Vietnam- Japan trade reached over $US 10 billion

05/06/2017

According to the latest statistics from the General Department of Vietnam Customs, until the end of April 2017, the total import and export turnover between Vietnam and Japan reached about $US 10,124 billion. The turnover of Vietnam approximately reached $US 5,062 billion, and Japan was $ US 100 thousand higher.

The above result showed prosperity when import and export turnover between the two countries relatively reached in double digits growth, in which Vietnam’s export growth rate was 17% and Japan was 15.1%.

Currently, Japan is the fourth largest trade partner of over 200 countries and territories which Vietnam has trade relations (after China, the United States and South Korea).

Until the end of April 2017, the country exported 10 categories to Japan with a turnover of more than $US100 million. Textile and garment were the largest categories with an export turnover of nearly $US 936 million. Mean of transportation and spare parts reached $ US 660 million; Machinery, equipment, tools and instruments reached $US 543 million; Fishery products reached nearly $US 360 million.

Among major categories exported to Japan, Fishery products have the highest growth, reaching nearly 31%.

Mr. Tran Van Pham, Managing Director of Soc Trang Seafood Joint Stock Company, said that from the beginning of 2017, the export growth of shrimp in particular and fishery products in general to Japan was higher than to the US due to the increase in Japan's import of shrimp products which was the key category in the fishery industry (the largest market for export seafood).

At the same time, Vietnam imported 12 categories of over $ US 100 million. Leading in these categories was machinery, equipment, tools and instruments reaching $US 1.3956 billion. Following by computers, electrical products and components reached $US 900 million; Iron and steel of all kinds reached $US 456 million; Plastic products reached $US 240 million.

Notably, the import and export turnover between the two countries in the first four months of 2017 maintained at balance level, but this issue did not in the past.

Specifically, from 2012 to 2016, Vietnam maintained the trade surplus to Japan in the first three years (2012, 2013 and 2014), but two years later the trade surplus reversed to Japan.

Vietnam's trade surplus was 1,462 $US billion in 2012; 2,016 $US billion in 2013; $US 1,767 billion in 2014. Vietnam's trade deficit was US $218 million from Japan in 2015; and $US 393 million in 2016.

Source: customsnews.vn