Trade volume between Vietnam and Singapore reached a record high of 31.67 billion Singapore dollars (USD 23.5 billion) in 2024. This figure, which recorded a year-on-year increase of 9.49% , shows the continued strong trade relations between the two countries.
In December, trade volume totalled 3.06 billion Singapore dollars, up 19.24 % year-on-year. Over the year, Vietnam's exports to Singapore increased by 30.8% to nearly 8.58 billion Singapore dollars. Imports, on the other hand, surpassed 23.09 billion Singapore dollars, up 3.24%.
Vietnam achieved a trade surplus of about USD 1.59 billion in 2024 in its trade with Singapore. There was significant growth especially in agricultural products such as rice, seafood and vegetable oil. There was also a strong performance in key export items such as electronics, machinery and glass.
Vietnam ranked as Singapore's 11th largest trading partner and 10th largest export market. However, Cao Xuân Thắng, Head of the Vietnam Trade Office in Singapore, said that possible geopolitical tensions between major economies could pose a risk for 2025.
The record trade volume between Vietnam and Singapore shows the potential for the two countries to further deepen their cooperation.
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