Vietnam’s imports from Canada surge, exports barely budge in Q1

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• Vietnam’s imports from Canada

Vietnam’s exports to Canada rose slightly while imports from the North American nation almost doubled in the first quarter of 2017, according to Vietnamese Trade Counsellor to Canada Hoang Anh Dung.

Two-way trade between Vietnam and Canada hit US$1.07 billion during the period, up 152%from US$929 million in the same period last year.

Vietnam’s exports to Canada rose by 8% to US$902 million, compared to growth of 23% in the first three months of 2016. This was due to a 1.6% year-on-year decline in exports of machinery, electric and electronic devices, and 11.1% in mobiles.

Vietnam mostly shipped mobiles, printers, electric cables, timber products, textile-garment, footwear, seafood, coffee, cashew, vehicles, toys, rubber, and vegetables and fruits to Canada.

Vietnam remained ASEAN’s top exporter to Canada and one of the region’s largest trade partners with the country.

It also ranked fifth in Asia in exports to Canada, after China, Japan, the Republic of Korea and Taiwan (China).

Meanwhile, Vietnam imported US$166 million worth of commodities from Canada, a year-on-year increase of 77.3%, compared to a plunge of 38.7% in the same period last year, due to higher domestic demand for wheat, coal, oilseed residues, cattle feed and pharmaceuticals.

Source: VNA