Monday, April 15,2024 - 7:43 GMT+7  Việt Nam EngLish 

Japan - Vietnam's "tens of billions of dollars" trading partner 

 Thursday, November 30,2023

AsemconnectVietnam - For many years, Japan has been Vietnam's leading trade partner with bilateral turnover reaching tens of billions of USD/year.

According to the latest preliminary statistics figures of the General Department of Customs, by the end of October, Vietnam - Japan trade turnover reached nearly 37 billion USD. With this result, Japan continued to remain Vietnam's 4th largest trading partner.
Vietnam's exports to Japan reached 19.223 billion USD, down by 4% over the same period last year and accounting for 6.6% of the country's export turnover.
By the end of October, there were 5 product groups exported to Japan that saw a turnover of 1 billion USD or more. Textiles and garments were leading with more than 3.3 billion USD, a slight increase of about 18 million USD compared to the same period last year.
The exports of means of transport and spare parts reached 2.42 billion USD, the second highest product group. This is a key product group with high growth of nearly 18%.
Machinery, equipment, tools and spare parts ranked third with a turnover of 2.27 billion USD, down by about 30 million USD compared to the same period last year.
Wood and products ranked fourth with a turnover of nearly 1.4 billion USD, down by about 150 million USD compared to the same period of 2022. This is one of the key product groups with the sharpest decrease (down by nearly 10%).
Seafood reached nearly 1.25 billion USD, ranking fifth. However, compared to the same period last year, the turnover of this product group decreased by about 180 million USD and was the "billion dollar" product group with the sharpest decrease (down by nearly 13%).
In addition, by the end of October, there were many groups of products exported to Japan with a turnover of hundreds of millions of dollars, such as phones and components; products from plastic; computers, electronic products and components; chemistry; crude oil, etc.
On the contrary, the imports from Japan reached 17.743 billion USD, down by 10.1% over the same period last year and also accounted for 6.6% of the country's import turnover.
Computers, electronic products and components were the product group with the largest turnover of 5.92 billion USD, down by more than 100 million USD compared to the same period last year.
In addition, there were two product groups with a turnover of "billion dollars": machinery, equipment, tools and spare parts with a turnover of 3.3 billion USD, down by about 250 million USD compared to the same period of 2022; iron and steel of all kinds reached 1.23 billion USD, down by about 270 million USD.
Thus, by the end of October, Vietnam had a trade surplus of nearly 1.5 billion USD to Japan. In comparison to other major partners such as China, the United States, and South Korea, the trade balance between Vietnam and Japan was quite balanced.
CK
Source: VITIC/congthuong.vn

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