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.

Loading rice for export (Photo for illustration)

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%, fertilizers 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 demand while the Philippines' year-end crop has been damaged by natural disasters.

Source: VNA