Vietnam’s exports to Mexico in the first quarter of 2012 brought in US$292.6 million, a year on year increase of almost 36.5%, mainly due to an increase in the volume of products.
The Office of Commerce at Vietnam’s Embassy in Mexico on May 27 reported that in March alone, the export turnover to Latin America’s second largest economy saw a monthly increase of 17.2% to US$94.2 million from US$80.4 million one year ago.
In the same period, Vietnamese imports from Mexico reached US$17.8 million, up 47.2% from US$12.1 million in the same period last year. In March alone, they jumped by a sharp 187.8%, from US$2.9 million in March 2011 to US$8.6 million this year.
Hoang Anh Dung, the Trade Counsellor at the Vietnamese Embassy in Mexico, said two-way trade turnover between both countries has seen a high growth rate. This is mainly due to domestic businesses becoming more confident and bolder and Mexican President Felipe Calderon issuing a decree to increase economic competitive capacity and reduce import taxes on 200 products.
Two-way trade between Vietnam and Mexico passed US$1 billion in 2011, hitting US$1.037 billion and is the highest between Vietnam and any other country in the region after Brazil.