Viet Nam becomes Canada’s to ASEAN trade partner
Viet Nam becomes Canada’s to ASEAN trade partner
Viet Nam has successfully remained Canada’s top ASEAN trade partner in the first three quarters of 2016, according to official reports from the Canadian government.
Based on findings by Canada’s national statistic agency, trade overturn between Viet Nam and Canada has reached US$3.062 billion in the first three quarter of 2016, the highest out of 10 ASEAN countries, with a clear advantage compared to second place Thailand with S2.229 billion as Canadian’s most significant trade partner.
Hoang Anh Dung, Trade Representative for Vietnam in Canada, said that in the first nine months of 2016, Viet Nam is the fifth largest Asian trade partner with Canada in terms of export volume, after China, Japan, South Korea and the territory of Taiwan (China), having increased from being the sixth largest in 2015.
Currently, total export turnover from Viet Nam to Canada is $2.757 billion, an increase of 14.8 per cent. Imports from Canada are valued at $350 million, down by 26.8 per cent compared to the same period last year.
Dũng also said that though the increase in the first nine months of Viet Nam’s export to Canada only reached 14.8 per cent compared to the same period in 2015. However, taking into account that export turnover from the other 6 ASEAN countries have been negative--while total export volume of all ASEAN markets into Canada has decreased by 19.1 per cent compared to the same period in 2015---then the trade growth that Viet Nam experienced with Canada gives cause for measured optimism.
Chief exports from Viet Nam to Canada include machinery, electronics and electric devices (valued at $904 million, up by 33.5 per cent), various footwear (valued at $305 million, up by 17.7 per cent), textile products (valued at $252 million, down by 3.2 per cent), clothes (valued at $261 million, up by 1.3 per cent), furniture and accessories (valued at $189 million, down by 3.1 per cent).
Canada’s main exports to Viet Nam include seafood (valued at $54 million, down by 9.6 per cent), soy beans (valued at $38 million, down by 6.3 per cent), fertilizer (valued at $33 million, down by 29 per cent), machinery and accessories (valued at $27 million, down by 0.2 per cent), fur (valued at $20 million, down by 30 per cent).
As of October, Viet Nam’s total trade volume reached $284 billion, with export turnover of $143.9 billion, up by 7 per cent and import turnover of $140.65 billion, up by 2.2 per cent compared to the same period in 2015, according to statistics from the General Department of Customs.
Meanwhile, in the first three quarters of 2016, Canada’s total trade volume reached $590 billion with export turnover of $287 billion, down by 7.6 per cent and import turnover of $303 billion, down by 4.8 per cent compared to the same period in 2015.
