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Thursday, July 25, 2024

Vietnam’s exports to Canada decline

The Saigon Times

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HCMC – Vietnam’s exports to Canada were put at US$2.2 billion in the first five months of this year, falling by 15% compared to the same period last year.

Shipments of various key products, including garments, footwear, wooden products and steel to Canada edged down.

In particular, garments brought in US$459.3 million between January and May, a 10.7% year-on-year rise. Wooden products generated US$76 million in revenue, down 32% year-on-year, while footwear dropped 15.5% to US$198 million.

However, there are positive signs in the export of certain products. Cellphones and cellphone parts, and computers and electronics experienced a slight growth rate of 3.3% and 7.4%, respectively.

The most impressive increase was observed in the export of transport vehicles and spare parts, which saw a 44.7% uptick, amounting to US$188 million.

Experts suggest that the decline in Vietnam’s exports to Canada in the first half of this year may be attributed to the ongoing global economic downturn.

Since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into force in early 2019, trade between Vietnam and Canada has been on the rise. In 2021, two-way trade between the two countries reached a record high of roughly US$9 billion, a 12% increase against the year earlier.

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