Vietnam saw a trade surplus of nearly 1.86 billion USD from exports to Japan in the first eight months of 2014, representing a 40 percent increase over the same period last year.
|Vietnamese exports of textiles and garments|
According to data released by the Ministry of Industry and Trade, Vietnam has exported an estimated 9.74 billion USD in goods to Japan during the eight month period, a yearly increase of 11 percent.
Bizlive.vn quoted the ministry as saying that Vietnamese exports of textiles and garments to Japan experienced encouraging growth of 6.5 percent, valued at over 1.6 billion USD.
Trade experts forecast that the country's apparel exports to Japan would likely reach 2.7 billion USD by the year-end due to increasing orders from Japanese importers and the positive influence of Japanese participation in negotiating the Trans-Pacific Partnership, which would assist in bringing Vietnamese garment exports to the market.
Besides leather and footwear, seafood, bags and suitcases, exports of agricultural products to Japan also witnessed a healthy growth, as Vietnamese enterprises gradually adapted and then met Japan's technical barriers and standards.
In the January to August period, Vietnam's imports from Japan hit 7.88 billion USD, surging 6 percent against last year's corresponding period. Among major imports included machinery equipment and their parts, computers and components, electronics, steel and steel products, as well as plastic.
Four years after inking the Vietnam-Japan Economic Partnership Agreements (VJEPA), many Vietnamese export businesses have effectively exploited the advantages of preferential tariffs to boost exports to the Japanese market.
However, in order to enhance the share of Vietnam's goods in this difficult market, exporting companies must study the market for a better understanding of the commitments of the free trade agreements. They must also be prepared to face the challenges of meeting high technical standards, especially in overcoming the strict barriers imposed on food products entering the Japanese market