Tiếng Việt
中文 (中国)After 11 months of 2024, the two-way trade turnover between Vietnam and China has reached 185.4 billion USD, approaching the record of 200 billion USD so far.
The latest report from the General Statistics Office shows that in the past 11 months, the export turnover from Vietnam to China reached 55.2 billion USD, down 0.9%; imports from this market reached 130.2 billion USD, up 29.7%. China is Vietnam’s largest import market. The trade deficit with China was 75 billion USD, up 67.7%.
Thus, after 11 months, the two-way trade turnover between Vietnam and China has reached 185.4 billion USD.
With this figure, in the past 11 months, the average two-way trade turnover between Vietnam and China reached 16.8 billion USD/month. If this result is maintained, by the end of the year, the two-way trade turnover between Vietnam and China could reach 200 billion USD – a record number to date, equivalent to nearly 1/4 of the country’s total import-export turnover. This is considered a positive target, because in the last month of the year, import-export demand often increases to serve goods for the year-end holidays.
Currently, agricultural products are Vietnam’s main export item to the Chinese market. In the first 10 months of 2024, Vietnam’s agricultural export turnover to China reached nearly 10 billion USD, an increase of 11.6% over the same period in 2023. To date, Vietnam has had 14 agricultural products officially exported to the Chinese market, including: durian, bird’s nest, sweet potato, dragon fruit, longan, rambutan, mango, jackfruit, watermelon, banana, black jelly, mangosteen, lychee and passion fruit. Among them, some products such as durian, dragon fruit… from Vietnam are very popular with Chinese consumers, the import volume of this item from Vietnam accounts for about 1/5 of the total agricultural product imported from ASEAN.
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. 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 cannot be as high as raw materials for production.
In 2023, the import-export turnover between Vietnam and China reached 171.9 billion USD.
Source: Industry and Trade Newspaper
