Vietnam-Philippines trade value exceeds 8 billion USD

ABO/NDO- The total trade value between Vietnam and the Philippines reached 8.042 billion USD in the first eleven months of 2024, according to Vietnam’s trade mission in the Philippines, citing Ministry of Industry and Trade data.

Specifically, Vietnam’s exports reached 5.758 billion USD, up 22.8%, while its imports fell 5% to 2.284 billion USD, resulting in a trade surplus of 3.474 billion USD, far exceeding the trade surplus of 2.5 billion in 2023.

Rice is Vietnam's largest export to the Philippines. (Photo: VNA).

Rice continued to be Vietnam’s largest export commodity, with revenue of nearly 2.5 billion USD during the January-November period, up 57.2% from last year.

Other major exports included machinery and equipment, clinker and cement, coffee, mobile phones, and transport vehicles.

Notably, several goods witnessed strong export growth, such as coffee (up 86%), pepper (up 40.1%), plastic materials (up 63.87%), and steel products (up 84.3%).

According to Vietnam’s trade mission, for many years, trade between the two countries has been primarily focused on rice, however, since late 2022, bilateral trade has expanded to other areas.

With the growth momentum in the first 11 months, the total trade figure for all of 2024 is expected to reach 8.5 billion USD, with Vietnam recording a trade surplus of 3 billion USD.

(Source: NDO)