According to the latest statistics from the Vietnam General Department of Customs (VGDC) Japan has rapidly become Vietnam's key market, accounting for 10% of Vietnam's total export turnover.
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According to the latest statistics from the Vietnam General Department of Customs (VGDC) Japan has rapidly become Vietnam’s key market, accounting for 10% of Vietnam’s total export turnover.
During the last 11 months two-way trade turnover between Vietnam and Japan was estimated at US$22.94 billion, up 1.7% against the same period last year.
Vietnam’s Japanese exports were valued at US$12.37 billion, a year-on-year increase of 3.5%, while the country imported Japanese goods worth US$10.57 billion, down 0.3% from the previous year.
Vietnam has enjoyed trade surplus from Japan for several consecutive years, with its export surplus reaching US$0.4 billion in 2011, US$1.5 billion in 2012, and US$1.8 billion so far this year (up 33%).
By November 2013, Japan ranked fourth among Vietnam’s largest trade partners. Major exports to the Japanese market included garment and textiles, crude oil, transport vehicles, machines, seafood, timber products, plastics, computers, and electronics and spare parts.
The VGDC identified that Vietnam’s main imports are machinery, computers, electronics, steels, and raw materials for garment and footwear industries, with an estimated value of US$7.62 billion, accounting for 73% of its total import figures from Japan.
The two countries have posted an annual trade growth of around 17% since 2005, with bilateral trade turnover increasing from US$8.5 billion in 2005 to US$16.8 billion five years later.
(Source:VOV)
