Exports to Pakistan likely to climb slightly this year
(VOV) - The Ministry of Industry and Trade’s Department for African, West Asian, and South Asian Markets is predicting Vietnam’s 2013 exports to Pakistan in 2013 will increase slightly as Pakistan’s economic difficulties continue.
These difficulties include suspensions in production, fuel shortages, and escalating consumer goods prices
The Department noted two-way trade turnover between Vietnam and Pakistan has increased remarkably. In 2012, however, export turnover reached US$174.8 million (up 3.8 percent on 2011) while import turnover hit US$215.8 million (up 38 percent). Cotton and pharmaceutical products performed particularly well.
Last year’s slow export growth stemmed from declines in some Vietnam’s key export items to Pakistan—fabrics, pepper, cashew nuts, iron and steel, garments and textiles, and plastics.
Tea products accounted for US$45.3 million of export turnover (up 39.3 percent), seafood US$13.5 million (up 36.3 percent), and rubber US$10.2 million (up 161.5 percent).
The sharp increase in import turnover came from cotton imports, the 53,854 tonnes, triple the quantity and 2.5 times the value of cotton imports in 2011.
The Pakistani market has great demand for agricultural produce, food, consumer goods, and mechanics, equipment, and materials
Pakistani consumers do not require strict quality standards, their comparatively low-income earning making price a more important factor.
Vietnamese consumer goods can meet these demands, but political and economic instability in Pakistan will hinder Vietnamese businesses from increasing exports to the traditional tea, seafood, rubber, pepper, and cashew nuts.