Vietnam ranks fifth in Asia in terms of exports to Canada
In 2016, Vietnam continued to hold the 5th position in Asia and number 1 in ASEAN in terms of export turnover to Canada
Vietnam and Canada’s total bilateral trade in 2016 reached $ 4.14 billion, an increase of 1.1% over the previous year. In specific, Vietnam exported to Canada a total amount of $ 3.7 billion (up by 17.1% as compared to 2015) while imported $ 396.5 million (down by 23.2%). A sharp fall in imports and an increase in export resulted in Vietnam's trade surplus with Canada being widened to $3.3 billion in 2016, up 24.7% from a year earlier.
According to the Vietnam Trade Counselor in Canada - Mr. Hoang Anh Dung, although the increase of Vietnam's exports to Canada in 2016 only went up by 17.1% as compared to 2015, this was still a good result if placed in the context of total export turnover of the 10 ASEAN countries to Canada. For example, in 2016 Philippines’ exports to Canada fell by 8.1%, followed by Indonesia (6.6%), Malaysia (5.4%), Thailand (2.3%) and Singapore (1.1%)
These achievements continue to keep Vietnam at the forefront of ASEAN countries in two-way trade with Canada and away from second place Thailand whose total turnover with Canada was of $3 billion. On the other hand, the total export turnover to Canada places Vietnam in the 5th position in Asia, after China, Japan, Korea and Taiwan (China).
The exported product groups with the highest growth from Vietnam to Canada include electrical and electronic equipment (up 55.5% as compared to 2015), rubber (up by 50%), suitcases, bags and sportswear (up by 23.6%), and footwear (up by 15.5%)
The imported products from Canada that experienced the largest changes were black coal, soft coal (up by 105.8%); timber and wooden products (up by 81.5%); cereals (down by 78%) and fertilizers (down by 39%).
Sources: 1, 2