9:44:02 AM | 5/7/2024
The Vietnam-China trade reached US$43.6 billion and Vietnam incurred the largest trade deficit with China in the first quarter of 2024.
According to the latest data from the General Department of Vietnam Customs, in March, the import and export value between Vietnam and China reached US$16.32 billion, of which Vietnam's exports valued US$5.15 billion and its imports from China were worth US$11.17 billion.
In March, two Vietnamese exports to China brought in over US$1 billion, including computer and electronic products, telephones and components.
In addition, many products brought in huge export value like agricultural products, vegetables and fruits.
In the first quarter of 2024, Vietnam’s exports to China reached US$13.1 billion, up 9.16% year on year (an increase of US$1.1 billion).
On the contrary, Vietnam’s merchandise imports from China valued US$11.17 billion in March. Two import product categories from this market exceeded US$2 billion in the month: Computers, electronic products and components; and machinery, equipment, tools and spare parts.
Thus, in the first three months of the year, Vietnam’s imports from China totaled US$30.5 billion, a sharp increase of 28.85% year on year (an increase of US$6.83 billion). On average, each month, Vietnam spent more than US$10 billion importing goods from this neighboring country.
In the first quarter of 2024, the import and export value between Vietnam and China grossed US$43.6 billion.
Notably, in the quarter, Vietnam suffered a trade deficit of US$17.4 billion from China, a sharp increase from US$11.67 billion seen in the same period of 2023.
In the year to April 15, Vietnam’s export and import value was US$208.94 billion, including the import value of US$101.1 billion, up 15.4% year on year (US$13.5 billion). Vietnam took a trade surplus of US$6.7 billion.
By Hien Phuc, Vietnam Business Forum
Vietnamese
