Import-export turnover reaches $545 billion, Asia accounts for nearly 65%

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Import-export turnover between Vietnam and continents in 2020, unit "USD billion". Chart: T. Binh.

Huge trade deficit with China

In 2020, the total import and export value of the whole country reached$545.36 billion, up 5.4% from the previous year.

The value of export goods reached $282.65 billion, up 7.0% orby $18.39 billion.Imports reached $262.70 billion, up 3.7%, up $ 9.31 billion.

Regarding trading partners, import-export turnover between Vietnam and Asia continues to account for the highest proportion (64.7%) in the total import and export value of the country.

Specifically, Asian countries and territories reached $352.97 billion, up 4.2% over 2019, of which the export value was $140.25 billion, up 3.4% and the import value was$212.72 billion, up 4.7%.

China wasVietnam's largest trading partner in Asia and the world. Last year, import-export turnover between the two countries reached more than $133 billion.

In 2020, Vietnam's export turnover to China reached $48.9 billion, an increase of nearly $7.5 billion compared to 2019, equivalent to more than 18%.

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

Two groups of exported goods marking"tens of USD billion" to the neighboring country last year were phones and components; computers, electronic products and components with turnover of more than $12 billion and over $11 billion, respectively.

In addition,Vietnam has many large export commodity groups with turnover of one billion USD or more such as: fiber, shoes, wooden products, seafood and vegetables.

On the import side, in 2020, Vietnam spent$84.2 billion to import goods from China, an increase of $8.75 billion compared to 2019, equivalent to 11.6%.

China continues to be Vietnam's largest import market for goods, accounting for 32% of the country's total imports last year.

In 2020, similar to exports, Vietnam also has two groups of goods imported from China with a turnover of $10 billion or more, including: computers, electronic products and components with more than $18.45 billion; machinery, equipment, tools and spare parts reaching more than $17 billion.

In addition, there are many other groups of goods imported from China with a turnover of $1 billion or more.

In 2020, Vietnam's trade deficit with China is still very high, reaching up to $ 35.3 billion.

In addition to China, Korea, and Japan, they are also traditional trading partners of tens of billion USD of Vietnam in Asia.

In particular, import-export turnover with South Korea reached more than $66 billion, of which Vietnam exported more than $19 billion and imported nearly$47 billion.

Major import-export groups with South Korea focus on computers, electronic products and components; phones and components; devices.

Japan is the third largest partner in Asia with Vietnam's export turnover reaching nearly $19.3 billion and imports reaching more than $20.3 billion.

Thus, Vietnam suffered a trade deficit with both major partners in Asia.

Americas- the largest export market

In 2020, Vietnam's merchandise trade with the Americas will reach $112.02 billion, up 16.2% compared to 2019, continuing to be the continent with the highest growth rate.

The value of import and export between Vietnam and other continents was in turn: Europe reached US$63.85 billion, down 3.1%; Oceania reached US$9.79 billion, up 2.4% and Africa reached US$6.72 billion, down 5.0% compared to 2019.

In the Americas, the US market is Vietnam's leading trading partner. For many years, the world's largest economy has been the largest export market of Vietnam.

In 2020, the total import-export turnover between Vietnam and the US reached more than $90 billion.

In which, Vietnam's export turnover reached $77.08 billion, up 25.7% compared to 2019 and accounting for 27.3% of the total export turnover of the country.

Vietnam's exports to the US are quite diverse. In which, there are many items with turnover of more than $1 billion.

It is notable that the US is the traditional and largest market for the textile and garment industry.

Last year, the impact of the Covid-19 pandemic caused turnover to decline, the volume of goods exported to this country reached nearly $14 billion, down 5.6% compared to 2019 but accounted for 46.9% of the turnover of textile export nationwide.

Other key commodity groups include: machinery, equipment, tools and spare parts with $12.21 billion, up 141.5%; computers, electronic products and components reached $10.39 billion, up 71.7%; phones and accessories reached $8.79 billion, down 1.2%.

On the import side, last year, the country spent $13.71 billion to import goods from the US, down 5% compared to 2019 and accounting for 5.2% of the total turnover of the country.

There are three groups of goods imported from the US with a turnover of more than $1 billion, including: computers, electronic products and components with a turnover of $4.72 billion; cotton reached 837,645 tons, turnover was more than $1.3 billion; machines, equipment, tools and spare parts reached more than $1billion.