South Korea is Vietnam’s leading trading partner

VCN – South Korea has maintained its position as largest trading partners of Vietnam for many years.
Over 36% of Vietnam’s import turnover comes from China Over 36% of Vietnam’s import turnover comes from China
Six export markets of billion growth Six export markets of billion growth
South Korea is Vietnam’s leading trading partner
Chart: T.B

According to the latest statistics of the General Department of Vietnam (GDVC), by the end of May, Vietnam’s exports to South Korea increased by 10.87% year-on-year to US$ 10.2 billion.

By the end of May, the export turnover of four export groups to South Korea reached US$ 1 billion or more.

Computers, electronic products and components achieved the largest export turnover of US$2.2 billion, an increase of 15.18%.

The export turnover of phones and components rose 10.3% to US$ 1.44 billion; machinery, equipment, tools and spare parts increased by 20% to US$ 1.34 billion; textile and garment reached US$ 1.16 billion.

Vietnam's imports from South Korea in the past five months grew 8% year-on-year to US$ 21.75 billion.

Computers, electronic products and components are the largest commodity groups imported from South Korea with a turnover of US$11.81 billion, an increase of 14.4%.

In addition, there are two commodity groups imported from South Korea with a turnover of billions of dollars as machinery, equipment, tools, and spare parts at US$ 2.25 billion, down 3.3%; petroleum products at US$1.1 billion, down 18.52%.

As a major trading partner of Vietnam for many years (ranked 3rd after China and the United States), however, South Korea is also one of the markets that Vietnam has a large trade deficit.

In the past five months, Vietnam had a trade deficit of US$ 11.55 billion from the South Kore.

By Thai Binh/Ngoc Loan

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