Goods cargos are loaded at Gemalink Seaport. Việt Nam’s exports to Singapore increased by 36 per cent to S$764 million in July. — VNA/VNS Photo Hồng Đạt

HÀ NỘI — Bilateral trade between Việt Nam and Singapore topped S$3.1 billion (US$2.37 billion) in July, rising 21 per cent year on year, according to the Trade Office of Việt Nam in the city-state.

Last month, Việt Nam’s exports to Singapore continued to record a strong increase of 36 per cent to S$764 million, while its imports went up 17 per cent to over S$2.38 billion.

Three groups of Việt Nam’s key exports saw a significant turnover growth in July. Of them, exports of machinery and equipment, mobile phones and components, and spare parts rose 23 per cent, while that of reactors, boilers, machine tools, and spare parts of those machines surged 69 per cent, and glass and glass-made products increased 95 per cent. 

Some commodities also enjoyed export surges such as iron and steel (up over 12 times) and optical machines, measuring instruments, medical equipment, watches, musical instruments, and parts (up three-fold). Others saw plunges in shipments to Singapore, including paper and paper-made goods (down 36 per cent) and garment (down 24 per cent).

Regarding imports from Singapore, 16 of 21 groups of commodities experienced import growth, including machinery, equipment, mobile phones, and components (up 31 per cent); reactors, boilers, machine tools, and spare parts of those machines (up 54 per cent); pearl, gemstone, and jewellery (up over two-fold) and gasoline and petroleum products (up 1 per cent).

Over the past seven months, two-way trade topped over S$18.32 billion, up 9 per cent from the same period last year. Việt Nam recorded over S$4.7 billion in exports to and above S$13.61 billion in imports from Singapore, respectively growing 27 per cent and 4 per cent.

With this result, Việt Nam remains the 12th largest trading partner of Singapore, the Trade Office said.

Singapore's Ministry of Trade and Industry (MTI) has narrowed the country's GDP growth forecast for 2024 to 2 per cent to 3 per cent. 

On balance, Singapore’s external demand outlook is expected to be resilient for the rest of the year. However, downside risks in the global economy remain, according to the ministry.

Firstly, an intensification of geopolitical and trade conflicts could dampen business sentiments and add to production costs, which could weigh on global trade and growth.

Secondly, disruptions to the global disinflation process could lead to tighter financial conditions for longer, and trigger market volatility or latent vulnerabilities in banking and financial systems.

Cao Xuân Thắng, Trade Counsellor and head of Việt Nam Trade Office in Singapore said to better support Vietnamese enterprises, his office will continue to update the situation, mechanisms, and policies of Singapore; assist Vietnamese enterprises in connecting trade, displaying goods, promoting their brands, increasing the presence of Vietnamese goods in the city-state. 

Facilitating exports of Vietnamese goods to the Singaporean market, supporting Singaporean firms to find sources of goods, and exploring trade and investment opportunities in Việt Nam will be also included, Thắng said. — VNS