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Cell phone exports forecast to hit US$20 billion

The Ministry of Industry and Trade forecasts cell phone and component exports may exceed US$20 billion this year, setting a new record for export turnover of an industry.

The Ministry of Industry and Trade forecasts cell phone and component exports may exceed US$20 billion this year, setting a new record for export turnover of an industry.

 

Cell phone, exports, crude oil, textile-garment
 

Cell phones and components have just been in the list of Vietnam's export items in recent years, but this commodity group has now generated the largest turnover.

The export turnover of cell phones and components has been relatively large since 2010 with a value of nearly US$2.4 billion, gaining a spot in the list of export items with a turnover of US$2 billion or above.

In 2011, cell phone and component exports surged to US$6.8 billion, a three-fold rise from 2010. In 2012, this group of items surpassed crude oil to become the second leading export item with a turnover of US$12.7 billion, two times higher than the figure in 2011.

In the first four months of 2013, cell phones and components eventually made it to the top, surpassing textile-garment, with an export turnover of US$5.97 billion, up a hefty 97.26% over the same period last year.

Up to 98.2% of cell phones are produced and exported by foreign-invested enterprises. Made-in-Vietnam mobile phones are now present in many nations and territories all over the world, including many countries that Vietnam often imports from.

The major mobile phone and component exporters in the first four months were Samsung, Intel, Cannon, Compal and Foxconn, according to the Vietnam Electronic Industries Association.

Vietnam-made cell phones were mainly shipped to the United Arab Emirates (UAE) with a turnover of US$1.02 billion, or 17.1% of the total turnover in the first four months. Other major buyers were Germany with US$584.5 million, Austria US$442.91 million and India US$385.51 million.

In addition, cell phone exports obtained a turnover of US$100-300 million from several markets, such as Russia, Thailand, Italy, Hong Kong, France, the Netherlands, Spain, Malaysia, Indonesia, Taiwan, Sweden, South Africa and Australia.

Source: SGT

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