China is still the main consumer market for many Vietnamese export industries.

According to statistics from the General Department of Customs, Vietnam's export turnover to the Chinese market in May 2023 reached more than 4.8 billion USD, an increase of 35.5% over the previous month. The cumulative 5 months reached 20.3 billion USD, a decrease of 7.4% over the same period last year.

Trung Quốc vẫn là thị trường tiêu thụ chủ lực của nhiều ngành hàng xuất khẩu Việt Nam

Vietnam exported goods worth 57.7 billion USD to China, up 3.2% compared to 2021. (Source: Investment Newspaper)

In May 2023, phones of all kinds and components were the group of goods with the largest export turnover, reaching 710 million USD, up 37.8% over the previous month, and in the first 5 months, reaching 4.7 billion USD, down 15.3%.

Next is the group of computers, electronic products and components reaching 1.3 billion USD, up 69.3% compared to the previous month, 5 months reaching 4.6 billion USD, down 1.4% compared to the same period last year.

Commodity groups with record export turnover growth in the first 5 months of 2023 compared to the same period last year, led by vegetables and fruits up 78%, reaching nearly 1.3 billion USD; rice up 79%, reaching 365 million USD, cashew nuts up 49.6%, nearly 200 million USD; gasoline up 113.5%; tea up 58.7%.

China is the main consumer market for many of our country's export industries, so China's reopening of the market from the beginning of 2023 brings great expectations to businesses and industries.

However, in reality, after reopening, the Chinese economy has not recovered quickly, facing many difficulties as exports have slowed down due to declining global demand; the real estate sector, an important pillar of the Chinese economy, is still facing difficulties; unemployment has directly affected the demand for consumer goods of the Chinese people....

Along with the increasingly high requirements on commodity standards... are the main reasons leading to difficulties in exporting Vietnamese goods to this market. Therefore, Vietnam's export turnover to China in the first 5 months of 2023 decreased compared to the same period.

It is forecasted that exports of some industries will continue to recover in the coming months, especially in the last quarter of 2023 due to high consumer demand in the billion-people market.

Last year, Vietnam exported goods worth 57.7 billion USD to China, up 3.2% compared to 2021. Vietnam's exports to China accounted for 15.5% of Vietnam's total export turnover.

Source