Vietnam- the Philippines trade reaches nearly US$6.5 billion after 9 months

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Rice is Vietnam's main export item to the Philippine market. Illustrative photo

Of which, exports reached over US$4.6 billion, up 20.7% year-on-year and imports reached nearly US$1.9 billion, equivalent to the rate of the same period in 2023.

According to the Vietnam Trade Office in the Philippines, with the current growth rate, it is forecasted that the total import-export turnover between Vietnam and the Philippines in 2024 will exceed US$8 billion or the first time, reaching about US$8.5 billion, of which the trade surplus is over US$3 billion.

There are about 35 Vietnamese goods/industries exported to the Philippine market. In the first 9 months of 2024, there were 20 Vietnamese goods/industries exported to the Philippine market with positive export growth compared to the same period in 2023, including goods with high growth rates such as rice up 53.3%; coffee up 120.7%; pepper up 37.6%; Fertilizers of all kinds increased by 21.6%; iron and steel products increased by 71.2%; phones of all kinds and components increased by 42.8%; cameras, camcorders and components increased by 64.6%.

On the contrary, many items also had a decrease in export growth compared to the same period in 2023 such as: seafood decreased by 21.2%; animal feed and raw materials decreased by 15.6%; paper and paper products decreased by 19.3%, ceramic products decreased by 17.2%; Clanke and cement decreased by 15.7%.

According to the Vietnam Trade Office in the Philippines, Vietnam's main export item to the Philippine market as rice still maintains high growth momentum.

Vietnam's total rice export turnover to the Philippines market in the first 9 months of 2024 reached US$1.98 billion, accounting for 42.86% of Vietnam's total export turnover to the Philippines market in the first 9 months of 2024.

It is forecasted that in the last 3 months of 2024, the Philippines' rice import demand will continue to increase due to increased domestic consumption demand while the Philippines' year-end crop was damaged by natural disasters.