In the first 8 months of 2024, two-way trade between Vietnam and China reached 130.78 billion USD. Export and import turnover from this market both increased.

According to the latest data from the General Department of Customs, our country's export turnover to the Chinese market in the first 8 months reached 38.28 billion USD, a slight increase of 3.9% over the same period last year (equivalent to an increase of 1.44 billion USD).

On the contrary, in the first 8 months, the import turnover of goods from China reached 92.5 billion USD, a sharp increase of 34.25% over the same period last year (equivalent to an increase of 23.6 billion USD).

In the past 8 months, there were 15 groups of imported goods from China with a turnover of 1 billion USD or more. Of which, there were 2 groups worth tens of billions of dollars.

The two largest groups of imported goods from China are computers, electronic products and components; machinery, equipment, tools, spare parts with turnovers of 22.65 and 18.43 billion USD, respectively.

By the end of August, there were 10 groups of goods exported from our country to China with a turnover of 1 billion USD or more. The major groups of goods exported from our country include: phones of all kinds and components; computers, electronic products and components; cameras, camcorders and components; vegetables and fruits; machinery, equipment, tools, spare parts, etc.

In the past 8 months, our country's trade deficit with China has reached 54.22 billion USD. However, the positive point is that Vietnam imports from the Chinese market mainly products and raw materials for production such as: machinery, equipment, chemicals and chemical products, plastics of all kinds and plastic products, textile materials, leather and footwear, iron and steel, iron and steel of all kinds, construction materials...

In recent years, in the context of gloomy global trade, Vietnam's import and export growth with China is still one of the bright spots. According to the General Department of Customs, in 2023, bilateral import and export turnover reached 171.2 billion USD. Of which, Vietnam's exports to China reached 61.2 billion USD, an increase of 6.4% compared to 2022 (equivalent to an additional turnover of 3.7 billion USD). Imports of goods from China in 2023 will reach 110.64 billion USD.

Notably, in 2024, China is still identified as a key export market for agricultural, forestry and fishery products of Vietnam, expected to achieve high growth. In addition to strong products such as vegetables, fruits, and seafood, businesses are focusing on increasing market share of products with great potential such as rubber, pepper, cassava, etc.

Currently, China is the first market with two-way trade with Vietnam exceeding 100 billion USD in the first 8 months of this year. Thus, on average, the import-export turnover between Vietnam and China reaches about 16 billion USD per month. In the remaining 4 months, based on the strong improvement in trade in the first half of 2024, it is forecasted that the import-export turnover between Vietnam and China this year will likely approach the 200 billion USD mark.

Source: Cong Thuong Newspaper