Rice exports account for the majority of export surplus to the Philippines

According to the Agency of Foreign Trade (Ministry of Industry and Trade), total export-import turnover between Vietnam and the Philippines in 2024 reached over USD 8.66 billion, an increase of more than 11% compared to 2023. Of which, exports reached USD 6.19 billion, up 20%, and imports reached USD 2.47 billion, down 6.7% compared to 2023. Vietnam’s export surplus to the Philippine market in 2024 reached USD 3.72 billion, higher than the previously set expectation of USD 3.5 billion.

Contributing to the impressive growth of Vietnam’s export turnover to the Philippine market in 2024, the first to mention is rice, with export turnover reaching over USD 2.6 billion, an increase of 49% compared to the same period in 2023. Regarding Vietnam – Philippines rice trade, there is only one direction of export from Vietnam to the Philippines. Therefore, more than USD 2.6 billion of Vietnamese rice exports to the Philippines is also the export surplus in the rice trade. It means that rice accounts for the majority of USD 3.72 billion of Vietnam’s exports to this market in 2024.

Some other commodities with large export turnover to the Philippines include machinery, equipment, tools, and other spare parts reaching USD 393 million; clinker and cement reaching USD 319 million. Coffee reached nearly USD 289 million; phones and components reached USD 212 million; transport vehicles and spare parts reached over USD 200 million. Computers and electronic products and components reached USD 187 million; textiles reached USD 138 million; seafood reached USD 108 million; footwear of all kinds reached USD 107 million.