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Exports to Asian markets down 21%
Viet Nam's exports to Asia have shrunk faster than its overall exports decline this year.
Exports to Asian countries decreased by 21 per cent in the first six months to US$12.1 billion against an overall fall of 10 per cent to $27.6 billion.
As a result, Asia's share in the country's total exports has fallen from exactly half to 43.8 per cent. Europe has grabbed that share, rising from 20 per cent to 26 per cent while other continents showed little change.
With imports from Asia increasing to $23.9 billion, Viet Nam's trade deficit with the continent remained the highest with any partner.
With ASEAN members, who make up a huge part of the Asian market, Viet Nam ran up a deficit of $1.3 billion after importing goods and services worth $5.9 billion.
Japan remained the largest export destination despite a 40 per cent fall in shipments to $5.1 billion.
Many Japanese importers who were buying from China switched to Viet Nam to take advantage of lower tariffs following a bilateral trade agreement.
Garment exports alone jumped 20 per cent to $440 million. It is expected to top $1 billion this year.
Under the Viet Nam - Japan Economic Partner Agreement, 92 per cent of all items traded by the two countries would be exempt from tax. These include 86 - 97 per cent of Viet Nam's agricultural and forestry products exports.
Europe's imports rise
Europe, Viet Nam's second largest export market, bought 19 per cent more goods and services in the first half, mainly due to an increase in gold exports to Switzerland.
Viet Nam posted a surplus of nearly $3.8 billion with the continent.
The situation is likely to improve further when Russia increases imports of garments and seafood.
Exports to the Americas were worth $6 billion, a 7.7 per cent fall from last year's same period.
Viet Nam's enjoyed a surplus of $4.1 billion. Its exports to the western hemisphere are expected to rise further when the global economy recovers and Brazil steps up import of seafood.
The US remained the largest market in the Americas, increasing its share in Vietnamese exports from 17.5 per cent last year to 18.5 per cent.
Exports to Australia slumped by 40 per cent, shrinking that market's share of overall exports from 7.1 per cent to 4.7 per cent.
Viet Nam continued to enjoy a trade surplus with Australia, but this decreased from $1.05 billion to $740 million.
Its trade surplus with Africa doubled to $637 million but with trade between the two sides being low, this did not have a major effect on Viet Nam's overall exports.
Viet Nam signed trade agreements with several Middle Eastern countries at the end of last year, creating export opportunities in the region, which is home to some 250 million people.
vietnamnet, vietnamnews
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