Plastic products exports up 20%

Thursday, Aug 02, 2018 08:14

Plastic products on display at a supermarket in HCM City. Plastic export revenue increased strongly in the first half of the year. — VNS Photo

Exports of plastic products were worth US$1.43 billion in the first half of the year, a year-on-year increase of 20 per cent, according to the General Department of Vietnam Customs.

They were shipped to many markets, with Japan being the largest, accounting for $312.5 million worth, 15.7 per cent up.

Shipments to the US were worth $223.7 million, while the other major buyers were the Netherlands ($75.9 million) and South Korea ($75.3 million).

Exports to many markets, including India, Hong Kong, Turkey, China, Ukraine, Russia, and Bangladesh, are rising.

Shipments to India rose by over 159.4 per cent to $17.6 million.

Exports to Hong Kong were up 158.8 per cent to $29 million.

But exports to certain markets such as the Philippines (down by 31.3 per cent), Laos (26.3 per cent) and UAE (26.2 per cent) declined.

According to the Viet Nam Plastics Association, the industry is one of those to achieve steady growth of 14-15 per cent a year with its export growing by 12-14 per cent annually.

The industry still has a lot of room to grow because the per capita consumption of plastic products in Viet Nam remains low at 41kg per year, while it is 48.5kg in Asia and 69.7kg globally.

Companies have increased investment in technology and plants and are tying up with foreign partners to improve their competitiveness. — VNS

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