AsemconnectVietnam - In the first quarter of 2024, the total import-export turnover between Vietnam and China reached 43.6 billion USD.

In the first quarter of 2024, Vietnam's trade deficit from China was up to 17.4 billion USD, a sharp increase compared to 11.67 billion USD in the same period last year.
In the first quarter of 2024, export turnover to China reached 13.1 billion USD, up by 9.16% over the same period last year (equivalent to an increase in turnover of 1.1 billion USD), while import turnover from China reached 30.5 billion USD, a sharp increase of 28.85% over the same period last year.
Trade exchange between Vietnam and China in March of 2024
According to the latest statistics figures of the General Department of Customs, in March of 2024, the import-export turnover between Vietnam and China reached 16.32 billion USD, of which Vietnam's exports to China reached 5.15 billion USD, and the imports from China reached 11.17 billion USD.
In March, there were two groups of Vietnamese exports to China with a turnover of billions of dollars, including computers, electronic products and components; phones and components.
In addition, many product groups reach a turnover of hundreds of millions of USD, including the key agricultural product group, vegetables and fruits.
Two groups of billion-dollar imported goods from this market in the month (reaching more than 2 billion USD/group of goods) were computers, electronic products and components; machinery, equipment, tools, spare parts.
Trade exchange between Vietnam and China in the first 3 months of 2024
According to the statistics figures from the General Department of Customs, the export turnover of Vietnamese goods to the Chinese market in March of 2024 reached more than 5.1 billion USD, an increase of 50.6% compared to the previous month. Overall, in the first 3 months of the year, the country’s exports of goods to China reached more than 13.1 billion USD, up by 9.9% over the same period last year.
Leading the export turnover in the first 3 months of 2024 was the group of computers, electronic products and components, reaching more than 3.1 billion USD, up by 29.2% over the same period last year, accounting for 23.6% of the export proportion. The next was the group of all kinds of phones and components reaching more than 2.5 billion USD, accounting for 19.2% of export proportion.
Product groups with export turnover growing in the first 3 months of 2024 compared to the same period last year included vegetables and fruits increased by 31.7%; cameras, camcorders and accessories increased by 119.6%; chemicals increased by 126.9%; cashew nuts increased by 74.5%; coffee increased by 95.5%; ores and other minerals increased by 222%.
In 2024, China is still identified as Vietnam's key agricultural, forestry and fishery export market, which is expected to achieve high growth. In addition to strong products such as vegetables, fruits and seafood, businesses are focusing on increasing market share of products with great potential such as rubber, pepper, cassava, etc.
Also in the first 3 months of the year, the country’s total import turnover from China reached 30.5 billion USD, a sharp increase of 28.85% over the same period last year (equivalent to an increase in turnover of 6.83 billion USD). On average, each month our country spent more than 10 billion USD importing goods from this neighboring country.
Vietnam-Singapore trade exchange in March and the first 3 months of 2024
The two-way trade turnover between Vietnam and Singapore in March of 2024 continued to show positive signs, especially exports to Singapore still maintained a good increase of 7.69%.
Notably, the very strong increase in the rice and grain product group (increased nearly 2 times) brought Vietnamese rice products to dominate the largest market share in Singapore for the first time.
Vietnam Trade Office in Singapore informed that in March of 2024, the total import-export turnover between Vietnam and Singapore reached more than 2.54 billion SGD, an increase of 4.29% over the same period in 2023. The country’s exports to Singapore continued to maintain a good positive growth rate (up by 7.69%) reaching 603.3 million SGD, while the import turnover also increased by 3.27%, reaching more than 1.93 billion SGD.
Totally in the first 3 months of 2024, the two-way import-export turnover between Vietnam and Singapore reached more than 7.71 billion SGD, up by 4.21% over the same period of 2023, of which exports increased sharply at 15.22%, reaching more than 1.83 billion SGD and imports increased by nearly 5.89 billion SGD, an increase of 1.2%.
Regarding the group of export products from Vietnam to Singapore, among the three main export product groups of Vietnam to Singapore, only the group of machinery, equipment, mobile phones, components and spare parts of all kinds grew at a good level (up by 25.14%); while the remaining 2 groups all saw a decrease in turnover, specifically: reactors, boilers, machine tools and equipment and spare parts of the above machines (down by 8.25%); petroleum and petroleum products (down by 18.79%).
Some other export industry groups have very strong growth such as vegetable and animal oils, fats (increased nearly 500 times), rice and cereals (increased by nearly 2 times), iron and steel (increased by more than 1.8 times). In the opposite direction, some groups saw a fairly sharp decrease, such as salt; sulfur; soil and rocks; plaster, lime and cement (down by 33.64%); wood and wooden products (down by 35.65%).
Regarding the groups of goods imported from Singapore to Vietnam, the Vietnam Trade Office in Singapore said that 12/21 groups of goods have negative import turnover, including the following groups: reactors, boilers, machine tools and equipment; the spare parts for the above machines continue to decrease sharply (down by 46%); the remaining 2/3 key import groups increased over the same period, including machinery, equipment, mobile phones, components and spare parts of all kinds (up by 4.84%) and petroleum and products from petroleum (up by 46.72%).
Some other groups also had very strong increases such as zinc and zinc products (increased by 4.18 times); pearls, gemstones, and jewelry products (increased by 16 times).
To better support Vietnamese businesses, the Trade Office said that in the coming time, it will continue to update the situation, mechanisms and policies of the area; support Vietnamese businesses in connecting trade, displaying goods, promoting business and product brands, increasing the presence of Vietnamese goods in the area; support the export of goods to the Singapore market; support Singapore business delegations entering Vietnam to find sources of goods, promote industrial, trade and service investment in Vietnam.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn