Vietnam records 4.7 billion USD trade surplus with UK over 12 months
Vietnam Nam enjoyed a trade surplus of 3.9 billion pounds (over 4.7 billion USD) in the four quarters to the end of March 2022, up nearly 22% over the same period to 2021, reported the UK’s Department for International Trade.
Making clothes at a garment company in Hanoi. Clothing is among the top 5 export products to UK markets. (Photo: VNA)
Vietnam Nam enjoyed a trade surplus of 3.9 billion pounds (over 4.7 billion USD) in the four quarters to the end of March 2022, up nearly 22% over the same period to 2021, reported the UK’s Department for International Trade.The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Vietnam was 5.7 billion pounds, an increase of 15% year-on-year.
During the reviewed period, total UK exports to Vietnam amounted to 905 million pounds (an increase of 0.2%), of which export of goods accounted for 68.3% at 618 million pounds, up 3% year-on-year, while services were 287 million pounds, making up 31.7% and down 5.3% year-on-year.
Major products shipped from the UK to Vietnam included pulp and waste paper (74.4 million pounds), medicinal and pharmaceutical products (71.3 million pounds), beverage (42.2 million pounds), metal ore and scrap (35.2 million pounds) and scientific instruments (31.6 million pounds).
On the other side, Vietnam’s shipments to the UK increased 18.3% to 4.8 billion pounds, 97.2% of which were goods, with only 2.8% services.
The top five goods imported to the UK from Vietnam were telecoms & sound equipment (29.7%), clothing (381.8 million pounds), iron & steel (336.8 million pounds), footwear (334.8 million pounds) and furniture (329.9 million pounds).
Experts forecast the bilateral free trade agreement between the UK and Vietnam, which officially took effect on May 1, 2021, with a wide-range tariff elimination, has helped boost trade between the two markets. However, room for expansion is still large as Vietnam was the UK’s 36th largest trading partner, accounting for just 0.4% of total UK trade.
Updated data on trade in goods showed the UK’s exports of goods to Vietnam decreased by 4.3% in the 12 months to May 2022 compared to the same period of the previous year. Meanwhile, UK imports of goods from Vietnam increased by 15.5% over the same period./.
en.vietnamplus.vn
Tags:
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Vietnam’s 70 sweet potato cultivation areas and 13 packaging facilities have been licenced to export to China, reported the Ministry of Agriculture and Rural Development (MARD)’s Plant Protection Department.
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Australian Governor-General David Hurley, his spouse and the Australian delegation left Ho Chi Minh City on April 6, wrapping up his State visit to Vietnam from April 3-6.
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
French businesses should innovate their approach, enhance their understanding of culture and language, and make changes to adapt to Vietnam's transitioning economy in order to expand their market share and boost investment in the Southeast Asian nation, said Dr. Jean-Philippe Eglinger, the founder of the Viet Phap Strategies.
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
The Vietnamese delegation, led by Deputy Prime Minister Tran Luu Quang, made active contributions to the agenda of the 52nd regular session of the UN Human Rights Council (UNHRC) that concluded in Geneva on April 4.
Latest News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
More than 1,300 businesses from 21 countries and territories are participating in the Vietnam Textile & Garment Industry Expo (Saigontex) 2023, the leading exhibition of the industry in Southeast Asia, which opened in Ho Chi Minh City on April 5.
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
The Mong Cai international border gate in the northern province of Quang Ninh has become vibrant as before the pandemic, showing a positive sign in the economic recovery of Mong Cai city in particular and Quang Ninh province in general.
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
VCN – After China resumes trade, Cao Bang province's import and export activities see remarkable prosperity.
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
VCN - Although holding the number one position in the world in exporting cashew kernels for many years, the position of Vietnam's cashew industry in the world cashew value chain is very small because it mainly exports kernels with preliminary treatment.
More News
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
Ho Chi Minh City’s Index of Industrial Production (IIP) in the first quarter of 2023 declined by 0.9% compared to the same period last year, the municipal Department of Industry and Trade reported at a press conference on April 3.
Fisheries exports estimated at 1.85 billion USD in Q1
14:45 | 04/04/2023 Import-Export
Fisheries export value was estimated at 1.85 billion USD in the first quarter (Q1) of this year, a fall of 27% compared to the same period last year due to lower consumption and import demand under the impacts of inflation and economic recession, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Quang Ninh aims to attract quality FDI inflows
14:43 | 04/04/2023 Import-Export
The northern coastal province of Quang Ninh has strengthened measures to attract quality foreign direct investment (FDI) inflows, especially from big names in the processing-manufacturing industry.
Exports face many difficulties
13:29 | 04/04/2023 Import-Export
VCN - In the first months of 2023, the absence of export orders plus the downward trend in commodity prices have slowed down trade activities.
Manufacturing enterprises increase their competitiveness thanks to digital transformation
13:28 | 04/04/2023 Import-Export
VCN - Overcoming difficulties in 2023 requires manufacturing enterprises to self-improve and innovate. Digital technology is one of the effective solutions to help manufacturing businesses grow and compete.
32nd Việt Nam Expo promises to boost business linkages
14:19 | 03/04/2023 Import-Export
The 32nd Việt Nam International Exhibition (Vietnam Expo) will take place in Hà Nội from April 5-8 with the participation of more than 500 domestic and foreign enterprieses, the event’s organisers have announced.
Prevention of price risks before news that Indonesia increases rice imports in reserve
09:52 | 03/04/2023 Import-Export
VCN - In response to demand signals from key markets such as Indonesia and the Philippines, the Import-Export Department (Ministry of Industry and Trade) suggested that rice exporters actively monitor the market situation and fully assess the opportunities as well as risks to build a trading plan.
Japanese investors highly appreciate Vietnamese property market
17:41 | 02/04/2023 Import-Export
Representatives from around 180 Japanese businesses and investors on April 1 attended a Tokyo workshop on Vietnamese real estate, during which many of them highly appreciated the potential of Vietnam’s property market.
Seafood enterprises propose to remove obstacles from exporting to the EU
10:34 | 02/04/2023 Import-Export
VCN - Seafood enterprises are facing inadequacies in applying for material certification (S/C) and food safety certificates (H/C), which affects the production and export of seafood to the EU.
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Latest
Most read
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
More than 1,300 businesses from 21 countries and territories are participating in the Vietnam Textile & Garment Industry Expo (Saigontex) 2023, the leading exhibition of the industry in Southeast Asia, which opened in Ho Chi Minh City on April 5.
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
The Mong Cai international border gate in the northern province of Quang Ninh has become vibrant as before the pandemic, showing a positive sign in the economic recovery of Mong Cai city in particular and Quang Ninh province in general.
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
French businesses should innovate their approach, enhance their understanding of culture and language, and make changes to adapt to Vietnam's transitioning economy in order to expand their market share and boost investment in the Southeast Asian nation, said Dr. Jean-Philippe Eglinger, the founder of the Viet Phap Strategies.
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
VCN – After China resumes trade, Cao Bang province's import and export activities see remarkable prosperity.
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
VCN - Looking back to 2022, while the export turnover of the cashew industry reached US $ 3.08 billion, the import turnover of raw cashews consumed US $ 2.678 billion.