China remains Vietnam's largest export market in 6 months

Created 20 July 2018
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 China was Vietnam`s largest supplier of computers, phones, and machinery in the first six months, according to the General Department of Vietnam Customs (GDVC).
China remains Vietnam's largest exporter in the first half of 2018 with import turnover of US$30.2 billion, accounting for 28.9% of the latter's total import value and up 12.3% year-on-year, according to the GDVC. 
 
Source: GDVC.
During the January - June period, Vietnam imported US$101 billion worth of goods from its 10 largest markets, accounting for nearly 97% of the country's total import turnover. 

According to the latest statistics, the import value of Vietnam's 10 most imported goods amounted to over US$76 billion or nearly 70% of Vietnam's total imports, with China being one of the main suppliers. 

In the first six months, Vietnam mostly imported equipment, machinery and accessories from China worth US$5.5 billion, up 3.3% year-on-year, while the import turnover of these products from South Korea saw a slump of 41.3%. 

China was also Vietnam's largest supplier of phones and their components with US$3.63 billion, contributing over 60% of Vietnam's total phone import value, and significantly higher than that of South Korea and Japan. 

Additionally, Vietnam also imported computers, electronic devices and related components worth US$3.3 billion from China, up 1.9% year-on-year, while South Korea was the top exporter to Vietnam with US$8.49 billion.

China was also Vietnam's top supplier of fabric, steel, footwear and plastics, stated GDVC.

Overall, South Korea was Vietnam's second largest exporter during the January - June period with US$22.6 billion, albeit at a negative growth rate (down US$0.1 billion year-on-year), followed by ASEAN (US$15.8 billion), Japan (US$8.9 billion), EU and Taiwan (US$6.4 billion).

According to GDVC, Vietnam's total import-export revenue in the first six months hit US$225.02 billion, up 12.9% year-on-year. Of the total, the country's export turnover reached US$114.19 billion, up 16.3% year-on-year, and imports rose 9.6% to US$110.83 billion.

This resulted in a trade surplus of US$3.36 billion in the first six months, representing a significant improvement from a trade deficit of US$2.7 billion in the same period last year.
 
Source: HNT
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