Vietnam-China two-way trade approaches 150 billion USD mark

According to the latest statistics of the General Department of Customs, in September, Vietnam imported goods from China with a turnover of 12.24 billion USD.

In the month, there were 2 groups of goods reaching billion-dollar turnover: computers, electronic products and components; machinery, equipment, tools, and spare parts.

In the first 9 months, Vietnam spent 104.8 billion USD importing goods from China, an increase of 32.2% over the same period last year (equivalent to an additional turnover of 25.53 billion USD).

There are 15 groups of imported goods from China with a turnover of 1 billion USD or more.

Of which, 2 groups achieved turnover of tens of billions of dollars: computers, electronic products and components reached 25.79 billion USD; machinery, equipment, tools and spare parts reached 20.87 billion USD.

Durian is a key export item to China (Photo: Government Electronic Newspaper)

In contrast, Vietnam's exports to China in the past 9 months reached 44.4 billion USD, a slight increase of 2.94% over the same period last year (equivalent to an additional turnover of 1.27 billion USD).

By the end of September, there were 10 groups of Vietnamese export goods reaching a turnover of 1 billion USD or more. Of which, there was a group worth tens of billions of dollars, which was phones and components, reaching 10.86 billion USD.

In the first 9 months, the total import-export turnover between Vietnam and China reached 149.2 billion USD.

Vietnam's trade balance has a large deficit with a trade deficit with China of up to 60.4 billion USD.

Assessing the issue of trade deficit from the Chinese market, Dr. Le Quoc Phuong - former Deputy Director of the Center for Industry and Trade ( Ministry of Industry and Trade ) said that currently, the import turnover from the Chinese market is relatively large, however, the structure of imported goods from this market is mainly raw materials for production and export, so it is not too worrying. Imported goods from China, especially raw materials for production, are of good quality and competitive prices. Two-way transportation is more convenient due to the close geographical location, so Vietnamese enterprises prioritize importing from this market.

Meanwhile, Vietnam's exports to China are mainly agricultural products, the absolute value of which cannot be as high as that of raw materials for production.

In 2023, Vietnam-China import-export turnover will reach 171.9 billion USD. In 2024, it is forecasted that the figure of 200 billion USD in Vietnam-China import-export turnover can be achieved soon in the current favorable context.

Source: https://congthuong.vn/thuong-mai-hai-chieu-viet-nam-trung-quoc-tien-sat-moc-150-ty-usd-351826.html