Exports to increase with growing Intl demand

23 Feb '08

2 min read

The US accounts for one of the largest markets for Vietnamese exports and experts contemplating the future growth believe that in this current fiscal year, export value will see a rise of 20 percent to reach US $12 billion over last year.

Although non-traditional Vietnamese products are also getting a grip of the market, the country will continue to focus on the exports of garments, leather and footwear items. Presently, a backlash in US economy is taking its toll on Vietnam's export market; however, the situation is unlikely to continue for long.

Japan comes next in the line of the country's largest trading partner. The nation spends nearly $6 billion on imports from Vietnam contributing to a 15 percent hike in exports for the latter.

Last year, Japan imported a total of $677 billion in product value of which Vietnam holds a petty 0.9 percent. Handicraft exports to Japanese market, in particular, saw a perceptible increase but there is still a need to improve product design if domestic exporters seek an expansion in their trade.

Additionally, trade value between Vietnam and China reached $15.86 billion, marking a 52.2 percent leap compared to the year preceding it.

While Vietnam exported products worth $3.36 billion to China, it in turn imported goods valuing $9.1 billion from the country.

Even with regard to China, domestic exporters need to concentrate on lifting handicraft exports in order to have a stronger hold over the markets. Besides, the amount of imports made by the country also needs to get reduced.

Over the years, Egypt has also emerged as a potential market for local exporters and this can be amply evidenced from the fact that Vietnam earned nearly $100 million from exports made to the country last year.

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