AsemconnectVietnam - According to the figures of the General Department of Customs, the trade exchange between Vietnam and China reached new landmarks in 2019.

Meanwhile, the country had a trade deficit of more than US$1 billion with Australia last year, one year after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect.

Bilateral trade exchange between Vietnam and China in 2019
The import-export turnover between Vietnam and China continued to hit new heights in 2019 by reaching a milestone of approximately US$117 billion.
In a report on import and export activities of Viet Nam last year, announced by the General Department of Customs, the total import and export value of the whole country reached $517.26 billion, a year-on-year increase of 7.6 per cent.
Of which, the value of exported goods was $264.19 billion, up 8.4 per cent, and the value of imports was $253.07 billion, up 6.8 per cent.

The trade surplus of goods reached $11.12 billion last year, the highest ever level.
The country's trade surplus increased by 62.9 per cent over the previous year.
Notably, among more than 200 countries and territories with which Viet Nam has foreign trade relations, China maintained its position as the largest market.
The year is also the second consecutive year that the turnover between the two countries surpassed $100 billion.
Specifically, last year, the total import-export turnover between the country and China reached $116.87 billion, of which, Viet Nam's exports were $41.41 billion and imports were $75.452 billion.

The import-export turnover between the country and China increased by more than $10 billion from $106.71 billion in 2018.
The Chinese market alone accounted for 22.6 per cent of the country's total import-export turnover last year.
However, the increase in turnover was mainly due to a sharp increase in imports from China, while Viet Nam's exports to this market increased insignificantly.
The country’s import turnover from China increased by $10 billion last year over a year ago, while export turnover increased by nearly $150 million.
Therefore, the country's trade balance with China has a very large deficit of over $34 billion. — VNSThe import-export turnover between Viet Nam and China reached nearly US$117 billion last year.

Vietnam – Australia trade exchange in 2019
Viet Nam had a trade deficit of more than US$1 billion with Australia last year, one year after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect.
Of which, coal was the imported commodity with the highest value of US$1.45 billion in the first 11 months of last year, rocketing by 96.8 per cent over the previous year, accounting for 35 per cent of total import turnover of goods from this market.

Ore and minerals ranked second, valued at $517 million, accounting for 12.5 per cent of the total import turnover from Australia.
Metal products ranked third in turnover, followed by wheat and iron and steel scrap.
Two-way trade between Viet Nam and Australia has changed significantly a year after the CPTPP came into effect, said the Import-Export Department under the Ministry of Industry and Trade.
Accordingly, the trade balance has shifted from trade surplus to trade deficit.
Viet Nam had a trade surplus with Australia of $215 million in 2018.

Two-way trade reached nearly $8.1 billion last year.
Viet Nam’s export turnover to Australia was $3.5 billion last year, down sharply from nearly $4 billion in 2018.
On the opposite side, Viet Nam’s imports from Australia increased to $4.56 billion from $3.75 billion in 2018.

Trade deficit in trade exchange with Australia in first 11 months of 2019
Vietnam has a trade deficit of 914.31 million USD in trade exchange with Australia in the first 11 months of 2019.
According to the calculations from the preliminary statistics of the General Department of Customs, in the first 11 months of 2019, the two-way import-export turnover between Vietnam and Australia reached 7.36 billion USD, up by 5.2 per cent over the same period of 2018. In particular, Vietnam's merchandise exports to Australia reached 3.22 billion USD, down by 11.5 per cent; while the country’s imports of goods from Australia reached 4.14 billion USD, up strongly by 23.3 per cent.
Therefore, Vietnam had a trade deficit of 914.31 million USD in trade exchange with Australia in the first 11 months of 2019, while in the first 11 months of 2018, Vietnam had a trade surplus of 285.49 million USD.

Leading items exported to Australia in the first 11 months of 2019
Of the 23 major import items from the Australian market in the first 11 months of 2019, coal was the largest import group, with the import value of 1.45 billion USD, up by 96.8 per cent over the same period last year; accounting for 35 per cent of total imports of goods from this market. The next group was ore and mineral products with the import value of 516.72 million USD, accounting for 12.5 per cent of the total, rising by 74 per cent; ordinary metal products ranked third in import value, with 465.53 million USD (accounting for 11.3 per cent of the total, down by 10.8 per cent); followed by wheat with 231.27 million USD (accounting for 5.6 per cent); and iron and steel scraps with 149.57 million USD (accounting for 3.6 per cent).

The country’s imports of goods from Australia in the first 11 months of 2019 increased sharply over the same period due to the increase in imports of key commodities, contributing to the increase of overall import turnover. Most notably, iron and steel imports from the Australian market had the strongest increase of 165.9 per cent over the same period last year, reaching 50.74 million USD. Besides, the imports of wood and wood products also increased sharply over 108 per cent, reaching 9.59 million USD; milk and milk products increased by 66.2 per cent, reaching 45.32 million USD; foodstuff increased by 63.7 per cent in value, reaching 11.82 million USD.
In contrast, the groups of imported goods which have sharply declined in value include: cotton of all kinds (down by 72.9 per cent, reaching USD 85.12 million); gas (down by 43.2 per cent, reaching 21.18 million USD).
CK
Source: VITIC/VNS