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| Shoes are produced at My Phong Leather Shoes Company in the southern Tra Vinh Province. Footwear products garment and textiles, vehicles, phones and components are major Vietnamese export products to Mexico. — VNA/VNS Photo Trong Dat |
MEXICO (Biz Hub) — The turnover from Viet Nam's exports to Mexico this year is expected to hit US$1.5 billion in 2015, a year-on-year rise of 45 per cent, according to the Vietnamese Embassy's trade office in Mexico.
Viet Nam's imports from that market will be worth an estimated $487 million, bringing bilateral trade to touch $1.98 billion, 52.3 per cent higher than 2014.
The office reported that Viet Nam's exports to the second-largest Latin American economy hit nearly $1.3 billion (free-on-board price) in the first ten months of 2015. This marks a 47.98 per cent rise year-on-year, the highest increase in the past decade.
During the January-October period, Viet Nam imported more than $401 million (cost, insurance, freight price) worth of products from Mexico, up 95.14 per cent year-on-year.
The total bilateral trade between the two countries in the last 10 months was worth nearly $1.7 billion, an increase of 57.02 per cent year-on-year.
Viet Nam enjoyed a trade surplus of $891 million in the period, up 33.39 per cent year-on-year.
Viet Nam's export staples to Mexico were phones and components, footwear, computer/electronic devices, and garment-textiles, besides vehicles and spare parts, fisheries products and machinery.
Meanwhile, Viet Nam bought mainly electronic equipment, iron and steel and animal feed from Mexico.
Commercial Counselor Hoang Tuan Viet attributed the high export growth to trade promotion efforts by domestic enterprises, trade associations and representative agencies abroad.
In 2014, the trade turnover between the two nations hit $2.26 billion, climbing 40 per cent from 2013. — VNS