Vietnamese Textile Exports to Canada Soar 40.3% in 2022

According to the General Department of Customs, footwear exports reached $47.5 million, while computers, electronic products, and components decreased by 11.4% to $39.8 million.

Other products with good growth in export turnover to Canada include aquatic products, bags, suitcases, hats and umbrellas, plastic raw materials, iron and steel products, machinery, and equipment.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which went into effect in 2019, continues to offer significant opportunities for Vietnamese commodity sectors, particularly the textile industry.

Textiles and garments are the leading export commodities to Canada, accounting for 20.7% of the total export value of Vietnamese goods to this market.

Bilateral trade activities between Vietnam and Canada have experienced tremendous growth since the implementation of the CPTPP. In 2022, Vietnam exported over $6.3 billion to Canada, marking a 19.8% increase from the previous year. The CPTPP is the only free trade agreement (FTA) between Vietnam and Canada, offering a competitive advantage for Vietnamese goods in the Canadian market.

However, Vietnamese goods only account for 1.7% of Canada's total import value, indicating a vast potential for further growth. The CPTPP eliminates import taxes for 95% of tariff lines and 78% of Vietnam's export turnover to Canada, including 100% of seafood and wood exports.

The CPTPP is the first FTA between Vietnam and the American market, creating favorable conditions for trade growth. The head of the Americas Division, Department of European-American Markets, Ministry of Industry and Trade, Mr. Bui Tuan Hoan, has noted the sharp increase in exports to Canada, particularly in the areas of textiles, footwear, computers, and seafood, as a testament to the quick adaptation of Vietnamese businesses to new market opportunities.

Source: Bao Dau Tu