Vietnamese exports to UK surge by 4.6% despite global economic fallout
VOV.VN - Vietnam earned US$6.34 billion from exports to the UK last year, representing a notable increase of 4.6% year on year, despite the unfavourable impact of the recent global economic slowdown and high inflation.
The General Department of Customs reported that in December 2023, alone the export turnover of local goods heading to the UK market amounted to US$542.3 million.
These figures showed that three years into the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA), trade between both sides has recorded positive results.
The leading export items were phones and components that brought in more than US$1.31 billion, marking an increase of 15.9% compared to 2022 and accounting for 20.7% of all Vietnamese goods exported to this market.
They were followed by machinery, equipment, tools and spare parts which fetched US$1.03 billion, up 21% year on year, and footwear valued at US$795.1 million, up 3.9% year on year.
The UKFTA was put into effect in 2021, giving Vietnamese products a tariff advantage over other products.
Vietnamese firms were duly advised to quickly seize upon the trade opportunity to expand their commercial presence in the UK.
