The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Vietnam was 5.7 billion pounds, an increase of 15% year-on-year.
During the reviewed period, total UK exports to Vietnam amounted to 905 million pounds (an increase of 0.2%), of which export of goods accounted for 68.3% at 618 million pounds, up 3% year-on-year, while services were 287 million pounds, making up 31.7% and down 5.3% year-on-year.
Major products shipped from the UK to Vietnam included pulp and waste paper (74.4 million pounds), medicinal and pharmaceutical products (71.3 million pounds), beverage (42.2 million pounds), metal ore and scrap (35.2 million pounds) and scientific instruments (31.6 million pounds).
On the other side, Vietnam’s shipments to the UK increased 18.3% to 4.8 billion pounds, 97.2% of which were goods, with only 2.8% services.
The top five goods imported to the UK from Vietnam were telecoms & sound equipment (29.7%), clothing (381.8 million pounds), iron & steel (336.8 million pounds), footwear (334.8 million pounds) and furniture (329.9 million pounds).
Experts forecast the bilateral free trade agreement between the UK and Vietnam, which officially took effect on May 1, 2021, with a wide-range tariff elimination, has helped boost trade between the two markets. However, room for expansion is still large as Vietnam was the UK’s 36th largest trading partner, accounting for just 0.4% of total UK trade.
Updated data on trade in goods showed the UK’s exports of goods to Vietnam decreased by 4.3% in the 12 months to May 2022 compared to the same period of the previous year. Meanwhile, UK imports of goods from Vietnam increased by 15.5% over the same period.