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Thursday, June 20, 2024

Vietnam-Japan trade up 11% in Q1

By Le Hoang

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HCMC – Two-way trade between Vietnam and Japan reached US$11.2 billion between January and March, up 11% year-on-year, according to statistics from the General Department of Vietnam Customs.

The country spent US$5.8 billion on imports from Japan and exported products worth US$5.4 billion to the latter.

Vietnam’s main exports to Japan during the three-month period included vehicles and parts; machinery, equipment and accessories; computers, electronic products and accessories; seafood and woodwork.

Meanwhile, Vietnam mainly imported computers, electronic products and accessories; iron and steel and plastic materials from Japan.

Last year, two-way trade between Vietnam and Japan amounted to US$42.7 billion, with Vietnamese exports totaling US$20 billion, up 4.4% against the previous year.

Japan has high demand for the import of agro-forestry-fishery products such as fish, shrimp, meat, soybean, cereal, vegetables and coffee, while Vietnam can supply these items to Japan, according to the Vietnam Trade Office in Japan,

Many Vietnamese exports reporting a high growth rate were pepper (up 56%), cashew (up 39%), coffee (up 25.5%), and vegetables and fruits (up 20%).

Many local exporters said that Japanese partners attached importance to health benefits rather than prices, labels and packaging. They tend to conduct on-site visits to production facilities before signing cooperation agreements.

As such, that Vietnam’s farm produce is put on supermarket shelves in Japan will open a wider door for local exporters to tap the selective market with over 100 million people.

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