Vietnam-Africa trade reaches US$6.6 billion in 2018

Thursday, 2019-01-17 15:51:16
 Font Size:     |        Print
 

Vietnamese products are shipped to 53 out of 55 African countries. (Photo for illustration)
 Font Size:     |  

NDO/VNA – Bilateral trade between Vietnam and African nations hit US$6.6 billion in 2018, with Vietnam’s exports worth US$3 billion, up 10% from the previous year.

According to the Ministry of Industry and Trade’s Asia-Africa Market Department, Vietnamese products were shipped to 53 of 55 African countries, excluding South Sudan and Eritrea. Most of the shipments were mobile phones and spare parts, computers and spare parts, garment and textiles, footwear, rice, coffee, pepper, cashew, seafood and building materials.

South Africa was the largest importer of Vietnam in the continent in 2018, spending US$724.3 million on purchasing Vietnamese products, followed by Egypt with US$439 million and Ghana with US$278.3 million.

Last year, Vietnam’s imports from African nations fell 10% to some US$3.6 billion, helping reduce the trade deficit to US$0.6 billion. The country had high demand for fuel, animal food, cotton, wood, copper and materials for domestic processing and exports.

The department foresees a bright outlook for Vietnamese exports to Africa in 2019, where extreme weather and political instability have made it hard for countries to produce sufficient products for domestic consumption. African countries’ economic growth is forecast to continue expanding. Local residents will spend more, especially on seafood, garment and textile products and footwear products of Vietnam’s strengths.