Vietnam-Philippines trade exceeds US$8 billion for first time
VOV.VN - Beyond expectations, trade between Vietnam and the Philippines surpassed US$8 billion for the first time last year, hitting over US$8.66 billion, a year-on-year increase of 11%, according to the Ministry of Industry and Trade.
Of which, Vietnamese exports reached US$6.19 billion, up 20.2%, while its imports totaled nearly US$2.47 billion, down 6.7%. Notably, Vietnam recorded a surplus of US$3.72 billion in trade with the Philippines, higher than the previous expected target of US$3.5 billion.
The Vietnamese Trade Office in the Philippines views the results as a positive sign amidst Vietnam's search for new avenues for exports, which helps ease the difficulties and pressures on domestic enterprises.
In both 2022 and 2023, Vietnam's exports to the Philippines only reached US$7.8 billion, with trade surpluses of US$2.4 billion and US$2.5 billion, respectively.
Key contributors to the impressive export growth included rice, which saw an export turnover of over US$2.6 billion, up 48.9% compared to 2023. Other major export items were machinery, equipment, and spare parts, totaling nearly US$393 million; clinker and cement at nearly US$319 million; coffee at over US$288.5 million; mobile phones and components at nearly US$212.3 million, among others.
Conversely, some of the top imports include computers, electronic products and components, machinery, equipment, tools and spare parts, non-ferrous metals, electrical wires and cables, and seafood.
This trade growth reflected efforts by the Vietnamese Trade Office in the Philippines, the Ministry of Industry and Trade, businesses, and associations, in promoting bilateral trade through fairs, exhibition, and seminars, as well as addressing barriers since the end of the COVID-19 pandemic in 2022.
