With the current upward trend, trade between Vietnam and the Philippines is expected to reach around $8.5 billion in 2024, the Vietnam Commerce Office in the Philippines said.
Vietnam exported $1.98 billion worth of rice to the Philippines in the first nine months this year. Photo: VNA
Hanoi (VNA) – With the current upward trend, trade between Vietnam and the Philippines is expected to amount to around $8.5 billion in 2024, the Vietnam Commerce Office in the Philippines said.
Bilateral trade is expected to cross the $8 billion mark for the first time, and Vietnam expects to record a positive balance of more than $3 billion, he said.
In the first nine months this year, imports and exports between the two countries reached nearly $6.5 billion, an increase of more than 20 percent year-on-year.
Among the 35 Vietnamese export products to the Philippines from January to the end of September, rice jumped by 53.3%, coffee by 120.7%, pepper by 37.6%, fertilizer by 21.6% , steel products by 71.2%, phones and components by 42.8%, and cameras, camcorders and components by 64.6%.
In the meantime, several products have seen their export growth slow down compared to the same period of 2023, including aquatic products (21.2%), animal feed and raw materials (15.6%). , paper and paper products (19.3%), ceramic products (17.2%), and clinker and cement (15.7%).
In particular, rice, Vietnam’s main export product to the Philippine market, maintained its strong growth momentum, reaching $1.98 billion in the first nine months this year, accounting for 42.86% of exports. Vietnamese to the Philippines.
In the remaining months of 2024, Philippine rice imports are expected to continue to increase due to stronger domestic consumption demand, while the Philippines’ year-end harvest was damaged by natural disasters. – VNA
