Trade turnover of US$117 billion with China

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Imports and exports between Vietnam and China in 2019, unit: US$ billion. Chart: T. Binh

According to the latest information on Vietnam’s import and exports in 2019, released by the General Department of Customs on January 14, 2020, the country’s total imports and exports in 2019 reached US$517.26 billion, up by 7.6 percent compared to 2018.

Of which, exports were US$264.19 billion, up by 8.4 percent, and imports were US$253.07 billion, up by 6.8 percent.

Consequently, Vietnam’s imports and exports in 2019 saw anincrease of US$36.69 billion, which was still much lower than the US$52.44 billion increase in 2018.

The trade balance in 2019 saw a trade surplus of US$11.12 billion, the highest ever level.

Vietnam’s trade surplus increased 62.9 percent compared to last year.

Notably, among 200 countries and territories with whichVietnam has trade relationships, China remains the largest market and had two consecutive years reaching a trade turnover of more than US$100 billion with Vietnam.

Particularly, total import and export turnover between Vietnam and China in 2019 reached US$116.866 billion. Of which, Vietnam’s imports were US$41.414 billion and imports US$75.452 billion.

Compared to 2018, import and export turnover between Vietnam and China increased by US$10 billion (it was US$106.706 billion in 2018)

Thus, China accounted for 22.6 percent of Vietnam’s total import and export turnover in 2018.

Especially, imports from China amounted to nearly 30 percent, while Vietnam’s exports to China increasedinsignificantly.

Compared to 2018, Vietnam’s imports from China increased by US$10.014 billion while imports only US$150 million.

Therefore, trade balance between Vietnam and China had a big deficit of more than US$34 billion

In Vietnam’s history of trade, China is the first trading partner hitting US$100 billion. This milestone was set in 2018.

In 2018, Vietnam’s exports to China gained US$41.268 billion, up by US$5.864 billion compared to 2017 with a growth of 16.6 percent.

Meanwhile, Vietnam’s imports from China were US$65.438 billion, up by US$6.846 billion or 11.7 percent.

Trade turnover touches US$100 billion in first quarter Vietnam’s total trade turnover amounted to US$100 billion between January and March 19, according to Vietnam Customs.

Thus, total imports and exports of the two countries were US$106.706 billion, up by US$12.71 billion from 2017.

In 2018, the Chinese market accounted as much as 22.23 percent of Vietnam’s total import and export turnover.