South Africa is an economic 'locomotive' market says Vietnam
26 Aug '05
6 min read
From 1998 to 2001, Vietnam's export revenues to South Africa were always significantly higher than those it spent on imports. However, in 2002 and 2003, Vietnam's export turnover to South Africa fell considerably because its rice volume exported to the latter shrank.
In 2001, the rice export generated US$15 million for Vietnam, nearly half of its export revenues to South Africa in the year of US$30.4 million.
In 2002 and 2003, Vietnam's rice export revenues to South Africa were only US$1.1 million and US$4.8 million, respectively. In the meantime, Vietnam's spending on imports from South Africa soared in 2002, 2003 and 2004. Steel import from South Africa accounted for over 90 per cent of the total spending.
Vietnam-South Africa import-export turnover in the 1991-2004 period
Traded commodities between Vietnam and South Africa are various. Vietnam's exports are mainly rice, footwear, coal, plastics, garments and textiles. Rice export to South Africa normally accounts for 50-60 per cent of its export turnover. However, most rice exported to South Africa is then re-exported to the Southern African Development Community (SADC) and some Western African countries.
In recent years, Vietnam has exported electric, electronic, mechanical parts, household appliances, fine arts products and woodwork. Meanwhile, Vietnam mainly imports chemicals, steel, machinery, equipment, artificial fibres and resin. Chemicals and steels are major imports.
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