By   &nbspAugust 13, 2019 | 09:55 am GMT+7
Vietnam posts $175 mln trade surplus in confectionery products

Confectionery products are presented at a street shop in Hanoi. Photo by Shutterstock/Gongz Photo.

Vietnam earned a H1 trade surplus of $175 million in confectionery and grain products, up 2.94 percent year-on-year.

Exports of these products rose 6 percent against the same period last year to $329.65 million, while imports rose 9.4 percent year-on-year to $154.41 million, according to Vietnam Customs.

China was the largest buyer of Vietnamese confectionery and grain products. Vietnam shipped the products worth $34.65 million to the market, accounting for 10.5 percent of its total exports.

It was followed by the U.S. with $31.14 million, up 19.9 percent year-on-year, and Cambodia at $28.28 million, up 10.7 percent.

Although exports rose in most of Vietnam’s 20 markets, there was a year-on-year decline of 5.4 percent to China, 16.6 percent to South Korea and 10.8 percent to Taiwan.

Meanwhile, Indonesia was the largest seller of confectionery and grain products to Vietnam, accounting for 22 percent of the latter’s total imports. It was followed by Thailand at 15.5 percent and China at 10.5 percent.

Notable growth was seen in imports from the Netherlands, whose value surged 8.4 times year-on-year to $1.58 million, and from China, which doubled to $16.2 million.

A survey by Kantar Worldpanel last year showed that a Vietnamese household spends on average VND1 million ($43) a year on confectionery items and snacks. It expected consumption next year to reach VND14.2 trillion ($610 million) in rural areas and VND3.4 trillion ($146 million) in urban areas.