Exports to Canada rise for third consecutive year
VOV.VN - Vietnamese exports to Canada witnessed a surge of 20.8% to reach US$5.3 billion last year despite facing challenges caused by the COVID-19 pandemic, according to the Vietnamese Trade Office in Canada.
This marks the third consecutive year that Vietnam has recorded positive export growth to the demanding market since 2019 after both countries officially became members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Machinery, electrical and electronic products are the major export items, fetching a total export value of over US$1.5 billion, representing an annual rise of 8.9%.
The trend of shifting supply chains coupled with the impressive production capacity of local enterprises has led to the keen interest of Canadian businesses in the Vietnamese support industry products.
Furthermore, garment, textile and footwear exports have since regained their growth momentum, increasing by 16.6% to over US$$1.4 billion, while furniture exports edged up 6.5% to US$234 million.
Local agricultural and aquatic products have sold well in Canada with the market share of cashew nuts, pepper and shrimp accounting for 90%, 50%, and 30% respectively.
Meanwhile, Vietnamese fresh fruit exports to Canada have also raked in approximately US$8 million per year, with pomelos and dragon fruit being the greater potential export items thanks to their higher quality compared to similar varieties grown in Central and South America.
Despite an increase in market demand, a lack of containers in recent years has led to a shortage of supply for local agricultural products to Canada.
In addition, the shipping costs from Vietnam to Canada have skyrocketed from US$3,000 to US$25,000, with the transport time lasting between 25 days and 45 days, thereby causing numerous difficulties for importers, according to the Vietnamese Trade Office in Canada.
Currently, Vietnam is Canada's largest trading partner in Southeast Asia. The Canadian Government continues to pursue a strategy of market diversification, viewing Vietnam as an important partner in Asia.
These moves are expected to create greater opportunities for Vietnamese businesses to penetrate deep into the market in the future, particularly as Vietnam’s market share only accounts for 1.7% of Canada's import value.
