Vietnam – Canada trade revenue grows in Q1

Wednesday, Jun 01, 2016 14:51

Cashew nuts are one of the exported products to Canada. — File Photo

OTTAWA (Biz Hub) – Viet Nam leads ASEAN members in bilateral trade revenue with Canada, with the figure hitting US$928.97 million in the first quarter of 2016, up 11.8 percent year-on-year.

According to Statistics Canada, Canada exported $92.9 million worth of goods to Vietnam, an annual decrease of 38.7 percent during the period. The country spent $836.1 million on Vietnamese imports – mainly machinery, electronic devices, apparel and footwear, 23 percent higher than last year.

Viet Nam secured a trade surplus of $743.2 million, with an annual surge of 123 percent in the overall value of machinery and electronic devices exported to Canada.

Canada bought less seafood from Viet Nam, leading to a drop of 22.4 percent in revenue compared to last year.

Viet Nam mostly imported fertilizer, nuts, seafood, machinery-spare parts and fur from Canada.

Viet Nam ranked fifth in ASEAN in terms of imports from Canada but exports the most to the country.

In the period, the ten ASEAN state members together recorded almost $2.9 trillion worth of exports to Canada and more than $1 trillion worth of imports from the country. — VNS

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