EU exports rise 22pct in 2012

February 27, 2013 | 09:14

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Two-way trade turnover between Viet Nam and the European Union (EU) in 2012 reached $29.09 billion, up 19.77 per cent from 2011, according to the General Department of Customs.

The Phu Quy Wood Export Processing factory makes furniture, targeting the European market. Bilateral trade between Viet Nam and the EU last year hit $29.09 billion, a year-on-year increase of 19.77 per-cent.

Viet Nam exported $20.31 billion worth of goods to the EU in 2012, an increase of 22.71 per cent on year, while importing $8.79 billion worth of goods and services, up 13.48 per cent. This year, the EU surpassed the US to become Viet Nam’s largest importer.

Viet Nam’s key export items to the EU were garments, footwear, coffee, seafood, computers, mobile handsets and spare parts. These accounted for 75 per cent of the country’s total exports in 2012.

While the country only began to export mobile handsets and spare parts to the EU in 2011, the export value for these products topped $5.4 billion last year.

Other commodities saw moderate growth, such as plastic products, wood and wooden products, bags, suitcases, umbrellas, pepper and cashew nuts.

For its part, Viet Nam imported mainly machinery and equipment, pharmaceuticals, milk and dairy products from the EU.

According to the European Market Department of the Ministry of Industry and Trade, the fact that bilateral trade between Viet Nam and the EU continued growing despite the world economic stagnation and the number of EU member states facing debt crisis was a positive signal, suggesting that the cooperation between the two sides was steadily increasing.

VNS

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