Viet Nam-Philippines trade may reach over US$8 billion in 2024
VGP - The two-way trade between Viet Nam and the Philippines is expected to reach over US$8 billion, a year-on-year increase of 3.9-6.4 percent, according to the Viet Nam Trade Office in the Philippines.
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In the first six months of 2024, Viet Nam’s total export turnover to the Philippines increased by 17.6 percent year-on-year to US$2.93 billion.
Commodities with export turnover of over US$100 million each included machines and spare parts with US$175.2 million, clinker and cement US$171.1 million, coffee US$133.8 million, mobiles and spare parts US$132.6 million.
Meanwhile, Viet Nam's import value reached US$1.28 billion, up 19.5 percent year-on-year, mainly computers, electronic products and components with US$779.2 million, equipment, tools and spare parts US$132.3 million, and metals of all kinds US$103 million.
The Philippines is currently Viet Nam’s 16th largest trading partner in the world and the sixth largest in ASEAN. The Philippines is also Viet Nam's largest rice importer.
Bilateral trade grew from US$2.5 billion in 2010 to US$5.3 billion in 2020. Even during the COVID-19 pandemic trade turnover continued to increase, reaching US$6.7 billion in 2021 and US$7.8 billion in 2022. In 2023, the figure remained the same as in 2022./.
