Monday, August 21, 2017 - 11:52:32

Vietnam - Germany trade reaches 3.7 billion USD in H1

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Vietnam and Germany posted a two-way trade of nearly 3.7 billion USD in the first half of this year, up 29.5 percent over the same period last year, according to the General Customs Department.

Of this total, Vietnam ’s exports were valued at 2.35 billion USD, up 22.35 percent. The figure accounted for 18 percent of the country’s total export turnover to the European Union market.

At the same time, Vietnam imported 1.34 billion USD from Germany, a year-on-year increase of 44.3 percent.

Over the period, export of some products saw remarkable increases. Computers, electronic products and spare parts posted a rise of 130.3 percent; and paper and paper products, 85.32 percent on a yearly basis. Telephones and spare parts were the largest foreign currency earner, bringing in a total export value of 873.5 million USD, up by more than 80.9 percent, making up 37.13 percent of Vietnam ’s total export to the market.

They were followed by footwear, coffee and garments whose export values ranged from 197.5 million to 279.4 million USD.

Meanwhile, Vietnam imported essential goods for domestic production and consumption, including vehicles, machinery and auto spare parts.

In spite of strong growth in recent years, Vietnam ’s exports to Germany still account for only a small part of the latter’s import-export value.

According to the Vietnam Trade Office in Germany , exporters to the market should carefully study tax policies, customs procedures, regulations on import limits, hygiene safety requirements, distribution channels and the business culture of the German market.

To further penetrate the market, Vietnamese businesses should also take part in trade fairs in Germany to promote their brands and seek potential partners.

Germany is Vietnam ’s largest export market in Europe . Last year, two-way trade between the two countries reached more than 6.47 billion USD, up 16.3 percent over 2011.-VNA
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