AsemconnectVietnam - According to the statistics figures from the General Department of Customs, the export turnover of Vietnamese goods to the South Korean market in November of 2023 reached 1.84 billion USD, down by 5.7% compared to the previous month.

Totally in the first 11 months of this year, the country’s exports of goods to South Korea reached 21.4 billion USD, down by 4.1% over the same period last year.
The product with the largest export turnover in the first 11 months of 2023 was the group of computers, electronic products and components with more than 4.3 billion USD, an increase of 44.5%, accounting for 20.3% of the total. The next was phones and components with 3.2 billion USD, accounting for 14.9%, down by 33.4% over the same period last year. Textiles and garments followed, reaching 2.8 billion USD, down by 7.5%, accounting for 13.1% proportion.
Some groups of products exported to South Korea saw increase in export turnover in the first 11 months of 2023, including vehicles and spare parts increased by 57%; cameras, camcorders and components increased by 15.8%; electric wires and cables increased by 22%; all kinds of gasoline and oil increased by 55.1%; paper and paper products increased by 27.3%.
The potential for developing trade between Vietnam and South Korea is huge. The bilateral free trade agreement has been contributing to further promoting political, economic and cultural relations between the two countries, further tightening the strategic cooperative partnership between Vietnam and Korea.
In addition to bilateral FTAs, Vietnamese businesses also have more options when having import-export trade activities with Korea, thanks to the Regional Comprehensive Partnership Agreement (RCEP) that took effect early last year. Another FTA is the Asean-Korea Free Trade Agreement (AKFTA).
CK
Source: VITIC