Economy
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| Making clothes at a garment company in Hà Nội. Clothing is among the top 5 export products to UK markets. — VNA/VNS Photo |
HÀ NỘI — Việt Nam enjoyed a trade surplus of £3.9 billion (over US$4.7 billion) in the four quarters to the end of March 2022, up nearly 22 per cent over the same period to 2021, reported the UK’s Department for International Trade.
The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Việt Nam was £5.7 billion, an increase of 15 per cent year-on-year.
During the reviewed period, total UK exports to Việt Nam amounted to £905 million (an increase of 0.2 per cent), of which export of goods accounted for 68.3 per cent at £618 million, up 3 per cent year-on-year, while services were £287 million, making up 31.7 per cent and down 5.3 per cent year-on-year.
Major products shipped from the UK to Việt Nam included pulp and waste paper (£74.4 million), medicinal and pharmaceutical products (£71.3 million), beverage (£42.2 million), metal ore and scrap (£35.2 million) and scientific instruments (£31.6 million).
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| Source: UK Department for International Trade |
On the other side, Việt Nam’s shipments to the UK increased 18.3 per cent to £4.8 billion, 97.2 per cent of which were goods, with only 2.8 per cent services.
The top five goods imported to the UK from Việt Nam were telecoms & sound equipment (£1.4 billion), clothing (£381.8 million), iron & steel (£336.8 million), footwear (£334.8 million) and furniture (£329.9 million).
Experts forecast the bilateral free trade agreement between the UK and Việt Nam, which officially took effect on May 1, 2021, with a wide-range tariff elimination, has helped boost trade between the two markets. However, room for expansion is still large as Việt Nam was the UK’s 36th largest trading partner, accounting for just 0.4 per cent of total UK trade.
Updated data on trade in goods showed the UK’s exports of goods to Việt Nam decreased by 4.3 per cent in the 12 months to May 2022 compared to the same period of the previous year. Meanwhile, UK imports of goods from Việt Nam increased by 15.5 per cent over the same period. — VNS
