Vietnam-Philippines import-export turnover officially exceeds 8 billion USD mark

After 11 months of 2024, the total import-export turnover between Vietnam and the Philippines officially exceeded the 8 billion USD threshold, reaching 8.042 billion USD.

Contributing to the impressive growth of Vietnam's export turnover to the Philippine market in the first 11 months of 2024, rice products must be mentioned with an increase of 57.2% over the same period in 2023. (Illustration photo: VNA)

The Vietnam Trade Office in the Philippines cited statistics from the Import-Export Department (Ministry of Industry and Trade) saying that Vietnam's export turnover to the Philippines in the first 11 months of 2024 reached 5.758 billion USD, an increase of 22.8% over the same period in 2023.

Meanwhile, import turnover from the Philippines to Vietnam reached 2.284 billion USD, down 5%. This result helps Vietnam trade surplus 3.474 billion USD in just 11 months, far exceeding the trade surplus of 2.5 billion USD for the whole year of 2023.

Item rice continued to lead with export turnover of nearly 2.5 billion USD in the first 11 months of 2024, an increase of 57.2% over the same period last year.

Other major export items include: Machinery, equipment, tools and spare parts worth nearly 360 million USD; clinker and cement worth nearly 300 million USD; coffee worth more than 250 million USD; phones of all kinds and components worth nearly 206 million USD; means of transport and spare parts worth over 182 million USD.

Notably, many products had strong growth, such as coffee up 86%, pepper up 40.1%, plastic raw materials up 63.87%, and iron and steel products up 84.3%.

According to the Vietnam Trade Office in the Philippines, for many years, Vietnam-Philippines trade has been assessed as not fully exploiting its potential, mostly focusing on rice.

However, since the end of 2022, with the direction of the Ministry of Industry and Trade and the efforts of the Vietnam Trade Office in the Philippines, trade between the two countries has made great strides.

The Vietnam Trade Office in the Philippines has implemented a series of trade promotion programs, promoting the image of Vietnam through fairs, exhibitions and goods weeks in the Philippines, helping businesses of the two countries overcome prejudices and paving the way for long-term cooperation plans.

Typically, Vingroup, which previously had no intention of entering the Philippine market, has decided to choose this country as a focus to develop the electric vehicle market and electric taxi services in the ASEAN region. In addition, Vietnam Airlines' reopening of direct flights between Hanoi, Ho Chi Minh City and Manila has also contributed to promoting trade.

With the growth momentum in the first 11 months of the year and bustling trade activities in the last month of the year, it is forecasted that the total import-export turnover between Vietnam and the Philippines in 2024 could reach 8.5 billion USD, of which the trade surplus is over 3 billion USD.

Source: https://baoquangninh.vn/kim-ngach-xuat-nhap-khau-viet-nam-philippines-chinh-thuc-vuot-moc-8-ty-usd-3337451.html