Exports to CPTPP member nations climbed by approximately 22% in the first seven months of the year

DNHN - Because CPTPP member nations have a high demand for items like textiles and apparel, footwear, furniture, and agricultural and aquatic products, which are Vietnam's key exports, they have numerous competitive advantages.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the Ministry of Industry and Trade, has generated a breakthrough for Vietnam's export activity.

In particular, overall import and export turnover will reach 680 billion USD in 2021, an astonishing 19% increase in the backdrop of the Covid-19 epidemic's devastating influence on the global economy.

According to Vietnam Customs figures, export turnover between Vietnam and CPTPP member nations reached USD 31.47 billion in the first seven months of 2022, rising 21.43% from the same period in the previous year and accounting for 14.48% of Vietnam's total item exports.

In terms of the export market, Japan maintained its No. 1 position among CPTPP member nations in the first seven months of 2022, with export turnover reaching 13.44 billion USD, up 13.39% from the same time last year. Last year, it accounted for 24.70% of CPTPP exports and 6.18% of Vietnam's goods exports.

Canada has the second highest export turnover in the CPTPP, with a 7-month turnover of 3.87 billion USD in 2022, up 32.19% over the same time last year. Malaysia came in third place with a turnover of USD 3.46 billion, a 4.26% increase over the same time last year.

In terms of turnover growth, most markets have seen significant increases, like Burnay (+659% growth), Malaysia (+42.26%), and Australia (+38.75%). These are also the markets that are expected to have significant growth potential in Vietnam shortly.

Peru, on the other hand, is the only market with a minor reduction in turnover (equivalent to 331.50 million USD, down 91 thousand USD).

In terms of market demand, the Americas, particularly the CPTPP member nations, have a high need for textiles and apparel, footwear, furniture, and agricultural and aquatic products. The key export items of Vietnam should have several competitive advantages.

Furthermore, these markets have a high demand for new products that Vietnamese businesses can capitalize on, such as electric cables, small electrical appliances, rubber products, household plastic products, plastic bags, and toys, paper and carton products, jewels, aluminium doors and rolling windows, organic cosmetics, and fragrance oils.

PV