Thursday, July 18,2019 - 22:14 GMT+7  Việt Nam EngLish 

Trade deficit with South Korea fell slightly 

 Wednesday, June 26,2019

AsemconnectVietnam - According to the statistics figures from the General Department of Vietnam Customs, Vietnam - Korea bilateral trade reached 26.81 billion USD in the first 5 months of 2019, up by 3.3 per cent over the same period last year.

In the period, the country’s exports to Korea reached 7.72 billion USD, accounting for 7.6 per cent of the total export turnover of the country, up by 7.2 per cent year –on - year; while the imports from Korea reached 19.1 billion USD, accounting for 18.8 per cent of the total import value of the country, and up by 1.7 per cent year – on - year; Thus, Vietnam saw a deficit of 11.38 billion USD in trade exchange with South Korea, down by 1.7 per cent.

Vietnam imported from South Korea mainly machinery, equipment, electronics and industrial goods. Of the figure, there were 3 commodity groups that saw high turnover of over 1 billion USD. Computers, electronic products and components led the turnover, with 7.23 billion USD, accounting for 37.8 per cent of the total import value of goods from this market, down by 0.6 per cent compared to with the same period last year.

The group of machinery, equipment, tools and spare parts ranked second in turnover, with 2.73 billion USD, accounting for 14.3 per cent, up by 6.6 per cent over the same period last year; while mobile phones and components ranked third with 1.77 billion USD, accounting for 9.2 per cent of the total and up by 4.8 per cent year – on -year.

Among many groups of items imported from the Korean market in the first 5 months of this year, up to 64 per cent of the total saw value increase compared to the same period of 2018, the remaining 36 per cent of the markets saw a turnover drop; in which, there were 3 groups of items saw high increase of over 100 per cent of turnover, including the imports of complete - built automobiles - up by 369.6 per cent to 22.95 million USD; automotive components and spare parts - increased by 110.2 per cent to 481.11 million USD; wood and wood products - increased by 107 per cent to 6.96 million USD.

However, the country’s imports of liquefied gas from South Korea decreased by 59.7 per cent to only 1.22 million USD; gasoline - decreased by 40 per cent to 597.54 million USD; pesticides and raw materials - fell by 29.1 per cent to 7.61 million USD; fertilizer - decreased by 24.9 per cent to 14.96 million USD.

Vietnam’s imports of goods from South Korea in the first five months of 2019 - Unit: US$ - Source: the General Department of Customs
Item
 
May of 2019
May of 2019 vs. April of 2019 (%)
 
First 5 months of 2019
First five months of 2019 vs. same period of 2018 (%)
Total
3,963,067,376
8.02
19,095,234,064
1.74
Computers, electronics and components
1,431,921,390
17.2
7,225,982,945
-0.61
Machines, equipment and spare parts
593,287,718
1.69
2,732,090,864
6.59
Mobile phones and accessories
266,445,526
-25.28
1,765,532,455
4.83
Fabrics of all kinds
216,376,259
29.89
857,857,666
-2.07
Plastic products
150,279,649
0.29
784,640,396
17.37
Plastics
143,607,840
8.09
682,213,358
4.42
Other ordinary metals
149,308,714
14.3
622,267,942
-1.82
Petroleum of all kinds
154,385,771
-15.49
597,537,338
-40
Iron and steel of all kinds
127,145,775
32.39
578,868,149
-3.64
Automobile components and spare parts
104,852,621
13.52
481,113,584
110.16
Textile, garment, leather and footwear materials
80,703,627
26.85
310,919,445
3.15
Iron and steel products
64,140,683
18.94
297,537,312
11.29
Chemical products
62,208,977
5.89
287,122,575
10.34
Chemicals
36,627,603
9.74
176,290,362
1.89
Cameras, camcorders and components
41,483,711
9.89
169,099,549
-21.6
Paper of all kinds
23,463,242
5.56
117,425,929
-0.13
Rubber
20,824,326
17.02
96,802,180
14.89
Other metal products
18,589,178
1.88
93,501,692
4.6
Other oil products
17,762,498
-5.66
76,365,093
11.07
Electric wires and cables
16,096,571
11.75
74,386,098
11.18
Pharmaceuticals
17,868,040
6.61
73,203,835
15.27
Fibers of all kinds
16,031,609
7.83
71,763,883
-10.74
Rubber products
9,769,584
-1.92
49,755,124
4.34
Glass and products
7,040,794
-13.43
39,912,060
35.67
Seafood
4,285,203
54.24
28,715,414
-14.98
Paper products
6,524,867
19.69
28,099,481
0.84
Precious stones, metals and products
5,088,991
-15.64
26,799,586
26.85
Fragrant and hygiene products
6,996,320
38.22
26,192,962
25.32
Household appliances and products
6,151,854
67.56
24,456,456
-4.72
CBU cars
11,750,411
122.3
22,951,864
369.59
Animal feed and materials
5,034,241
27.55
20,661,558
4.96
Other means of transport and spare parts
8,883,855
213.46
20,193,049
54.45
Other food products
4,325,790
23.47
17,691,692
26.23
Fertilizer of all kinds
4,096,997
-7.63
14,955,660
-24.91
Confectionery and grain products
2,750,437
3.02
13,055,446
11.99
Fruits and vegetables
1,479,930
-23.14
12,184,068
6.92
Pesticide and materials
1,252,562
-50.02
7,614,022
-29.1
Wood and furniture
1,896,930
72.19
6,963,341
107
Milk and dairy products
1,112,369
94.86
5,290,731
15.89
Ores and other minerals
2,068,593
125.33
5,242,980
-15.82
Cotton of all kinds
727,079
-9.81
3,155,923
16.04
Pharmaceutical materials
398,439
29.98
1,998,678
-22.96
Oil and grease
327,905
12.12
1,734,144
4.95
Liquefied gas
129,179
-51.41
1,220,016
-59.68
CK
Source: VITIC

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