Vietnam-Israel trade likely to top 1 bln USD this year
Bilateral trade between Vietnam and Israel will continue thriving this year with its value likely to top 1 billion USD, the Vietnamese trade office in Israel said on August 28.
Tel Aviv (VNA) – Bilateral trade betweenVietnam and Israel will continue thriving this year with its value likely to top1 billion USD, the Vietnamese trade office in Israel said on August 28.
According to Vietnamese trade counsellor to the Middle East country Le ThaiHoa, Vietnam exports an estimated 520 million USD to the country and splashesout some 127 million USD on Israeli imports during January-August.
Despite formidable challenges in the Israeli market, Vietnam’s shipments to thecountry are expected at over 800 million USD, and imports at around 200 millionUSD for the whole year, he said.
Instable political situation in Israel has made Vietnamese enterprises feel insecuredto do business with their Israel partners. Therefore, Vietnamese exports to thecountry fell slightly during January-July while imports dwindled dramatically,mostly due to a drop in the purchase of Israeli computers and electronic spareparts.
Hoa stressed as the two markets share complementary features, their products donot directly complete with each other. In fact, most of Israeli imports arestrength of Vietnam’s exports. Many Israel firms have expressed their interestin buying Vietnamese cashew, tuna, frozen shrimp, squid, beverage, garment,footwear, consumer goods, and dried fruits.
Notably, footwear shipments to Israel in the seven-month period surged 31.8percent year on year. Besides, Vietnamese rice and shrimp have gained a firmfoothold in the Israeli market. However, exports of seafood tapered off 32percent as Israel started strengthening food safety measures on imports at theend of 2018.-VNA
Two-way trade between Vietnam and Israel hit 131.29 million USD in the first two months of 2019, with Vietnam enjoying a trade surplus worth 77.47 million USD.
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