Vietnam remains RoK’s third trade partner in 2023

VThe RoK’s trade with Vietnam comes to 79.43 billion USD last year. (Photo: VNA)

Vietnam remained the Republic of Korea (RoK)’s third-largest trade partner for the second straight year in 2023, data showed.

The RoK’s trade with Vietnam came to 79.43 billion USD last year, with exports shrinking 12.3% to 53.49 billion USD, according to the Korea International Trade Association (KITA).

Imports from Vietnam also dropped 2.9% on-year to 25.94 billion USD, and the RoK's trade surplus shrank 19.5% to 27.55 billion USD.

Vietnam outstripped Japan for the second consecutive year in 2023 to retain the No. 3 spot, following China and the US with 267.66 billion USD and 186.96 billion USD, respectively.

KITA attributed last year's drop in trade with and exports to Vietnam to falling chip exports. The RoK’s semiconductor shipments to Vietnam tumbled 21.6% on-year to 12.73 billion USD in 2023.

Four other exports -- flat panels and sensors, petroleum products, wireless communications equipment, and synthetic resins -- also went down last year, according to the data.

The RoK’s trade with Vietnam has been growing exponentially since the two countries established diplomatic relations in 1992, when bilateral trade reached only 500 million USD.

Bilateral trade volume gained further momentum as the RoK and Vietnam signed a free trade agreement in 2014.

Vietnam was the RoK’s eighth-largest trading partner that year, but its ranking surged to fourth place a year later. In 2022, Vietnam outpaced Japan and became the RoK’s third-largest trading partner for the first time./.