Electrical wire and cable products posted export turnover of nearly US$1.42 billion in the first 10 months of this year, a year-on-year increase of 30 per cent, according to the General Department of Customs.

This result means electrical wire and cable becomes the latest group of commodities with export turnover of more than $1 billion in Viet Nam, joining 26 other groups like phones and components, textiles, electronics, computers and components.

The largest proportion was sent to China, with turnover of $530.79 million, an increase of 39.13 per cent over the same period last year, accounting for 37.14 per cent of total export turnover.

The second largest market was Japan with turnover of $278.5 million, an increase of 21.46 per cent over the same period last year.

The Republic of Korea and the US were third and fourth largest markets for Viet Nam’s wire and cable products, with turnover reaching $135 million and $73 million, up 34 per cent and 13 per cent, respectively, over the same period in 2017.

Next are Singapore, Hong Kong, Thailand and Cambodia.

Notably, in markets importing electric wires and cables from Viet Nam, Australia has a market growth rate of 289 per cent compared to the same period last year and reached $12.37 million. In the opposite direction, the UK dropped sharply in imports of electrical wires and cables from Viet Nam, down 26.39 per cent to $4.67 million.

Singapore, Indonesia and France also imported more electrical wires and cables, with 78 per cent, 71 per cent and 48 per cent growth rate, respectively.

After a period of trade deficit for this commodity, Viet Nam has shifted to a trade surplus.

Currently, Viet Nam has more than 200 enterprises involved in the production and export of electrical wires and cables, many of which are 100 per cent foreign-owned or foreign-invested joint ventures. — VNS