With the current growth momentum, it is forecasted that the total import-export turnover between Vietnam and the Philippines in 2024 will exceed 8 billion USD for the first time, reaching about 8.5 billion USD, of which the trade surplus will be over 3 billion USD.
There are currently about 35 Vietnamese goods/industries exported to the Philippine market. In the first 9 months of 2024, 20 Vietnamese goods/industries exported to the Philippine market had positive export growth compared to the same period in 2023, including goods with high growth rates such as rice up 53.3%; coffee up 120.7%; pepper up 37.6%; fertilizers of all kinds up 21.6%; iron and steel products up 71.2%; phones of all kinds and components up 42.8%; cameras, camcorders and components up 64.6%. There are also many goods with export growth rates decreasing compared to the same period in 2023 such as seafood down 21.2%; animal feed and raw materials down 15.6%; Paper and paper products decreased by 19.3%, ceramic products decreased by 17.2%; Clanke and cement decreased by 15.7%.
Vietnam's main export item to the Philippine market, rice, has maintained high growth momentum. Vietnam's total rice export turnover to the Philippine market in the first 9 months of 2024 reached 1.98 billion USD, accounting for 42.86% of Vietnam's total export turnover to the Philippine market in the first 9 months of 2024. It is forecasted that in the last 3 months of 2024, the Philippines' rice import demand will continue to increase due to increased domestic consumption demand while the Philippines' year-end crop was damaged by natural disasters.
Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/kim-ngach-xuat-nhap-khau-hai-chieu-viet-nam-philippines-trong-9-thang-nam-2024.html
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