Vietnam tops ASEAN in trade with Canada

Tuesday, 2016-11-22 17:09:18
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Trade between Vietnam and Canada reached nearly US$3.062 billion in the first three quarters of 2016.
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NDO—The value of Vietnam’s trade with Canada in the first nine months of this year remained largest of all the economies in ASEAN, according to figures released by Statistics Canada.

Trade between the two countries reached nearly US$3.062 billion in the first three quarters of 2016, far ahead of second-place Thailand, which registered US$2.229 billion in trade with the North American country.

During the period, Vietnam’s exports to Canada jumped 14.8% year on year to US$2.757 billion while its imports from Canada fell 26.8% to US$350 million.

Vietnam’s largest export earner was electric and electronic equipment, raking in US$904 million, followed by footwear products, which brought in US$305 million.

Meanwhile Canada’s main exports to Vietnam were seafood, soybeans, oil seeds, fertilisers, equipment, machinery and fur.

According to Hoang Anh Dung, Vietnam’s trade counsellor in Canada, Vietnam’s 14.8% increase in trade with Canada was fairly satisfactory because most ASEAN countries posted negative trade growth with Canada and total ASEAN exports to Canada fell 19.1%.

He also stated that Vietnam had jumped by one place to fifth among Asia’s largest exporters to Canada, behind China; Japan; the Republic of Korea; and Taiwan, China.

Statistics Canada data showed that the country’s exports and imports in the first three quarters of 2016 fell 7.6% and 4.8% to US$287 billion and US$303 billion, respectively.