AsemconnectVietnam - In the first eight months of 2023, the import-export turnover between Vietnam and China was estimated at 103.92 billion USD.

The report of the Ministry of Industry and Trade showed that, in the first eight months of 2023, China was the second largest export market of our country with an estimated turnover of 35.79 billion USD, up by 0.1% over the same period last year.
In the opposite direction, China was still Vietnam's largest import market with an estimated turnover of 68.13 billion USD, down by 17% over the same period last year.
China has been Vietnam's largest trading partner for many years. In 2018, the bilateral trade turnover between Vietnam and China reached 100 billion USD (according to the statistics of the General Department of Customs). This was the first market to achieve this record number.
Currently, China is an important market for many key export groups, such as phones and components; computers, electronic products and components; machinery, equipment, tools and spare parts, etc.
Notably, China is still the largest customer of Vietnam's vegetables and fruits, accounting for nearly 65% of turnover. Vietnam exported a lot of durian to China. The country will also export more jackfruit to China in the near future. China is also considering for Vietnamese fresh coconut to be officially exported to the market.
According to the assessment of the Ministry of Agriculture and Rural Development, China's lifting of blockade measures to limit the spread of the Covid-19 epidemic has freed up consumer demand. At the same time, the country has also implemented many strong economic policies to promote economic development, leading to increased import demand. The World Bank (WB) forecasts that China's economic growth will recover to 5.6% in 2023.
From now until the end of the year, agricultural product exports to the Chinese market are forecast to maintain slight growth. Some product groups such as vegetables, rice, and cashews will still maintain high growth. Commodities which saw strong decline in the first 6 months of the year, such as wood, seafood, and cassava may recover slightly in the last 3 months of the year.
In the coming time, in order for export activities to the Chinese market to recover and develop sustainably, the Ministry of Industry and Trade recommends that enterprises, especially enterprises producing and exporting agricultural products and foodstuffs, need to pay attention to research and urgently complete registration procedures before exporting agricultural products and food to the Chinese market.
Besides, the enterprises should also coordinate with Chinese partners to diversify export routes of goods through border gates, avoid focusing on a few certain border gates or take advantage of Vietnam's sea transport routes and intermodal rail transport routes to minimize the risk of congestion at border gates during peak season.
The enterprises should also carefully research information, signals, market regulations and standards, fully comply with business registration conditions, quality standards, quarantine testing, packaging, and traceability source, etc.
They need to increase participation in international fairs and exhibitions jointly organized by localities and central agencies of the two countries to strengthen direct connection after the prolonged period of epidemic restrictions.
Vietnam - China import-export turnover in 2022 reached175.56 billion USD, an increase of 5.47% compared to 2021. Of which, the exports to China reached 57.7 billion USD, an increase of 3.18%; and the imports from China reached 117.8 billion USD, an increase of 6.63%; the trade deficit was at 60.1 billion USD, up by 10.18%.
CK
Source: VITIC/congthuong.vn