Singapore's iron and steel imports from Vietnam increased 56 times

Vietnam's iron and steel export value to Singapore in the first two months of 2024 reached more than 21.5 million USD, 56 times higher than the same period last year.

 

According to data from the General Department of Vietnam Customs, the export value of goods to the Singapore market in the first two months of 2024 reached nearly 737 million USD, an increase of 9% over the same period last year.

 

Some items with a sharp increase in export value to Singapore compared to the same period last year are crude oil up 204%; phones and components up more than 69%, coffee up more than 64%.

 

Notably, the export value of iron and steel from Vietnam to Singapore in the first two months of 2024 reached more than 21.5 million USD, 56 times higher than the same period last year.

 

According to iron and steel enterprises, Singapore's infrastructure construction is still big, so the demand for iron and steel imports from this country is still strongly increasing .

 

Singapore is a country with a developed economy among the most dynamic in the Asia-Pacific region. In particular, in 2024, the country will promote the construction of social housing to support people in the context of economic difficulties.

 

Singapore increases steel imports to meet domestic construction needs.

 

In addition, Singapore needs to find and expand the market for supplying raw materials to replace the Chinese market. Vietnam is one of the key markets that helps Singapore compensate for the shortage of goods, especially agricultural, food and construction products.

 

Vietnam's construction steel prices are competitive compared to other countries, so countries in the region such as Singapore and Malaysia have increased imports in the first 2 months of this year.

 

Steel prices are forecast to increase in 2024. When the real estate market enters a recovery cycle in 2025, construction steel prices are expected to continue to increase, so many countries are increasing imports right now.

Source: PLO