ASIA NEWS NETWORK

WE KNOW ASIA BETTER

» Business

EU tops list of Vietnam trade partners

Publication Date : 24-02-2014

 

Vietnam's General Department of Customs has reported that the EU is still the country's largest trading partner.

The other five top trading partners are the Asean, the US, China, Japan and South Korea.

The EU continued to be Vietnam's largest importer, with a total export turnover of US$24.33 billion, up 19.8 per cent. It accounted for 18 per cent of Vietnam's total export turnover.

Many export goods experienced high growth, including telephones and accessories valued at $8.15 billion, up 43.9 per cent; footwear worth $2.96 billion, an increase of 11.8 per cent; and textiles, which earned $2.73 billion, a climb of 11.1 per cent.

Imported goods from EU countries in the past year reached a total value of $9.45 billion, or an increase of 7.5 per cent, compared with 2012. The main imported commodities included machinery, equipment, tools and accessories.

China continued to be a large trading partner of Vietnam, with a total import and export value of $50.21 billion, up 22 per cent in the past year compared with 2012. However, Vietnam's trade deficit with the northern neighbour remained large as the country imported goods worth $23.69 billion from China.

In 2013, imports by both domestic and FDI enterprises from China increased sharply. Particularly, the imports of FDI enterprises rose by 38.7 per cent to reach $20.59 billion, and the imports of domestic enterprises went up to $16.36 billion.

As for the US, Vietnam's exports to that country reached $23.87 billion, a 21.4 per cent growth, which accounted for 18 per cent of the country's total export turnover. The export of garments and textiles reached $8.61 billion, footwear rose to $2.63 billion, wood products increased to $1.98 billion and computer and electronic components climbed to $1.47 billion. Meanwhile, exports of seafood from Vietnam to the US increased to $1.46 billion.

In 2013, imports from the US were valued at $5.23 billion, up 8.3 per cent, against 2012. Thirteen imported commodities with a total value of more than $4 billion accounted for 77 per cent of the value of goods imported from the US.

Vietnam still maintained its trade surplus while trading with the US, with an export value of $18.64 billion in 2013.

Last year, Vietnam's exports to Japan hit $13.65 billion, up 4.5 per cent, compared with 2012. However, this growth rate is quite modest against previous years. It was 23 per cent in 2010, 40 per cent in 2011 and 21 per cent in 2012.

The main staples exported to Japan are textiles with a value of $2.38 billion, crude oil worth $2.09 billion, automotive components worth $1.77 billion and machinery and equipment worth $1.21 billion.

Vietnam's imports from Japan increased marginally by 0.1 per cent, while in 2010, it rose 20.7 per cent. In 2011, it jumped by 15.4 per cent, and in 2012, 11.6 per cent. The value of imported goods from Japan was $11.61 billion in 2013.

In 2013, the bilateral trade between Vietnam and South Korea experienced the strongest growth among the major trading partners of Vietnam. The turnover was $27.33 billion, up 29.4 per cent year-on-year. Also, Vietnam's exports to Korea reached $6.63 billion, up 18.8 per cent, and it imported goods worth $20.7 billion, an increase of 33.2 per cent.

Trade between Vietnam and other Asean countries has slowed down. Last year, Vietnam's imports and exports to the Asean region posted positive growth rates, but they were much lower than the growth rates of previous years.

 

Mobile Apps Newsletters ANN on You Tube