Vietnam runs $1.7 bn trade surplus with Germany in Jan-Aug
Vietnam runs $1.7 bn trade surplus with Germany in Jan-Aug
Vietnam enjoyed a $1.7 billion trade surplus with Germany in the first eight months of this year, the highest rate ever recorded, according to the General Department of Vietnam Customs.
The surplus made up 56.6 percent of Vietnam’s trade surplus, worth over $3 billion, with all of its foreign partners during the period, the department said.
According to the department, as of August 31, export turnover between Vietnam and Germany reached more than $4.95 billion, contributing 2.6 percent to the total turnover of Vietnam this year.
Regarding exports, in the first eight months of 2014, Vietnam has exported to the German market nearly $3.32 billion worth of goods, accounting for 3.4 percent of the total exports of the country.
In particular, key Vietnamese exports to the European nation included mobile phones and components (25.23 percent); garment-textiles (15.77 percent), footwear (11.3 percent), coffee ( 10.1 percent), and seafood (4.76 percent).
Regarding imports, the import turnover of Vietnam from Germany was more than $1.63 billion, accounting for 1.7 percent of total imports.
The main commodities the Southeast Asian country imported from Germany were machinery and components (46.6 percent), pharmaceutical products (7.67 percent), chemical products (5.7 percent), and milk and dairy products (2.27 percent).
Overall, there was a structural supplement in the Vietnam – Germany trade relations – Vietnam exports lower-added value items to Germany, like phone accessories, textiles, footwear, seafood, and coffee; while importing higher value-added items like machinery, equipment and chemicals.
In addition, the trading trend also shows that Vietnam is deeply integrated into the world economy: with the participation of more large German enterprises in the Vietnam market, Vietnamese businesses have further opportunities to raise their products to a higher value level in the global value chain of products.
According to the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, the German market is becoming a "bright spot for Vietnamese exporters”.
The agency also forecast that exports and imports between the two countries will grow further after bilateral trade agreements between the two parties, as well as those between Vietnam and the European Union, are confirmed in the near future.
The assessment of the Vietnam Trade Promotion Agency coincides with what Dr. Benno Bunse, Chairman and CEO of Germany Trade & Invest (GTaI), a state-run economic development agency, said at a recent conference in Ho Chi Minh City.
"Germany is the largest trading partner of Vietnam in Europe. Strong economic growth in Vietnam in recent years has created many opportunities for mid-d businesses in Germany," said Bunse, adding that he expects bilateral trade to rise after a free trade agreement between Vietnam and the EU is reached next year.
Dr. Bunse led a delegation of business leaders from the eastern states of Germany, to Vietnam to find partners and business cooperation opportunities, as well as to promote the investment environment in the eastern states, from September 15-19.
The visit, followed a successful working trip, was co-organized by GTaI, in collaboration with the Delegate of German Commerce and Industry in Vietnam (AHK), and the State Development Corporation of Thuringia.
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