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Viet Nam-Brazil trade approaches $2b as exports rise
Bilateral trade turnover between Viet Nam and Brazil is expected to reach US$2 billion this year, continuing the momentum that saw two-way trade surpass $1 billion in 2011.
According to the Viet Nam General Department of Customs, two-way trade reached $422 million in the first quarter of this year, including $207.7 million worth of Vietnamese exports to Brazil, up 41.9 per cent. Brazilian exports to Viet Nam stood at $214.3 million, down 1.4 per cent from the same period last year.
Viet Nam's key exports to Brazil include footwear, seafood, machinery, equipment and computers, as well as electronic parts, telephones, garments, bags, hats, umbrellas, steel products and vehicles. On the other hand, Viet Nam imports steel, cotton, automobile parts, tobacco, wood products, apparels and footwear materials from Brazil.
As the world's sixth biggest economy with a population of 195 million, the Brazilian market offers great potential for Vietnamese products, according to the Vietnam Trade Office in the South American country.
The market share of imported consumer goods in Brazil rose from 19.5 per cent in 2011 to 21.6 per cent in 2012, while the country's total volume of products has now surpassed $1 trillion, with imported goods accounting for $225 billion. Its imports have increased by a remarkable 15 per cent annually for the past 10 years.
Viet Nam's exports to Brazil still remain modest at just 0.32 per cent of the country's global imports and many supermarkets in remote areas have no access to Vietnamese goods.
Last year, Viet Nam earned $817.2 million from exports to Brazil, up 26.3 percent from 2011, and imported $822.6 million worth of commodities from the country, a year-on-year increase of 3.6 per cent.
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