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Vietnam enjoys a trade surplus of over $850m with Africa in H1/201
Although the export turnover and import value decreased 26-27 percent over the same period last year, Vietnam still maintained a trade surplus with Africa in the first six months of this year.
According to the statistics from general Department of Vietnam Customs, in Jan-Jun, Vietnam’s total import spending from Africa was $400.2 million, down 27 percent on year.
Vietnam imported goods from 43 of the total 55 African countries, of which, 12 most important import markets were Nigeria, Ivory Coast, South Africa, Cameroon, Zambia, Benin, Ghana, Tanzania, Senegal, Gabon, Togo and Uganda, accounting for up to 81 percent of Vietnam’s total import value from this continent.
The main import items included raw cashew nuts, cotton, wood, iron and steel scraps, gemstones and precious metals, copper, cattle feed and liquefied natural gas.
The largest supplier of goods for Vietnam in the first six months of this year was Nigeria with $54.1 million, down 24 percent over the same period last year, of which liquefied natural gas accounted for $29.4 million, cashew nuts at $19.2 million and cotton at $4.2 million.
According to report from general Department of Vietnam Customs, in Jan-Jun, Vietnam’s total export turnover to Africa reached $1.258 billion, down 26 percent on year due to Vietnam’s export limit policy for gemstones and precious metal items to Africa. If excluding gemstones and precious metal, Vietnam’s export turnover to Africa reached $1.2 billion, rising 22 percent from the same period last year.
Vietnam has exported goods to 47 of the total 55 African nations, of which, top ten important export markets were South Africa, Egypt, Algeria, Ghana, Ivory Coast, Senegal, Nigeria, Angola, Morocco and Kenya, accounting for 78 percent of the total exports to continent.
Notably, exports to two markets namely Nigeria and Angola have had a strong recovery over the same period last year. In particular, for the first time, Moroccan has increased to be in Vietnam’s top ten largest export markets in Africa.
The staple exports to African markets were still rice, coffee, pepper, computers, electronic products and components, telephones, vehicles and parts, machineries, apparel products and footwear.
Thus, in the first half of 2012, in the balance of trade with this continent, Vietnam continued a trade surplus of $850 million.
Bo Cong Thuong
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