Vietnam-Philippines trade likely to exceed 8 billion USD for first time
With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
Hanoi (VNA) – With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
The office said that in the first nine months of this year, import-export turnover between the two countries neared 6.5 billion USD, a rise of over 20% year on year, with Vietnam’s exports increasing 20.7%.
Among the 35 products Vietnam exported to the Philippines, 20 recorded a growth in the first nine months of this year, including rice at 53.3%, coffee 120.7%, peppercorn 37.6%, fertilisers 21.6%, steel products 71.2%, telephones and components 42.8%, and cameras, camcorders and components 64.6%.
Meanwhile, products with export decrease were aquatic products at 21.2%, animal feed and raw materials 15.6%, paper and paper products 19.3%, ceramic products 17.2%, and clinker and cement 15.7%.
Particularly, rice - Vietnam's main export item to the Philippine market - has maintained its high growth momentum, hitting 1.98 billion USD in the first nine months of this year, accounting for 42.86% of country's total export turnover to the Philippines in the period.
In the remaining months of 2024, the Philippines' rice import is forecast to continue increasing due to stronger domestic consumption deman♌d while the Philippines' year-end crop has been damaged♍ by natural disasters./.
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