Vietnam’s export turnover to South Africa reached US$133.51 million in the first quarter of this year, increasing by 80 percent compared to the same period last year.
The export value of non-gemstone and precious metals hit US$92.52 million, up by 25 percent against 2011’s first quarter.
According to economic experts, exports in Q1 show a sharp rise in value among many items: electronics and spare parts up 7.18 times to US$15.66 million, cashew nuts up 2.03 times to US$1.61 million, and footwear up 24 percent to US$12.61 million.
However, the group of agricultural products showed a decline of 12 percent compared to Q1 in 2011, only obtaining US$10.02 million. This was caused by a considerable fall in rice prices by 16 percent and rice export volume by 7 percent under critical competition with rice from India and Thailand.
Economic experts said that South Africa is a large, potential market with strong purchasing power, Vietnamese businesses should seek to enter this market more effectively by boosting promotions, displaying products, and offering discounts to attract customers.
Vietnam’s exports to South Africa are expected to continue to rise as this country is forecast to secure a GDP growth rate of 3 percent in 2012, increase investment in infrastructure and reduce unemployment. – VOV