 months of 2023.
Thus, Vietnam's trade deficit from Singapore in the first 2 months of 2024 reached nearly 15 million USD, down by 88.9% compared to the first 2 months of 2023.
Main products exported to Singapore in the first 2 months of 2024
In the first 2 months of 2024, leading export turnover was the group of computers, electronic products and components reaching 145.05 million USD, an increase of 0.5%, accounting for 19.6% of export proportion. The next was the group of machinery, equipment, tools and spare parts with 126.9 million USD, an increase of 4.1%, accounting for 17.2% of the export proportion.
Some products had a significant increase in export value in the first 2 months of 2024 compared to the same period last year, including crude oil increased by 204.1%; iron and steel of all kinds increased by more than 5,640%;
Singapore is a country with a developed economy among the most dynamic in the Asia-Pacific region, playing an important role in trade cooperation with Vietnam. Singapore needs to find and expand raw material supply markets to replace the Chinese market is huge. Vietnam is one of the key markets helping Singapore compensate for the shortage of goods, especially agricultural products, fisheries, food and construction.
Main items imported from Singapore in the first 2 months of 2024
The largest group of imported goods from Singapore in the past 2 months was all kinds of petroleum, reaching 294.02 million USD, accounting for 39.1% of the total import turnover of all kinds of goods from this market, down by 24.1% compared to the first 2 months of 2023.
The group of computers, electronic products and components imported from Singapore ranked second in turnover reaching 67.63 million USD, accounting for 9% of the total turnover, an increase of 3.4%. The next was the petroleum products group reached 66.37 million USD, accounting for 8.8% of the total turnover, an increase of 8.6%; aromatics, cosmetics and hygiene products reached 61.64 million USD, accounting for 8.2%, an increase of 7.7%.
CK
Source: VITIC