Vietnam records US$589 million trade surplus with the UK

Exports of agricultural products tothe UK maintains steady growth.

The department reported that Vietnamese exports to the European market stood at US$598 million, marking a rise of 84.61% compared to the same period from last year.

The trade surplus of goods to the UK throughout January hit US$598 million, recording an increase of 113.7% on-year.

Among products that recorded impressive export growth, telephones and components topped the list with a boost of 371.6%, followed by machinery, equipment and tools, and spare parts, up 110%, and computers and electronic components, up 91%.

Notably, local agricultural products also maintained steady growth, with exports of vegetables and fruits increasing by 148% from the same period last year.

Meanwhile, the main import items from the UK were metal products, (excluding steel), pesticides, raw materials, and textile materials.

The Department attributed the impressive trade growth to the enforcement of the Vietnam-UK Free Trade Agreement (UKVFTA) which first came into effect on January 1, despite the impact of the COVID-19 pandemic.

On February 26, the Vietnam Association of Seafood Exporters and Producers (VASEP) reported that January witnessed the total export value of aquatic products reach US$606 million, an annual rise of 23.4%.

Of the figure, tra fish recorded an increase of 21.7%, with white-leg shrimp seeing an increase of US$32.5.

Key export markets for Vietnamese aquatic items included the United States, up 25.6%, Russia, up 72%, and Australia, up 105%.