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Chart by Thai Binh.

According to the latest preliminary statistics of the General Department of Vietnam Customs, by the end of October, Vietnam-Japan trade turnover achieved about US$37 billion. Motivated by this figure, Japan continues to remain Vietnam's 4th largest trading partner.

Vietnam's exports to Japan decreased by 4% to US$ 19.223 billion yea-on-year, accounting for 6.6% of the country's export turnover.

By the end of October, five export product groups achieved the export turnover of US$ 1 billion or more. The export turnover of textiles and garments increased of about US$ 18 million to US$3.3 billion year-on-year.

The export turnover of means of transport and spare parts reached US$2.42 billion. This is product group with the second highest export turnover and the growth of about 18%.

The export turnover of machinery, equipment, tools and spare parts reached US$2.27 billion, down about US$30 million compared to the same period last year.

Wood and wooden products gained the export turnover of about US$1.4 billion USD, down about US$150 million year-on-year. This is one of the key product groups with the sharpest decrease in the export turnover (down nearly 10%).

The export turnover of Seafood achieved about US$ 1.25 billion. However, item saw the highest plunge of US$180 million in the export turnover (about 13%).

By the end of October, many product groups exported to Japan with the turnover worth hundreds of millions of dollars such as: phones and components; plastic products; computers, electronic products and components; chemical; crude oil…

The imports from Japan reached US$17.743 billion USD, down 10.1% over the same period last year and accounting for 6.6% of the country's import turnover.

Computers, electronic products and components are the product group with the largest turnover of US$5.92 billion, down more than US$100 million year-on-year.

In addition, there are two product groups with the turnover worth "billion dollars": machinery, equipment, tools and spare parts at of US$3.3 billion, down about US$250 million compared to the same period in 2022; Iron and steel of all kinds at US$1.23 billion, down about US$270 million USD.

By the end of October, Vietnam had a trade surplus of nearly US$1.5 billion to Japan. The trade balance between Vietnam and Japan is quite balanced compared to other major partners such as China, the United States, and South Korea.