The import-export turnover between Việt Nam and China set a new milestone, reaching nearly US$117 billion last year.
In a report on import and export activities of Việt Nam last year, announced by the General Department of Customs, the total import and export value of the whole country reached $517.26 billion, a year-on-year increase of 7.6 per cent.
Of which, the value of exported goods was $264.19 billion, up 8.4 per cent, and the value of imports was $253.07 billion, up 6.8 per cent.
The trade surplus of goods reached $11.12 billion last year, the highest ever level.
The country's trade surplus increased by 62.9 per cent over the previous year.
Notably, among more than 200 countries and territories with which Việt Nam has foreign trade relations, China maintained its position as the largest market.
The year is also the second consecutive year that the turnover between the two countries surpassed $100 billion.
Specifically, last year, the total import-export turnover between the country and China reached $116.87 billion, of which, Việt Nam's exports were $41.41 billion and imports were $75.452 billion.
The import-export turnover between the country and China increased by more than $10 billion from $106.71 billion in 2018.
The Chinese market alone accounted for 22.6 per cent of the country's total import-export turnover last year.
However, the increase in turnover was mainly due to a sharp increase in imports from China, while Việt Nam's exports to this market increased insignificantly.
The country’s import turnover from China increased by $10 billion last year over a year ago, while export turnover increased by nearly $150 million.
Therefore, the country's trade balance with China has a very large deficit of over $34 billion.
- Vietnam-EU Trade: EVFTA Ratified by EU Lawmakers
- Trump’s phase one trade deal with China could strengthen free trade globally
- Tough for Vietnamese firms to follow EVFTA rules of origin
- Enterprises invited to get involved in legalisation of EVFTA commitments
- Vietnam ready to respond to changes in international economic-trade cooperation