China is Vietnam's first trading partner with a trade turnover of 100 billion in 2023

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The import and export activities between Vietnam and China across Kim Thanh II International Border Gate, Lao Cai. Photo: T.Binh.

According to preliminary statistics released by the General Department of Vietnam Customs, the import-export turnover between Vietnam and China reached US$105.45 billion at the end of August.

Vietnam's exports to China increased by 2.35% to US$ 36.61 billion compared with the same period in the previous year.

China is Vietnam's second-largest export market, accounting for 16% of the country's export turnover.

By the end of August, nine goods groups exported to China with a turnover of US$1 billion or more; this figure is equivalent to the same period in 2022.

The three largest export product groups to the Chinese market include mobile phones and components at US$8.87 billion; computers, electronic products and components at US$8.73 billion; and fruits and vegetables at US$ 2.26 billion.

Notably, fruit and vegetable export turnover to the Chinese market increased by about 113% compared with the same period in the previous year, equivalent to an increase in turnover of about US$1.2 billion.

Imports from the neighbouring country in the first eight months of the year reached US$ 68.84 billion. Although the import turnover decreased by US$13 billion compared with the same period in 2022, this is still Vietnam's largest import market, accounting for 33% of the country's turnover.

At the end of August, the two goods groups imported from China with a turnover of US$10 billion or more, including machinery, equipment, tools, and spare parts at US$ 14,28 billion; computers, electronic products and components reached US$14.17 billion. However, these are also the two product groups with the largest decrease in turnover, down more than US$2 billion per product group compared to last year.

In addition, in the first eight months, 11 goods groups imported from China with a turnover of US$1 billion or more, such as fabrics, mobile phones and accessories; irons and steels, products from plastic, Chemical products, Products from iron and steel, Raw materials for textiles, garments, leather, footwear.

Motivated by the turnover of US$105.45 billion, China is Vietnam's first trading partner with a turnover of US$100 billion or more in 2023 and maintains its position as the country's largest trading partner.