Viet Nam enjoyed a trade surplus of 3.9 billion pounds (over US$4.7 billion) in the four quarters to the end of March 2022, up nearly 22 per cent over the same period to 2021, reported the UK’s Department for International Trade.
The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Viet Nam was 5.7 billion pounds, an increase of 15 per cent year-on-year.
During the reviewed period, total UK exports to Viet Nam amounted to 905 million pounds (an increase of 0.2 per cent), of which export of goods accounted for 68.3 per cent at 618 million pounds, up 3 per cent year-on-year, while services were 287 million pounds, making up 31.7 per cent and down 5.3 per cent year-on-year.
Major products shipped from the UK to Viet Nam included pulp and waste paper (74.4 million pounds), medicinal and pharmaceutical products (71.3 million pounds), beverage (42.2 million pounds), metal ore and scrap (35.2 million pounds) and scientific instruments (31.6 million pounds).
Source: UK Department for International Trade
On the other side, Viet Nam’s shipments to the UK increased 18.3 per cent to 4.8 billion pounds, 97.2 per cent of which were goods, with only 2.8 per cent services.
The top five goods imported to the UK from Viet Nam were telecoms & sound equipment (29.7 per cent), clothing (381.8 million pounds), iron & steel (336.8 million pounds), footwear (334.8 million pounds) and furniture (329.9 million pounds).
Experts forecast the bilateral free trade agreement between the UK and Viet Nam, which officially took effect on May 1, 2021, with a wide-range tariff elimination, has helped boost trade between the two markets. However, room for expansion is still large as Viet Nam was the UK’s 36th largest trading partner, accounting for just 0.4 per cent of total UK trade.
Updated data on trade in goods showed the UK’s exports of goods to Viet Nam decreased by 4.3 per cent in the 12 months to May 2022 compared to the same period of the previous year. Meanwhile, UK imports of goods from Viet Nam increased by 15.5 per cent over the same period. — VNS