Vietnam records 4.7 billion USD trade surplus with UK over 12 months
Vietnam Nam enjoyed a trade surplus of 3.9 billion pounds (over 4.7 billion USD) in the four quarters to the end of March 2022, up nearly 22% over the same period to 2021, reported the UK’s Department for International Trade.
Making clothes at a garment company in Hanoi. Clothing is among the top 5 export products to UK markets. (Photo: VNA)
Hanoi (VNS/VNA) - Vietnam Nam enjoyed a trade surplus of3.9 billion pounds (over 4.7 billion USD) in the four quarters to the end ofMarch 2022, up nearly 22% over the same period to 2021, reported the UK’sDepartment for International Trade.
The data released early this week showedtotal trade in goods and services (exports plus imports) between the UK and Vietnamwas 5.7 billion pounds, an increase of 15% year-on-year.
During the reviewed period, total UK exports to Vietnamamounted to 905 million pounds (an increase of 0.2%), of which export of goodsaccounted for 68.3% at 618 million pounds, up 3% year-on-year, while serviceswere 287 million pounds, making up 31.7% and down 5.3% year-on-year.
Major products shipped from the UK to Vietnam included pulp and waste paper(74.4 million pounds), medicinal and pharmaceutical products (71.3 millionpounds), beverage (42.2 million pounds), metal ore and scrap (35.2 millionpounds) and scientific instruments (31.6 million pounds).
On the other side, Vietnam’s shipments to the UK increased 18.3% to 4.8 billionpounds, 97.2% of which were goods, with only 2.8% services.
The top five goods imported to the UK from Vietnam were telecoms & soundequipment (29.7%), clothing (381.8 million pounds), iron & steel (336.8million pounds), footwear (334.8 million pounds) and furniture (329.9million pounds).
Experts forecast the bilateral free tradeagreement between the UK and Vietnam, which officially took effect on May 1,2021, with a wide-range tariff elimination, has helped boost trade between thetwo markets. However, room for expansion is still large as Vietnam was the UK’s36th largest trading partner, accounting for just 0.4% of total UK trade.
Updated data on trade in goods showed the UK’s exports of goods to Vietnamdecreased by 4.3% in the 12 months to May 2022 compared to the same period ofthe previous year. Meanwhile, UK imports of goods from Vietnam increased by15.5% over the same period./.
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Making clothes at a garment company in Hanoi. Clothing is among the top 5 export products to UK markets. (Photo: VNA) 
