Vietnam-Switzerland bilateral trade on the rise

Photo for illustration (Source: dantri.com.vn)

(CPV) –

Total export and import turnover between Vietnam and Switzerland in the first three months this year reached about USD1.2 billion, much higher than the figure of USD190 million of the same period last year, according to the General Department of Vietnam Customs.

Of this, export turnover posted USD599.9 million, up 399 percent, while import turnover was USD605.5 million, up 761 percent.

The sharp increase in the total export and import turnover between the two countries in the first quarter was mainly due to rising import and export value of gemstones, precious metals and products. If excluding the export and import value of the commodity, the figure was estimated at USD121 million, a year-on-year reduction of 25.9 percent. Of this, exports were valued at USD48.1 million, down 49.2 percent and imports were worth USD73.5 million, up 5.9 percent.

Besides gold and gemstones, Vietnam’s major products exported to Switzerland were telephones and components, seafood, coffee, footwear and garments and textiles.

Vietnam’s gemstones and precious metals exported to Switzerland accounted for more than 90 percent of the total export turnover in previous years. However, in 2011 and 2012, volume of export gemstones and precious metals only made up a fraction of the market share.

In 2010, Vietnam’s total export and import turnover to Switzerland hit USD3.5 billion, in which volume of export gold made up 95 percent, while the figure in 2011 only reached USD1.5 billion with volume of export gold only accounting for 10 percent. In 2012, gold exports decreased sharply with 8 percent of the total export and import turnover to Switzerland./.