Textiles among major commodities exported to Japan
Vietnam also becomes the third market earning a billion USD export turnover in Japan, after the US and China.
In March alone, the country fetched USD1.68 billion from exports to Japan, a sharp increase of 62.25% from the previous month and a rise of 2.71% from the same period last year.
Specifically, Vietnam’s major export commodities are textiles (nearly USD900 million), means of transport and spare parts (over USD630 million), machinery and equipment (USD450 million) and seafood products (over USD306 million).
Export of fertilizer saw sudden increase over the past three months with a volume of 8,126 tons and a value of USD3.7 million, up 509% and 1,158%, respectively, compared to the same period last year.
Additional export commodities to Japan also witnessing sharp growth during the period are chemical products (70%), animal feed and raw materials (56.8%), ore and minerals (52%), iron and steel of all kinds (49%), and plastic materials (43%).
The sharp surge in Vietnam’s export to Japan is attributed to the CPTPP agreement. Accordingly, Japan for the first time pledged to completely eliminate import tax for the majority of agricultural and aquatic products from Vietnam.
According to the provisions of CPTPP, Japan commits to immediately abolish tax on 86% of tariff lines, equivalent to 93.6% of export turnover of Vietnam to Japan, and nearly 90% of tariff lines after five years.
Earlier, in 2018, Vietnam’s exports to Japan were valued at more than USD18.8 billion, including garments and textiles holding the biggest share with more than 20%, followed by seafood products at 7.4%, wooden products at 6.1% and footwear at 4.5%./.