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Vietnamese exports to UK surge by 4.6% despite global economic fallout

  • 17/01/2024
  • s 14:49

VOV.VN - Vietnam earned US$6.34 billion from exports to the UK last year, representing a notable increase of 4.6% year on year, despite the unfavourable impact of the recent global economic slowdown and high inflation.

vietnamese exports to uk surge by 4.6 despite global economic fallout picture 1

The General Department of Customs reported that in December 2023, alone the export turnover of local goods heading to the UK market amounted to US$542.3 million.

These figures showed that three years into the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA), trade between both sides has recorded positive results.

The leading export items were phones and components that brought in more than US$1.31 billion, marking an increase of 15.9% compared to 2022 and accounting for 20.7% of all Vietnamese goods exported to this market.

They were followed by machinery, equipment, tools and spare parts which fetched US$1.03 billion, up 21% year on year, and footwear valued at US$795.1 million, up 3.9% year on year.

The UKFTA was put into effect in 2021, giving Vietnamese products a tariff advantage over other products.

Vietnamese firms were duly advised to quickly seize upon the trade opportunity to expand their commercial presence in the UK.

VOV