Vietnam's exports to the Philippines exceed 6 billion USD with significant contribution from rice

According to statistics compiled by the Agency of Foreign Trade under the Ministry of Industry and Trade, the total trade turnover between Vietnam and the Philippines exceeded 8.66 billion USD in 2024. Consequently, this is an increase of over 11% compared to 2023.

Within this total, revenue from export activities reached 6.19 billion USD, which is an increase of 20.2% compared to 2023. On the other hand, revenue from imports remained at a relatively stable level of 2.47 billion USD, marking a decrease of 6.7% from 2023. Vietnam’s trade surplus with the Philippines in 2024 amounted to 3.72 billion USD, surpassing the earlier forecast of 3.5 billion USD.

A key driver of this impressive export growth was rice, which generated over 2.6 billion USD in export revenue. Notably, this is a sharp increase of 48.9% compared to the corresponding period in 2023.

Other major export commodities included machinery, equipment, tools, and spare parts, which achieved a revenue of nearly 393 million USD. Similarly, clinker and cement achieved an export revenue of approximately 319 million USD; coffee, over 288.5 million USD; mobile phones and components, nearly 212.3 million USD; vehicles and spare parts, over 200.4 million USD; computers, electronic products, and components, nearly 186.6 million USD; textiles and garments, over 138.2 million USD; seafood, 108.2 million USD; and footwear, 107.2 million USD.

Export categories with a turnover between 50 million and 100 million USD included steel, which exceeded 94.6 million USD; chemical products, nearly 79.7 million USD; iron and steel products, about 73.2 million USD; plastic products, over 67.2 million USD; textile fibers and yarns, surpassing 80.6 million USD; and electrical wires and cables, at 64.4 million USD.

These figures represent the Philippines and Vietnam's remarkable achievements and progress compared to previous years. In both 2022 and 2023, Vietnam's exports to the Philippines reached only 7.8 billion USD, with a trade surplus of 2.4 billion USD and 2.5 billion USD, respectively. This growth signals a promising trend as Vietnam explores new directions for exports, which can help ease challenges and pressures for the domestic business community.

Regarding imports, key commodities included computers, electronic products and components; machinery, equipment, tools, and spare parts; base metals; electrical wires and cables; and seafood.