Viet Nam’s trade with ASEAN surges 12.5% in eight months
VGP - The trade volume between Viet Nam and other ASEAN Member States hit US$54.9 billion over the last eight months of this year, a year-on-year increase of 12.5 percent.
Of the above figure, Viet Nam's exports to ASEAN rose by 2.6 percent to US$24.6 billion, the General Department of Customs reported.
Thailand remained the biggest importer of Vietnamese goods with US$5.23 billion, up 7.2 percent.
It was followed by Indonesia with US$4.15 billion, up 23.6 percent; the Philippines US$4.07 billion, up 17 percent; Cambodia US43.52 billion, up 3.9 percent; Malaysia US$3.48 billion, up 4.2 percent; and Singapore US$3.46 billion, up 26.3 percent.
Viet Nam's exports to Brunei witnessed a sharp increase of 569 percent to US$87.7 million while the nation earned US$197 million from exporting to Myanmar, down 36.7 percent.
Vietnamese commodities exported to Laos rose 20.6 percent to reach US$429 million.
In the reviewed period, Viet Nam spent US$30.2 billion on imports from ASEAN nations, an increase of 12.4 percent against the same period last year. Thailand was the bloc's largest exporter to Viet Nam with US$7.8 billion.
Imports from Indonesia reached US$6.5 billion, up 14.5 percent, Malaysia US$6.14 billion, up 22.4 percent, Singapore US$3.35 billion, up 1.3 percent; Cambodia US$3.3 billion, up 28.4 percent, and the Philippines US$1.66 billion, up 4 percent.
With a population of 600 million, ASEAN has become the world's sixth largest economy and a typical example of economic integration, with its economic growth rate higher than the global average and the growth pace is expected to continue in the coming years.
According to HSBC, intra-ASEAN trade is growing faster than the worldwide average, thanks to a combination of deft policymaking and demographic dynamics.
However, intra-bloc trade currently accounted for only 23 per cent of the bloc's trade, which was relatively low compared to other regions./.
