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Vietnam-Singapore trade sees positive growth

Summary

Updated on : 27-10-2022

Chart. T.Binh

According to the latest preliminary statistics of the General Department of Customs, by the end of September, Vietnam's exports to Singapore rose 18.67% year-on-year to nearly US$3.4 billion.

Export groups with a turnover of hundreds of millions of USD included computers, electronic products and components, reaching US$795.53 million; machinery, equipment, tools and spare parts US$571.2 million; glass and glass products US$385.58 million.

Meanwhile, import turnover from Singapore rose 13.46% year-on-year to more than US$3.6 billion.

Petroleum was the largest imported commodity with 960,508 tons worth US$978.7 million. For many years, Singapore has been an important import market for this group.

Other major import groups were computers, electronic products and components reaching US$457.9 million; aromatic substances, cosmetics and hygiene products US$304.64 million; other petroleum products USS$300.7 million; plastic raw materials US$261.7 million.

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With a higher growth rate of exports than imports, Vietnam's trade deficit gap narrowed from more than US$300 million in the first nine months of 2021 to more than US$200 million in the same period this year.