$3 billion trade surplus with the Philippines expected for 2024

Bilateral trade between Vietnam and the Philippines reached nearly $6.5 billion in the first nine months of the year, an increase of over 20 per cent on-year. Of this total, exports amounted to more than $4.6 billion, marking a 20.7 per cent increase compared to the same period in 2023, while imports stood at nearly $1.9 billion, roughly the same as the previous year.

Among the approximately 35 product categories that Vietnam exports to the Philippines, 20 have shown strong growth, including rice (53 per cent), coffee (3 per cent), steel products (120 per cent), cameras (71 per cent) and components (64 per cent).

Vietnam expects a more than $3 billion trade surplus with the Philippines this year. Photo: VNA

Rice remains Vietnam’s leading export to the Philippines, continuing its high growth trend. Total rice export revenue reached $1.98 billion in the first three quarters of 2024, accounting for 43 per cent of Vietnam's total exports to the Philippines.

The demand for rice imports in the Philippines is expected to remain high in the final quarter. "In the last three months of 2024, Philippine rice import demand will continue to rise due to increased domestic consumption needs and crop damage from recent natural disasters," said the Vietnam Trade Office in the Philippines.

During an October 8 meeting withPresident Ferdinand Romualdez Marcos, Prime Minister Pham Minh Chinh proposed that both sides strengthen its existing cooperation mechanisms, particularly the Joint Commission on Bilateral Cooperation.

This would enhance agricultural and economic-trade cooperation to match the two nations’ potential, expand market access for each other's goods, and achieve the bilateral trade target of $10 billion in 2025.

In response, Marcos requested that Vietnam continue to support the Philippines in achieving food security and implementing MoUs on agricultural cooperation and rice trade signed earlier this year.

Marcos also expressed appreciation for Vingroup’s electric vehicle projects in the Philippines and for ongoing high-tech collaborations between Vietnamese and Philippine businesses.

Trade surplus at 20.19 billion USD in first eight months Vietnam’s total import-export turnover of goods hit 435.23 billion USD in the first eight months of this year, with the country posting a trade surplus of 20.19 billion USD.

Coffee exports exceed 3 billion USD Vietnam's coffee exports has topped 3 billion USD so far this year.

Vietnam aims for $3.5 billion in durian exports in 2024 Vietnam is aiming to export $3.5 billion worth of durian in 2024, as the fruit continues to dominate the country's overseas fruit and vegetable shipments.