For the first time, Vietnam and Japan trade reaches US$40 billion

Sketched by T.Bình

According to the latest statistics from the General Department of Vietnam Customs, in 2021, exports to Japan will reach US$20.13 billion, up 4.4% compared to 2020.

Last year, there were five groups of goods exported to Japan with a turnover of US$1 billion or more.

Textiles led with over US$3.23 billion; followed by machinery, equipment and spare parts with over US$2.56 billion; means of transport reached over US$2.47 billion; wood and wood products reached US$1.44 billion; and seafood reached US$1.33 billion.

In addition, many export items achieved high growth such as iron and steel of all kinds increased by 153.8%; plastic raw materials increased by 81.6%; crude oil exports increased by 71.8%; glass and glass products by 73.3%; chemicals increased by 41.8%; other common metals and products by 35.7%; cameras, camcorders and accessories by 32.8%; fertilizers of all kinds increased by 705.4%.

Regarding imports, in 2021, Vietnam's imports of goods from Japan reached nearly US$22.65 billion, up 11.3% compared to 2020.

Imports saw four "billion-dollar" commodity groups, including computers, electronic products and components, reaching US$6.22 billion; machinery, equipment, tools and spare parts reached US$4.45 billion; iron and steel reached US$1.73 billion; iron and steel scrap more than US$1 billion.

With US$42.7 billion, 2021 recorded a new record in the bilateral trade relationship between Vietnam and Japan when it reaches the milestone of US$40 billion or more for the first time.

However, last year also witnessed a large trade deficit of Vietnam, up to US$2.52 billion, up 138.5% compared to 2020.

Currently, Japan is Vietnam's fourth-largest trading partner after China, the US and South Korea.