Vietnam runs trade surplus of 2.4 billion USD with Philippines

ABO/NDO- Vietnam posted a trade surplus of 2.41 billion USD with the Philippines in the first eight months of 2024, according to the General Department of Vietnam Customs.

Two-way trade reached a total value of 5.7 billion USD, marking a 21% increase compared to the same period in 2023.

Vietnam’s exports to the Philippines amounted to 4.07 billion USD in the eight-month period, up 17% year-on-year (YoY). Rice remained the top export commodity, with a value of 1.71 billion USD, reflecting a 39.7% increase from the previous year. It was also the only export to the Philippines exceeding 1 billion USD.

A rice export warehouse in Long An Province. Rice is a key export commodity from Vietnam to this market. (Photo: VNA).

In addition to rice, Vietnam exported six other products to the Philippines with a turnover of over 100 million USD. These included machinery, equipment, and spare parts (255 million USD, up 3.6%), clinker and cement (214 million USD, down 12.9%), and coffee (196 million USD, up 126%). Furthermore, exports of phones and components reached 172 million USD, up 48%, while computers and electronic products totalled 119 million USD, a slight decrease of 1.4%.

In the agricultural and seafood sector, key exports included cassava and cassava products (6.1 million USD, down 6%), pepper (22.8 million USD, up 39%), cashew nuts (11.4 million USD, up 5.5%), and seafood (57.9 million USD, down 23.9%).

Among the 33 main products exported to the Philippines, 13 saw a decline in value, while 20 recorded growth. Coal experienced the highest growth rate, with export value rising from 0.09 million USD to 15.1 million USD, and the export volume surging from 219 tonnes to 69,720 tonnes.

On the other hand, Vietnam imported 1.66 billion USD worth of goods from the Philippines, an increase of 4% compared to the same period last year. The three main import items included computers and components (1.03 billion USD, up 8.3%), machinery and spare parts (176 million USD, down 3.7%), and common metals (109 million USD, up 3.6%).

Among the imported items, metal products and auto parts recorded the highest growth rates, with increases of 157% and 98%, respectively, compared to the same period last year.

(Source: NDO)