Two-way trade between Vietnam and Latin America increased to a record in 2014. In the 1990s, Vietnam's trade relations only opened […]
In the 1990s, Vietnam's trade relations only opened with a few Latin American countries. In 1995, our export market was still limited, export turnover to countries in this region was small such as Cuba (44.8 million USD), Mexico (0.7 million USD). By 2000, the export market had opened to 7 countries, reaching a turnover of 106 million USD.
Up to now, Vietnam has trade relations with all 33 countries and territories in Latin America.
In 2014, Vietnam's exports to the Latin American market reached 4.7 billion USD, an increase of 36.8% compared to 2013; Our imports from the Latin American market reached 4.8 billion USD, an increase of 44.9%. Total two-way trade turnover between Vietnam and 33 Latin American countries reached 9.5 billion USD, an increase of 40.7% compared to 2013, a record growth in trade exchange between us and this region.
Source: General Department of Customs
Vietnam's main export products to Latin America include footwear products; seafood; rice; textile products; coffee; rubber; plastic products; electronic and information technology equipment and components; machinery, equipment, mechanical spare parts; iron and steel and iron and steel products; wooden furniture; ceramics, etc.
Vietnam mainly imports from the Latin American region raw materials for domestic production such as textile raw materials, leather, shoes, iron and steel scrap, plastic raw materials, animal feed and raw materials, soybeans, and cotton of all kinds. Some other imported products such as milk and dairy products, wood and wood products, pharmaceuticals, machinery, equipment, tools and spare parts, etc.
Vietnam's key markets in Latin America all have quite high growth rates in trade turnover, except for Panama, in which there are three markets with a trade exchange scale of over 1 billion USD: Brazil, Mexico and Argentina. The value of bilateral trade between Vietnam and 10 key markets reached 8.74 billion USD, accounting for 91% of our total bilateral turnover with the entire region.
Unit: USD
|
Market |
Export |
Import |
Total revenue 2014 |
Growth |
| Brazil |
1,482,752,000 |
1,872,704,000 |
3,355,456,000 |
40% |
| Argentina |
174,538,000 |
1,712,710,000 |
1,887,248,000 |
31% |
| Mexico |
1,036,934,000 |
264,530,000 |
1,301,464,000 |
29% |
| Chile |
522283000 |
368190000 |
890,473,000 |
65% |
| Colombia |
278886000 |
19772149 |
298.658.149 |
58% |
| Panama |
232265000 |
18741619 |
251.006.619 |
-4% |
| Peru |
186947000 |
98014000 |
284,961,000 |
85% |
| Cuba |
206172638 |
2361686 |
208.534.324 |
37% |
| Uruguay |
46965289 |
92270731 |
139.236.024 |
61% |
| Ecuador |
101820113 |
26928585 |
128.748.698 |
38% |
Source: General Department of Customs
In addition to the 10 key markets mentioned above, bilateral trade exchange with the remaining 23 countries in the region is also gradually increasing but the scale is still small, accounting for only 9% of total Vietnam-Latin America turnover. Therefore, trade promotion work in the region in 2015 needs to be further promoted to balance the trade balance and aim for uniform market development in the coming years.
Procedures
