Vietnam-South Africa trade turnover reaches highest level so far

Vietnam’s exports to South Africa will gain many favourable conditions in 2011 if the country’s economy maintains the predicted growth rate of 3.5-4 percent, according to the Ministry of Industry and Trade (MoIT)’s Africa, West Asia and South Asia Markets Departments.

South Africa’s Government is increasing public investment to create jobs, and reduce the unemployment rate, therefore, the demand for imports is being maintained. Meanwhile, Vietnamese goods are gradually winning confidence in this market. The MoIT will push projects to promote exports to the African market.

According to statistics, the two-way trade turnover between Vietnam and South Africa in 2010 reached its highest point so far, US$640.31 million, rising by 26.7 percent compared to 2009 and three times higher than in 2005. The export value for the whole year achieved US$487.76 million and imports were US$152.55 million.

The growth rate of Vietnamese exports to South Africa has been higher than imports for many years, so Vietnam maintains a trade surplus to this market. 2010 also marked the year of Vietnam’s highest trade surplus with South Africa at US$335 million, up by 33 percent against 2009 and 90 times higher than 2005.

Apart from gemstones and precious metals, Vietnamese goods with high export value to South Africa, include footwear (US$40.81 million, up by 12 percent against 2009), garments and textiles (US$18.41 million, double), coffee (US$15.78 million, up 23 percent), and rice (US$13.36 million).

Cell phones have been exported to South Africa since 2009, and held a high turnover of US$35.48 million.

 

Feb 13^th, 2011

Source: vneconomynews.com