Source: VietNamNet Bridge
Vietnam's export revenue to Brazil was estimated at over US$1.06 billion in the first sixth months of 2017, an increase of 46% compared with the same period in 2016, according to the Ministry of Industry and Trade.
Thanks to the recovery of foreign trade activities, after the economic recession, the two-way trade revenue between Vietnam and Brazil reached roughly US$1.73 billion in the first half of 2017, up 16% compared to the corresponding period in 2016.
Of the total, Vietnam posted export revenues to Brazil at US$1.06 billion, up 46% over the same period in 2016, with import revenues standing at US$665 million, down 13% against the same period in 2016.
According to the Vietnam Trade Counsellor in Brazil, the export of key Vietnamese products to Brazil increased sharply in the first five months of 2017, including phones and electronics equipment up 57%, seafood up 43%, rubber and rubber products up 73%, synthetic fibers up by over 300%, alongside the rise in the export revenue of textiles, steel products, plastics, and food.
The Vietnam Trade Counsellor in Brazil recommended that Vietnamese exporters work closely with their Brazilian partners to deal with increasing trade defence measures and technical barriers faced, while exporting commodities to Brazil.
The Vietnam Import Export Report 2016 showed that Vietnam's key markets in Latin America all posted high trade revenues, including four markets reporting over US$1 billion in trade revenue with Vietnam in 2016, namely Brazil, Argentina, Mexico and Chile.
In particular, Brazil is one of the most important markets of Vietnam in Latin America as it has a large scale and great potential for foreign trade activities.