Vietnam-Philippines Trade Forecast to Surpass 8 Billion USD for the First Time

According to the latest report from Vietnam’s Trade Office in the Philippines, goods transportation between the two countries is developing robustly. Transportation companies have played a crucial role in reaching nearly 6.5 billion USD in bilateral trade in the first nine months of 2024, a growth of over 20% compared to the same period last year.

With the expansion of the logistics sector, import-export services between the two countries have achieved impressive figures. Exports exceeded 4.6 billion USD, while imports reached nearly 1.9 billion USD, providing opportunities for forwarding companies to expand their markets.

In particular, sea freight services are key to transporting Vietnam’s 35 main export items to the Philippines. Logistics companies have optimized sea freight costs, helping businesses save on international shipping expenses.

Rice as a Leading Export Item from Vietnam to the Philippines

Many products have seen impressive growth, such as rice (up 53.3%), coffee (up 120.7%), and pepper (up 37.6%), putting pressure on container shipping services. Shipping companies are increasingly investing in domestic container transport to meet rising market demand.

International transport services have also experienced significant growth in shipping industrial goods, such as phones and components (up 42.8%) and cameras and parts (up 64.6%). Logistics companies are focusing on providing cost-effective yet high-quality shipping services.

In export services, rice continues to be a leading product, with export turnover reaching 1.98 billion USD in the first nine months, accounting for 42.86% of total exports. Transport companies are actively providing entrusted export and import services to support businesses in both countries.

Given the current growth trend, experts predict that import-export services between Vietnam and the Philippines will hit a record high of 8.5 billion USD in 2024. This opens up significant opportunities for transportation companies to offer international shipping services and grow the logistics sector.

Moreover, demand for international shipping is expected to surge in the last three months of 2024 as the Philippines increases imports to meet domestic demand. This period presents an ideal opportunity for logistics companies to optimize freight rates and enhance the quality of transport services.