Germany increases Vietnamese imports amid falls in other markets
Germany has increased the import of Vietnamese commodities in the first six months of the year in the context that it reduced imports from other markets, according to the General Department of Vietnam Customs.
Statistics show that two-way trade turnover between the two countries rose 1.7% in the reviewed period to US$5.5 billion. Of the total, Vietnamese exports edged up by 3% to US$3.8 billion, while imports from the market declined by 1.2% to US$1.7 billion. The country posted a trade surplus of US$2.06 billion with Germany, representing an annual increase of 7%.
The Vietnamese Trade Office in Germany reported that the Central European country is currently Vietnam’s second largest trading partner in the EU with trade turnover of US$6.5 billion, equivalent to 17% of total trade turnover between the country and the EU in the reviewed period. Of the figure, exports and imports accounted for 15% and 23%, respectively.
Agro-aquatic and electronics products were among key export items to Germany with turnover surging by 39.4% year-on-year to US$640.3 million.
The strongest export growth was recorded in coffee with US$383 million, up 37%; seafood US$94 million, up 10%; cashew nuts US$63 million, up 33%; pepper US$48 million, up 156%; fruit and vegetables US$32 million, up 118%; and rubber US$18 million, up 35%.
Most notably, Vietnamese seafood exports to Germany posted a higher growth rate compared to exports to the EU bloc as a whole, up 5% year on year.
This impressive export growth was also seen in the category of phone products with turnover up 23% to US$431 million; computers, electronic products, and components US$422 million, up 29%; plastic products US$84 million, up 30%; and timber and wood products US$44 million, up 46%. Vietnamese wooden furniture exports to Germany are mainly furniture, accounting for a proportion of 85.3%.
However, footwear and garments, that are the strongest Vietnamese exports to Germany, witnessed declines of 21% and 18%, respectively.
Insiders attributed the fall to rising inflation which has forced people to tighten spending on non-essential products.
In addition, fierce competition from regional peers such as China, India, and Turkey has also affected the export of these products to the demanding market.
