Vietnam posts trade surplus of US$1.88 billion with UK in Q1

Statistics show exports brought back US$2.12 billion, up 10% year on year, while imports rose 11.4% to US$240 million.

Technology products continued to dominate Vietnam’s exports to the UK, reflecting the country’s increasingly important role in global manufacturing and supply chains.

There were five export categories with turnover exceeding US$100 million each. Exports of phones and components hit US$410 million, up 12.4%, while shipments of computers, electronic products and components surged 49% year on year to US$365 million.

Machinery, equipment, tools and spare parts generated US$236 million in export value, though the category declined 12% compared with the same period last year.

Footwear exports fell 10.2% year on year to US$216 million, while textiles and garments posted moderate growth of 5.4%, achieving US$205 million.

Together, the five largest export groups accounted for US$1.43 billion, or roughly 67% of Vietnam’s total exports to the UK during the quarter.

Agricultural and seafood exports also saw mixed results. Coffee exports edged up 2.2% to US$77 million, and seafood exports rose 5.5% to US$67 million. Fruit and vegetable exports climbed 12.5% to US$14.3 million.

Several consumer goods categories posted particularly strong growth. Exports of toys, sports equipment and related parts jumped 78% to US$82.8 million. Transport vehicles and spare parts rose 68% to US$60 million.

Wood and wood products increased 13.4% to US$67 million; exports of handbags, luggage, umbrellas and hats climbed 22% to US$31 million.

On the import side, Vietnam spent US$240 million on goods from the UK in the first quarter, up 11.4% year on year.

Machinery, equipment, tools and spare parts retained their position as the largest import category at US$56.3 million, despite a 6.8% decline from the previous year.

Pharmaceutical imports totaled US$20.3 million, down 8%, while seafood imports surged 46% to US$16.8 million, making seafood one of Vietnam’s top three imports from the UK.

Other import categories posting strong growth included textile and footwear materials, pesticides and pharmaceutical ingredients.

Meanwhile, imports of completely built-up automobiles, transport vehicles and camera equipment all recorded significant declines during the period.

Vietnam also imported US$72 million worth of other unspecified products from the UK, up 31.7% year on year.

Source: VOV