Vietnam recorded a trade surplus of 930 million USD with Japan in the first eight months of 2019.
In the same period last year, Vietnam posted a trade deficit of 114 million USD with Japan.
The leading factor behind the change was the good growth in exports to Japan at 9.3 percent, with increases recorded in the shipments of 26 out of 35 main export items.
|Garment-textile was one of the commodities with the export turnover of more than 1 billion USD (Photo: VNA)
Products with high increases included garment-textile, means of transport and spare parts, machinery, aquatic products, wood and timber products, computers, electronic products and components, and footwear.VNA
Three commodities with the export turnover of more than 1 billion USD in the Japanese market were garment-textile (2.55 billion USD), means of transport and spare parts (1.73 billion USD), machinery, equipment, tools and components (1.26 billion USD).
There are many reasons behind Vietnam’s increasing exports to Japan, one of which is their membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which offers a lot of incentives, including tariff reductions.
Meanwhile, Vietnam’s imports from Japan only rose 0.7 percent in the period, far below the growth rate of exports.
Vietnam is expected to have a trade surplus of over 1.4 billion USD with Japan for the whole year.