Chinese goods flock to Vietnam in the first half of 2024

Correlation of the Chinese market in the country's total import turnover in the first 6 months of 2024. Sketched by T.Bình

Vietnam imported US$11.57 billion worth of goods from China in June alone, up 34.53% from the same period in 2023, according to the General Department of Vietnam Customs.

In the first six months of the year, the country imported a total of US$66.73 billion worth of goods from China (an average of over US$11 billion per month). Compared to the same period last year, imports from the neighboring country increased by 34.1% (equivalent to an increase of nearly US$17 billion).

It is noteworthy that the Chinese market alone accounted for 37.3% of the country's total import turnover of goods.

According to observations by reporters from the General Department of Vietnam Customs' statistics data, goods imported from China are very diverse, ranging from raw materials and accessories for textiles and footwear to electronic components, steel, consumer goods, and agricultural products.

By the end of June, there were 13 groups of imported goods from China with a turnover of US$1 billion or more. Of these, 2 groups reached over US$10 billion that arre computers, electronic products and components reached nearly US$16 billion, an increase of 60% over the same period last year; machinery, equipment, tools and spare parts reached over US$13 billion, an increase of 28.4%.

In the opposite direction, in the first six months of the year, Vietnam's exports to China reached US$27.8 billion, up slightly by 5.3% over the same period last year (equivalent to an increase of US$1.4 billion).

Among the groups of goods exported to China, there are 6 groups with a turnover of US$1 billion or more, including: computers, electronic products and components; phones and components; cameras, camcorders and components; machinery, equipment, tools and spare parts; fibers, textiles; wood and wood products.

With the import turnover growth rate much higher than export, the trade deficit between Vietnam and China is widening.

By the end of June, Vietnam's trade deficit reached nearly US$39 billion, while the figure for the same period last year was US$23.36 billion.