Việt Nam records trade surplus of US$2.4 billion with the Philippines

The rice export warehouse to the Philippines in Long An Province. Rice is a key export commodity from Việt Nam to this market. — VNA/VNS Photo

HÀ NỘI — In the first eight months of 2024, trade between Việt Nam and the Philippines reached a total value of US$5.7 billion, marking a 21 per cent increase compared to the same period in 2023. During this period, Việt Nam posted a trade surplus of US$2.41 billion with the Philippines.

According to data from the General Department of Customs, Việt Nam's exports to the Philippines amounted to US$4.07 billion, up 17 per cent year-on-year (YoY). Rice remained the top export commodity, with a value of US$1.71 billion, reflecting a 39.7 per cent increase from the previous year. It was also the only export to the Philippines exceeding US$1 billion.

In addition to rice, Việt Nam exported six other products to the Philippines with a turnover of over US$100 million. These included machinery, equipment, and spare parts (US$255 million, up 3.6 per cent), clinker and cement (US$214 million, down 12.9 per cent), and coffee (US$196 million, a significant increase of 126 per cent). Furthermore, exports of phones and components reached US$172 million, up 48 per cent, while computers and electronic products totalled US$119 million, a slight decrease of 1.4 per cent.

In the agricultural and seafood sector, key exports included cassava and cassava products (US$6.1 million, down 6 per cent), pepper (US$22.8 million, up 39 per cent), cashew nuts (US$11.4 million, up 5.5 per cent), and seafood (US$57.9 million, down 23.9 per cent).

Among the 33 main products exported to the Philippines, 13 saw a decline in value, while 20 recorded growth. Coal experienced the highest growth rate, with export value rising from US$0.09 million to US$15.1 million, and the export volume surging from 219 tonnes to 69,720 tonnes.

On the other hand, Việt Nam imported US$1.66 billion worth of goods from the Philippines, an increase of 4 per cent compared to the same period last year. The three main import items included computers and components (US$1.03 billion, up 8.3 per cent), machinery and spare parts (US$176 million, down 3.7 per cent), and common metals (US$109 million, up 3.6 per cent).

Among the imported items, metal products and auto parts recorded the highest growth rates, with increases of 157 per cent and 98 per cent, respectively, compared to the same period last year.