Germany - Vietnam’s largest trading partner in EVFTA
Vietnam, Germany seek to expand defence ties | |
Germany supports early signing of EVFTA | |
Discovering over 300 tablets suspected narcotic hidden in airmail packet from Germany to Vietnam |
Turnover of six Vietnamese export commodity groups to Germany, unit “US$ million”. Chart: T.Binh |
According to an update of the General Department of Customs at the end of May, Vietnam-Germany bilateral trade relations have reached nearly US$4.4 billion.
In particular, Vietnam's export turnover reached $2.786 billion and import turnover reached $1.6 billion.
Thus, Vietnam had a trade surplus of more than $1 billion with this important partner.
Notably, compared to the same period in 2018, Germany surpassed the Netherlands to become Vietnam 's No. 1 export market in the EU.
However, compared to the same period last year, the export turnover to the two major markets above has been reduced.
Specifically, export turnover to German market saw a slight decrease of nearly $70 million, while to the Dutch market fell sharply to nearly $280 million.
The is due to the sharp decline in turnover of computers, electronic products and components.
Despite the decline in turnover, the group of phones and components is still the largest Vietnam’s export group to Germany in the last five months with a value of $775.5 million, accounting for nearly 28 percent of the country's total export turnover.
In addition, by the end of May, 5 other commodity groups exported to Germany with turnover of $100 million or more included footwear at $404 million; textiles reached $287.7 million; computers, electronic products and components reached $239.6 million; coffee reached $175.6 million and machinery, equipment and spare parts reached nearly $167 million.
Regarding imports, Germany has maintained its position as the largest market in the EU for many years.
In the first five months of this year, the import turnover of Vietnamese goods from Germany continued to grow at a rate of more than 15 percent (equivalent to an increase of more than $210 million).
Machinery, equipment, tools and spare parts are the largest import group of Vietnam from Germany with a turnover of up to $817.3 million, accounting for 51 percent of the country’s total import turnover from this country.
EVFTA to represent new value chains for Vietnam The European Union - Vietnam Free Trade Agreement, poised to be signed on June 30, would leverage ... |
Compared to the same period of 2018, import turnover of machinery, equipment, tools and spare parts from Germany rose by nearly 28 percent.
Related News
Regulating goods across Huu Nghi International Border Gate during peak times
19:37 | 02/11/2024 Customs
Khanh Hoa Customs reaches revenue target 1 quarter early
09:29 | 31/10/2024 Customs
3 items have a big impact on the budget revenue of Ho Chi Minh City Customs
19:38 | 02/11/2024 Customs
Food enterprises build sustainable value chains
09:28 | 29/10/2024 Import-Export
Latest News
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
More News
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export
Lao Cai Customs sees a triple-digit surge in export-import turnover
10:37 | 02/11/2024 Import-Export
Coconut is expected to become a billion-dollar export item
16:40 | 01/11/2024 Import-Export
Plastic exporters interested in converting to recycling technology
16:36 | 01/11/2024 Import-Export
Logistics sector must embrace innovative trends to stay competitive
16:34 | 01/11/2024 Import-Export
Vietnam’s agro-forestry-aquatic product exports likely to set new record
16:32 | 01/11/2024 Import-Export
UKVFTA greatly benefits Vietnam-UK trade: Experts
14:19 | 31/10/2024 Import-Export
Agricultural exports likely to exceed 60 billion USD amid challenges
14:18 | 31/10/2024 Import-Export
Vietnam-Philippines trade likely to exceed 8 billion USD for first time
14:17 | 31/10/2024 Import-Export
Your care
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export