Exports to Africa surge by 10%

VOV.VN - Vietnam earned approximately US$3 billion from exports to Africa in 2018, a rise of 10% on-year, according to the Department of Asia-Africa Market under the Ministry of Industry and Trade.

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Vietnamese products are shipped to 53 out of 55 African countries.

Vietnam Economic Times quoted statistics from the Department of Asia-Africa Market as showing Vietnamese exports to Africa in 2018 recorded some US$6.6 billion in value. A number of the country’s products were shipped to 53 out of 55 African countries.

Whilst exports to the continent soared, imports faced a drop of 10% on-year as the country spent US$3.6 billion importing goods from Africa, This helped to cut Vietnam’s trade deficit with the continent to US$0.6 billion.

African countries are forecast to enjoy an economic growth rate of 3.6% in 2019. Vietnamese exports, especially farm produce and aquatic products, to Africa have gained the trust of African consumers, thus further boosting the access that Vietnamese goods have to the market.

Africa is a market with high import demand and less strict requirements, giving it great potential for Vietnamese enterprises. The country’s exports to Africa quadrupled from US$610 million in 2006 and US$2.8 billion in 2016.

VOV

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