List of Vietnam's largest import markets

According to the General Statistics Office, in July, the total import and export turnover of goods was estimated at 69.72 billion USD, up 8.7% over the previous month and up 21.8% over the same period last year. In general, the total import and export turnover of goods in the first 7 months of the year was estimated at 439.88 billion USD.

Also in the first 7 months of 2024, the export turnover of goods is estimated at 226.98 billion USD, up 15.7% over the same period last year. Of which, the domestic economic sector reached 63.08 billion USD, up 21.1%, accounting for 27.8% of total export turnover. The foreign-invested sector (including crude oil) reached 163.9 billion USD, up 13.8%, accounting for 72.2%.

Accumulated in the first 7 months of 2024, the import turnover of goods is estimated at 212.9 billion USD, up 18.5% over the same period last year, of which the domestic economic sector reached 78 billion USD, up 21.5%; the foreign-invested sector reached 134.9 billion USD, up 16.9%.

Notably, in the first 7 months of 2024, Vietnam's total import-export turnover to the 6 largest markets reached 345.7 billion USD, of which imports reached 168 billion USD.

Regarding exports, Vietnam exported goods to the 6 largest markets in the first 7 months of 2024 reaching 177.7 billion USD. Of which, the US is the leading market in terms of export turnover with 66.1 billion USD. China is the second largest market with 33.4 billion USD, followed by the EU with 29.3 billion USD. ASEAN is the fourth largest export market of Vietnam with 21 billion USD. Following are South Korea with 14.4 billion USD, Japan with 13.5 billion USD.

The largest export markets all saw an increase in turnover compared to the same period last year. The US was the market with the highest growth in value with an increase of 24.4% compared to the same period last year, followed by the EU with an increase of 15.8% compared to the same period last year, and ASEAN with an increase of 11.5% compared to the same period last year.

Export turnover of goods to China also increased by 7.6% over the same period last year; to South Korea by 9% over the same period last year and to Japan by 2.8% over the same period last year.

Regarding imports, the total import turnover of goods from the 6 largest markets in the first 7 months of 2024 reached 168 billion USD. China led with 79.2 billion USD, followed by South Korea with 32.1 billion USD.

ASEAN was the third largest import market with 26.5 billion USD, followed by Japan with 12.4 billion USD. Vietnam spent 9.2 billion USD and 8.6 billion USD to import goods from the EU and the US.

Total import turnover of goods from the 6 largest markets in the first 7 months of 2024 reached 168 billion USD

Among the six largest import markets, China was the market with the highest growth rate, up 34.9% year-on-year. Following were ASEAN with 13.3% year-on-year, and South Korea with 12.6% year-on-year. Import turnover from the EU also increased by 8.7% year-on-year, the US increased by 6.2% year-on-year, and Japan increased by 4.6% year-on-year.

In the first 7 months of 2024, the US remained the largest export market, with the trade balance tilting towards a trade surplus for Vietnam of 57.5 billion USD, up 27.6% over the same period last year. The trade surplus to the EU was estimated at 20.1 billion USD, up 19.4% over the same period last year; the trade surplus to Japan was 1.1 billion USD, down 14% over the same period last year.

In contrast, Vietnam's trade deficit with China reached 45.8 billion USD, up 65.4% over the same period last year; with South Korea it was 17.7 billion USD, up 15.7% over the same period last year; and with ASEAN it was 5.5 billion USD, up 21% over the same period last year.

Source: https://congthuong.vn/diem-danh-nhung-thi-truong-nhap-khau-lon-nhat-cua-viet-nam-336004.html