VN-Brazil trade value up 16 per cent

Tuesday, Jun 27, 2017 09:00

Viet Nam-Brazil trade value reached US$1.73 billion in the first half of 2017, up 16 per cent year-on-year. — Photo

The trade value between Viet Nam and Brazil in the first half of 2017 stood at US$1.73 billion, a year-on-year increase of 16 per cent after a long slump.

The Viet Nam Trade Office in Brazil said Viet Nam’s export value to Brazil was estimated to surge by 46 per cent to $1.065 billion against the same period last year; while Brazil’s export value to Viet Nam reduced by 13 per cent to $665 million.

In the first five months, many Vietnamese products recovered their export growth to Brazil, including telephone and electronic parts (up 57 per cent), seafood (43 per cent), rubber and rubber products (73 per cent) and synthetic fibre (300 per cent), the Viet Nam Trade Office said. Other products with high export value include textile and garments, steel, plastics and food items.

Many Brazilian traders are looking for supplies to meet their country’s gradually rising demand as it recovers from economic recession. However, the pace of Viet Nam’s export growth to Brazil will face trade and technical barriers that Brazil is erecting to protect domestic production.

The Viet Nam Trade Office in Brazil suggested that Vietnamese exporters work closely with their import partners in handling complaints from related trade associations in Brazil to avoid lawsuits related with commercial defence.

As per the Ministry of Industry and Trade’s export report in 2016, Viet Nam’s key markets in Latin America recorded high growth in export value, with Brazil, Argentina, Mexico and Chile posting an export value of more than $1 billion each from Viet Nam.

Trade experts say Brazil is one of Viet Nam’s most important export markets in Latin America. However, Brazil’s political situation is unstable, which can affect trade activities and exports. — VNS

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