According to statistics from General Department of Customs, in August 2024, Vietnam's export turnover of goods to Japanese market reached more than 2.27 billion USD, down 1.6% over the previous month. In the first 8 months of 2024, it reached 16.01 billion USD, up 4.8% over the same period last year.
With a population of over 126 million people, Japan is a market with a large demand for imports and consumption of products: fish and processed fish products, shrimp, eel, meat, meat products, soybeans, cereal products, fresh and processed vegetables, coffee, etc.
Meanwhile, Vietnam is considered a country with strengths in the above-mentioned products and has ability to supply well to the Japanese market.
In August, leading Vietnam's export turnover to this market was textiles and garments, reaching 453 million USD, up 7.3% over the same period last year. Next was means of transport and spare parts, reaching nearly 278 million USD, up 7.9% over the same period last year. Next was the group of machinery, equipment, tools and spare parts, reaching 250.6 million USD, up 12.1% over the same period last year.
In the first 8 months of 2024, cumulative textile and garment export turnover reached 2.74 billion USD, up 6.6% over the same period last year, accounting for 17.1% of export proportion. Next is means of transport and spare parts reaching 1.95 billion USD, up 3.2%, accounting for 12.1%; group of machinery, equipment, tools and spare parts reaching 1.76 billion USD, accounting for 11% of the export proportion.
In addition, some items achieved export turnover growth in the first 8 months of 2024 compared to the same period last year: Computers, electronic products and components increased by 36.5%; coffee increased by 41.1%; fertilizers of all kinds increased by 350.1%; glass and glass products increased by 73.3%.
Highly appreciating potential for trade and investment cooperation between Vietnam and Japan, especially in relation to agricultural products and food, according to experts from Japan, Vietnamese agricultural products and food are increasingly welcomed by Japanese consumers.
Japan is a potential export market for Vietnam thanks to preferential tariff advantages from the Free Trade Agreements (FTAs) between two countries (04 FTAs up to now, including VJEPA, AJCEP, CPTPP and RCEP). However, Vietnam's export turnover to this country is still quite modest, accounting for only 6.6% of Vietnam's total export turnover to the world in 2023.
On Japanese side, Vietnam ranks 8th in the list of Japan's largest suppliers of goods, however, import turnover of goods from Vietnam only accounts for 3.3% of the total import value of goods of this country (2023 data from ITC Trademap). Thus, it can be seen that the potential and room for Vietnam's exports to the Japanese market is still very significant.

Source: Vitic/ congthuong.vn