Trade surplus with UK puts annual goal in reach

Wednesday, Nov 20, 2013 07:00

Two-way trade reached an estimated $3.63 billion, surging 28 per cent against last year.— Photo baohaiphong

HA NOI (Biz Hub)— Viet Nam saw a US$2.69 billion trade surplus with the UK over the past 10 months, according to the General Department of Customs.

The encouraging performance has put the annual bilateral trade target of $4 billion within reach.

Two-way trade reached an estimated $3.63 billion, surging 28 per cent against last year.

Vietnamese exports amounted to $3.16 billion, up 32 per cent year-on-year.

Among the country's key export items, mobile phones and components took the lead with $1.12 billion (up 47 per cent), followed by footwear with $445 million (up 9.5 per cent), clothing with $392 million (up 5.5 per cent) and wood and wooden products with $175 million (up 16 per cent).

In the January-October period, Viet Nam imported $470 million worth of goods from the UK, a year-on-year rise of 5 per cent.

Primary imported commodities included chemicals, boilers, mechanical equipment, pharmaceutical products, electronic equipment, animal feed, plastics and rubber.

Viet Nam ranked 34th among the 229 countries exporting to the UK in 2012 and 73rd among its 230 import customers.

Last year, Viet Nam earned a total of $3.9 billion from exporting goods to the UK, up 44.3 per cent from 2011.

Experts say the UK is a demanding market as its consumers pay increasing interest to health and environmental issues, meaning Vietnamese businesses could likely make higher profits if they met the UK's strict requirements. — VNS

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