Vietnam-China trade turnover hits nearly 130.8 billion USD

ABO/NDO- The import-export turnover between Vietnam and China reached nearly 130.8 billion USD in the first eight months of this year, according to the latest statistics from the General Department of Customs.
Of the figure, Vietnam’s export value was 38.28 billion USD, up 3.9% year-on-year.

Vietnam had 10 items with export turnover of more than 1 billion USD each, including phones and components; computers, electronic products and components; cameras, camcorders and components; fruits and vegetables; and machinery, equipment, tools, and spare parts.

Meanwhile, the country imported goods worth 92.5 billion USD from China, surging by 34.25% compared to the same period last year.

Dragon fruit is one of the items with large export turnover to China (Photo: VNA).

As a result, Vietnam ran a trade deficit of 54.22 billion USD with China in the reviewed period, exceeding the figure of 2023 by nearly 5 billion USD.

Imported goods from the Chinese market are mainly products and raw materials for production of exports such as machinery, equipment, chemicals and chemical products, plastics of all kinds and plastic products, textile materials, leather and footwear, iron and steel, and construction materials.

In recent years, despite the sluggish global trade, Vietnam's import-export growth with China has remained one of the standout bright spots.

Last year, the two-way trade hit 171.2 billion USD. Of the figure, Vietnam's exports stood at 61.2 billion USD (up 6.4%), and imports 110.6 billion USD (down 6.6%).

Currently, China is the first market with two-way trade with Vietnam exceeding 100 billion USD in the January - August period. The import-export turnover between the two countries averagely reaches about 16 billion USD per month.

With the strong improvement in trade during the first half of 2024, the Vietnam-China trade is forecast to approach the 200-billion-USD mark this year.

(Source: NDO)