Business

Africa-Vietnam trade soars

Vietnamese exports to Africa during the first half of the year registered growth of 41.7 percent, the highest rate among the country's export markets, according to the Ministry of Industry and Trade (MoIT).
Vietnamese exports to Africa during the first half of the yearregistered growth of 41.7 percent, the highest rate among the country'sexport markets, according to the Ministry of Industry and Trade (MoIT).

Exports to Asian countries rose by 19.9 percent,exports to Europe increased by 15.8 percent and exports to theAmericas grew by 7.2 percent, according to a report released by theministry on July 1.

The strong growth in exports to Africa is partly attributed to the increase in gold exports to South Africa.

In addition, data from the General Department of Customs shows thatmobile phone and rice are two other major items Vietnam exported toAfrica.

Exports to South Africa, Vietnam'slargest market in the continent, during the first five months totalled274.6 million USD, up 32 percent year-on-year, with exports of cellphones and components reaching 168.5 million USD, a surge of more than3.5 times year-on-year.

Since January, Vietnamhas had difficulty selling rice to a number of African markets, such asIvory Coast , Ghana and Senegal, due to competition ofcheaper rice from India and Thailand, according to MoIT'sDepartment of South West Asia and Africa Markets.

Still, rice export to Africa in May grew more significantly than duringthe preceding months because African rice stockpiles had declined,prompting African countries to boost import.

Duringthe first five months of 2013, Vietnam exported 83,600 tonnes ofrice to Angola (up 186 percent), 68,800 tonnes to Cameroon (up122 percent), 34,400 tonnes to Mozambique (up 31.4 percent), and15,300 tonnes to Togo , a near seven-fold rise.-VNA
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