4 key markets account for $US 216 billion of Vietnam’s turnover

The ratio of 4 markets in the total export turnover of the whole country as of November 2017. Sketched by T. Bình

According to the latest information of the General Department of Vietnam Customs, by the end of November 2017, there are four trade partners that reached more than $US 20 billion of the export turnover including: China; Korea; United States and Japan.

In particular, China is firmly in the number one position with total turnover of nearly $US 83.5 billion (Vietnam has gained $US 30.944 billion from exports and $US 52.538 billion from imports).

Notably, Korea has overtaken the United States as the country's second largest trading partner. This comes from the fact that imports from the country increased sharply by $US 42.52 billion in the past 11 months, surpassing nearly $US 13.5 billion over the same period of 2016, equivalent to an increase of nearly 46.4%. At the end of 11 months, the total value of import and export between Vietnam and Korea reached $US 56.043 billion.

At the same time, the export turnover with the US reached $US 46.396 billion and Japan reached $US 30.217 billion.

Moreover, among four largest trade partners, Vietnam suffered from a large trade deficit with two leading countries, South Korea with a deficit of nearly $US 29 billion; China's deficit is nearly $US 21.6 billion.

While Vietnam is exporting to the United States nearly $US 29.7 billion and Japan reached nearly $US 460 million.

With total value of $US 216,138 billion, these 4 partners accounted for about 56% of the total value of Vietnam’s export turnover during the 11 month period.