CPTPP eases pathway for Vietnamese exports to Canada, MexicoTuesday, March 24,2020
AsemconnectVietnam - Following the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnamese firms are keen to utilise the trade pact to make inroads into Canada and Mexico, two members who had yet to sign a bilateral trade agreement with Vietnam.
Indeed, 2019 saw the country’s exports to CPTPP members grow, despite the pact being in effect for less than a full year, Thai says, adding that exports to Canada and Mexico alone represented increases of 26% and 29%, respectively.
This positive trend was maintained in the first two months of this year as Vietnamese firms continue to take advantage of the CPTPP as a means of increasing exports.
During the reviewed period, the country successfully shipped US$578 million worth of goods to Canada, an annual increase of 20.39%.
With a market of 37 consumers and an urbanisation rate of 80%, the North American nation is one of the potential markets where Vietnamese businesses can export a greater quantity of garments and textiles, footwear, seafood, tea, peppers, cashew, coffee, and wood products.
MoIT statistics show businesses exported more than US$100 million worth of garments and textiles to Canada between January-February, 2020, a rise of 5.86% on-year.
In terms of value, phones and their spare parts topped the list of export items, raking in US$122.09 million, a sharp leap of 104.22% compared to last year’s figure.
Export items posting the highest growth were steel/iron and raw plastic materials, making jumps of 153.69% and 354.06% over last year’s corresponding period.
Throughout January and February, Vietnam shipped US$497.2 million worth of goods to Mexico, led by electronics products and spare parts at US$133.6 million.
The value of phones and their spare parts was estimated at US$122.6 million, with footwear at US$47.5 million and garments at US$16.3 million.
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