In 2024, export-import turnover between Vietnam and the Philippines is expected to reach from 8.1 billion to 8.3 billion USD, recording an increase of 3.9% to 6.4% compared to 2023. Read the article below to know more about Vietnam – Philippines import and export turnover in the first 6 months of 2024.
Export-Import turnover between Vietnam and the Philippines expected to increase sharply in 2024
Export-Import turnover in the first half of 2024
According to information from the Vietnam Trade Office in the Philippines, in the first half of 2024, the total export value of Vietnam to the Philippines reached nearly 2.93 billion USD, an increase of 17.6% over the same period last year.
Rice has the highest export value to the Philippine market, with a turnover of 1.2 billion USD, an increase of 40.9% compared to the first 6 months of 2023, accounting for 41% of Vietnam’s total export turnover to the Philippines during this period.
Rice has the highest export value to the Philippine market
Items with an export value of over 50 million
In addition, some products with export value exceeding 100 million USD to the Philippines in the first 6 months of 2024 include machinery, equipment, tools, and spare parts reaching 175.2 million USD; clinker and cement reaching 171.1 million USD; coffee reaching 133.8 million USD; phones and components reaching 132.6 million USD.
Items with export value from 50 million to 100 million USD to the Philippines in the first half of 2024 include means of transport and spare parts reaching 89.6 million USD; computers, electronic products, and components reaching 87.6 million USD; iron and steel of all kinds reaching 62.6 million USD; textiles reaching 60.6 million USD; footwear of all kinds reaching 51.9 million USD.
Products with export value of 50 million USD to the Philippines in the first 6 months of 2024
Items with high import value from the Philippines
On the other hand, Vietnam’s import value from the Philippines in the first 6 months of 2024 reached nearly 1.28 billion USD, up 19.5% over the same period last year.
Items with high import value include computers, electronic products and components reaching 779.2 million USD; machinery, equipment, tools, spare parts reaching 132.3 million USD; common metals of all kinds reaching 103 million USD; electric wires and cables reaching 48.7 million USD.
Computers, electronic products and components are the items with the highest import value of 779.2 million USD
The Vietnam Trade Office in the Philippines said that the total import-export turnover between Vietnam and the Philippines in the first 6 months of 2024 reached 4.21 billion USD. From there, it can be predicted that the total trade turnover between the two countries in the whole year of 2024 will fluctuate from 8.1 billion to 8.3 billion USD, an increase of 3.9% to 6.4% compared to 2023.
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