Singapore's imports of Vietnamese steel increased 56 times
Steel NewsDate: 25-03-2024 by: Ngoc Cam
Vietnamese iron and steel export value to Singapore in the first 2 months of 2024 reached more than 21.5 million USD, an increase of 56 times over the same period last year.
According to preliminary statistics from the General Department of Customs, the value of exporting goods to the Singapore market in the first 2 months of 2024 reached nearly 737 million USD, an increase of 9% over the same period last year. Notably, the value of Vietnamese iron and steel exports to Singapore reached more than 21.5 million USD, an increase of 56 times over the same period last year.
Currently, Singapore's infrastructure construction is increasingly developing, leading to a sharp increase in iron and steel import demand. Singapore is a country with the best economy in the Asia-Pacific region, especially in 2024, the country will promote the construction of social housing to support people in difficult economic contexts.
In the context of the Chinese iron and steel market being dominant, exporting massively to many countries around the world, Singapore needs to find and expand the supply market for raw materials to replace China. This will contribute to reducing China's influence on the global economy.
Vietnam is one of the key steel suppliers that helps Singapore reduce its dependence on Chinese supplies as well as solve the shortage of goods. In January 2024, Vietnam rose to the position of Singapore's 10th largest trading partner, with a two-way trade turnover of more than 2.9 billion SGD, an increase of 18.08%. Vietnam currently ranks 17th out of Singapore's 20 largest import partners with a turnover of 678.8 million SGD (up 30.34%). Vietnam's construction steel prices are competitive compared to other countries, so markets such as Singapore and Malaysia have increased imports in the first 2 months of this year.
Above is the import-export situation of Singapore in the first 2 months of 2024 and the prospects for growth of Singapore-Vietnam steel import cooperation. All questions and needs to import high quality Vietnamese steel, customers please contact MRS Steel via Whatsapp:+84769112358 or Email: vanloc@mrssteel.com.vn.
