Import and export activities at Nghi Son Seaport (Thanh Hoa).

Among Vietnam’s export categories, rice continued to dominate, with export turnover hitting US$2.24 billion, a staggering 59.1% rise compared to the same period last year. Rice accounted for 42.9% of Vietnam’s total export value to the Philippines.

Other export products also recorded notable growth: coffee increased by 109.9%, pepper rose by 41.3%, fertilizers climbed 58.7%, plastic raw materials grew by 68.8%, iron and steel products surged by 77.1%, cameras, camcorders, and components up by 71.2%, furniture made from materials other than wood soared by 114.8%.

Vietnam’s imports from the Philippines in the same period totaled US$2.08 billion, representing a 2.5% decrease compared to 2023. However, some import categories showed significant growth: plastic raw materials increased by 108.9%, paper of all types rose by 26.4%, fabric of all types climbed 30.6%, iron and steel increased by 36.5%, base metals skyrocketed by 293%, wires and cables up 28.6%, auto parts and components grew by 40.2%.

The total import-export turnover between Vietnam and the Philippines during the first 10 months of 2024 reached US$7.3 billion, equaling 93.6% of the total trade volume between the two countries for all of 2023, which stood at US$7.8 billion.

This positive trajectory, coupled with continued trade growth in the final two months of the year, suggests that the total trade turnover between Vietnam and the Philippines will exceed US$8 billion for the first time. Experts project that the 2024 figure could reach as high as US$8.5 billion, setting a new milestone in the bilateral trade relationship.