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China - First partner of Vietnam reaches a trade turnover of 100 billion USD

20:50 | 18/11/2020

VCN - By the end of October, China became the first partner to reach a bilateral trade turnover of 100 billion USD, among more than 200 countries and territories that Vietnam has foreign trade relations with.

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Chart: T. Binh.

New information published by the General Department of Customs shows in October,the total export turnover of Vietnam to China reached nearly 5.5 billion USD. Total turnover from the beginning of the year to the end of October topped 37.9 billion USD.

By the end of October, there were 10 groups of goods exported to China with turnover of 1 billion USD or more.

Computers, electronic products and components with a turnover of 9.25 billion USD led. Next positions are phones; footwear; vegetables; rubber; machinery, equipment, tools and spare parts.

In October, Vietnam imported goods from China with a turnover of more than 8 billion USD.

From the beginning of the year to the end of October, imports from China exceeded 65.6 billion USD.

Notably, there are 12 groups of goods imported from China with a turnover of 1 billion USD or more. Of which, there are twogroups with turnover of more than 10 billion USD are computers, electronic products and components with more than 14 billion USD and machinery, equipment, tools and spare parts reached more than 13 billion USD.

With a total turnover of more than103.5 billion USD, China continues to be Vietnam's largest trading partner and first market to reach 100 billion USD this year.

China is the largest import market and the second largest export market of Vietnam (after the US).

However, Vietnam's trade deficit with this country is still at a high level of nearly 28 billion USD.

With a gap of tens of billions of USD with the next markets such as the US, South Korea and Japan most likely, by the end of 2020, China will still be Vietnam's only "hundred billion USD" trading partner.

The second largest partner is the US, by the end of October, the turnover is nearly 74 billion USD. If the average turnover maintains as in the past 10 months, by the end of this year, Vietnam-US trade will only be about 90 billion USD.

By Thai Binh/ Phuong Thao