Exports to Africa, Asia on the rise

Viet Nam?s exports to these markets were reported to skyrocket in the first eight months of this year.

Reposted from Viet Nam News

Viet Nam?s trade value with Africa-West-South Asia markets reached US$9.85 billion over the first eight months of this year, according to the General Department of Customs. To the figure, exports contributed $5.73 billion, while $4.12 billion came from imports representing 7 per cent fall on last year, it said. Vietnamese key export items enjoying significant growth during the period included rice, coffee, textiles and garments, seafood and mobile phones.

During the period, the country?s exports to the Middle East bloc experienced the highest growth, soaring by 87 per cent to hit $2.82 billion due to significant increases in exports to the United Arab Emirates and Arabia.

The two markets imported $1.29 billion and $372 million worth of Vietnamese products, surging 159 per cent and 132 per cent, respectively, against the same period last year.

Exports to South Asia held steady, while exports to India, one of the most important markets in the region, rose by 13 per cent year-on-year to $1.05 billion.

Meanwhile, the African countries? imports from Viet Nam dropped by 49 per cent, reaching only $1.43 billion due to a slump in demand for Vietnamese precious stones and metals.

The Ministry of Industry and Trade (MoIT) estimated that Viet Nam?s exports to those markets last month added an additional of $1 billion.

The number of Vietnamese businesses showing interest in Africa, South and West Asia is increasing year-by-year, said Ly Quoc Hung, director of MoIT?s Africa-West-South Asia Markets Department.

Many of Viet Nam?s exports such as seafood, coffee, pepper, textiles and garments have been performing well in those markets, a trend reflected in the expanding export volume, reported MoIT.

The structure of Viet Nam?s exports to those markets has shifted to include more industrial and manufactured products, including mobile phones, computers and electronics.

This development is considered an important precondition for Viet Nam to maintain stable export growth in the markets for years to come.

Experts predict that Viet Nam?s exports to Africa, West and South Asia will increase after Viet Nam approved the National Import, Export Strategy for the 2011-20 period late last year, implementing programmes to promote exports to Africa and strengthen trade ties with the Middle East by 2015.

Hung suggested domestic firms draw up specific export strategies as well as accelerate co-operation in market penetration to better enhance their presence in the countries.

Photo Credit: Viet Nam News

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Source: http://emergingfrontiersblog.com/2012/10/08/exports-to-africa-asia-on-the-rise/

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