Exports to RoK hit US$1.5 billion
(VOV) - Vietnam’s exports to the Republic of Korea (RoK) reached US$1.5 billion in the first quarter of this year, down 8.9% against the same period last year.
However, its export value to the market grew by 32.9% in March to US$563.93 million, according to statistics from Vietnam Customs.
Garments topped the list of the export items, earning US$440.36 million (up 34.2%), followed by seafood with US$126.39 million (up 53.3%) and telephone handsets and components worth US$103.35 million (up 645.6%).
The RoK is the fourth largest importer of Vietnamese seafood products, after the US, EU and Japan. Vietnam is the third largest seafood supplier in the RoK market.
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Some products experiencing high growth in the first quarter, included footwear (35.7%), wood and timber products (39%), machinery, equipment, tools (31%) and bags, suitcases, wallets, hats and umbrellas (35%).
Strict regulations on plant and animal quarantine create a big barrier to Vietnamese agro-forestry and seafood products.
To ensure sustainable exports to the market, domestic businesses and farmers are advised to coordinate closely with each other to establish standardised production processes to maintain quality in line with Korean regulations.
Two-way trade turnover between Vietnam and the RoK rose 29.4% in 2013 to US$27.33 billion, of which Vietnam’s exports were US$6.63 billion (up 18.8%) and imports were US$20.7 billion (up 33.2%).