Vietnam runs trade surplus of US$2.4 billion with Philippines
Vietnam posted a trade surplus of US$2.41 billion with the Philippines in the first eight months of 2024, according to the General Department of Vietnam Customs.
Two-way trade reached a total value of US$5.7 billion, marking a 21% increase compared to the same period in 2023.
Vietnam’s exports to the Philippines amounted to US$4.07 billion in the eight-month period, up 17% year-on-year (YoY). Rice remained the top export commodity, with a value of US$1.71 billion, reflecting a 39.7% increase from the previous year. It was also the only export to the Philippines exceeding US$1 billion.
In addition to rice, Vietnam exported six other products to the Philippines with a turnover of over US$100 million. These included machinery, equipment, and spare parts (US$255 million, up 3.6%), clinker and cement (US$214 million, down 12.9%), and coffee (US$196 million, up 126%). Furthermore, exports of phones and components reached US$172 million, up 48%, while computers and electronic products totalled US$119 million, a slight decrease of 1.4%.
In the agricultural and seafood sector, key exports included cassava and cassava products (US$6.1 million, down 6%), pepper (US$22.8 million, up 39%), cashew nuts (US$11.4 million, up 5.5%), and seafood (US$57.9 million, down 23.9%).
Among the 33 main products exported to the Philippines, 13 saw a decline in value, while 20 recorded growth. Coal experienced the highest growth rate, with export value rising from US$0.09 million to US$15.1 million, and the export volume surging from 219 tonnes to 69,720 tonnes.
On the other hand, Vietnam imported US$1.66 billion worth of goods from the Philippines, an increase of 4% compared to the same period last year. The three main import items included computers and components (US$1.03 billion, up 8.3%), machinery and spare parts (US$176 million, down 3.7%), and common metals (US$109 million, up 3.6%).
Among the imported items, metal products and auto parts recorded the highest growth rates, with increases of 157% and 98%, respectively, compared to the same period last year.
