HCMC – Two-way trade between Vietnam and the Philippines is expected to reach between US$8.1 billion to US$8.3 billion this year, an increase of 3.9% to 6.4% over 2023, according to the Vietnam Trade Office in the Philippines.
In the first half of this year, Vietnam’s exports to the Philippines surged by 17.6% year-on-year to US$2.93 billion.
Rice was the top export earner, generating US$1.2 billion, a 40.9% rise and accounting for 41% of Vietnam’s total exports to the Philippines during this period.
Other significant exports included machinery and equipment at US$175.2 million, clinker and cement at US$171.1 million, coffee at US$133.8 million, and phones and components at US$132.6 million.
Vietnam remains the largest rice supplier to the Philippines, exporting 1.44 million tons by May 23, which represents 72.9% of the Philippines’ total rice imports.
Exports of transportation vehicles and parts to the Philippines reached US$89.6 million, while computer products and electronic components amounted to US$87.6 million. Steel exports were valued at US$62.6 million, textiles at US$60.6 million, and footwear at US$51.9 million.
On the import side, Vietnam imported nearly US$1.28 billion worth of goods from the Philippines in the first half of 2024, a 19.5% increase from the same period in 2023. Key imports included computer products and electronic components at US$779.2 million, machinery and equipment at US$132.3 million, common metals at US$103 million, and electrical wires and cables at US$48.7 million.
