AsemconnectVietnam - According to the statistics figures from the General Department of Customs, the export turnover of Vietnamese goods to the South Korean market reached over 4.17 billion USD in the first 2 months of 2024, an increase of 9.9% compared to the first 2 months of 2023.

Meanwhile, the country’s import turnover of goods from South Korea in the first 2 months of 2024 reached 7.96 billion USD, up by 3.1% over the same period last year.
Thus, in the first 2 months of 2024, Vietnam's trade deficit from South Korea reached over 3.79 billion USD, down by 3.4% compared to the first 2 months of 2023.
Vietnam's exports of goods to South Korea in February and the first 2 months of 2024
According to the statistics figures from the General Department of Customs, the export turnover of Vietnamese goods to the South Korean market in February of 2024 reached 1.83 billion USD, down by 12.6% compared to the previous month. Totally in the first 2 months of 2024, the country’s exports to South Korea reached 4.17 billion USD, up by 9.9% over the same period last year.
The product with the largest export turnover in the first 2 months of 2024 was the group of computers, electronic products and components reaching more than 1.08 billion USD, an increase of 19.7% over the same period last year, accounting for 25.9% proportion. The next was phones and components with 584.8 million USD, an increase of 2.8%, accounting for 14% of the proportion. And then was textile and garment products, reaching 515 million USD, up by 1.9% over the same period last year, accounting for 12.3% proportion.
Some groups of products exported to South Korea have increased export turnover in the first 2 months of 2024 compared to the same period last year, such as transport vehicles and spare parts increased by 60.4%; cameras, camcorders and accessories increased by 22.5%; fertilizers of all kinds increased by 63.6%.
Imports of goods from South Korea in February and the first 2 months of 2024
According to the statistics figures from the General Department of Customs, the import turnover of Vietnamese goods from the South Korean market in February of 2024 reached 3.7 billion USD, down by 9.7% compared to the previous month. In the first 2 months of 2024, the country’s imports of goods from South Korea reached 7.9 billion USD, up by 3.1% over the same period last year.
The item with the largest import turnover in the first 2 months of 2024 was the group of computers, electronic products and components, reaching more than 4.3 billion USD, an increase of 11.3% over the same period last year, accounting for 55.2% proportion. The next was the group of machinery, equipment, tools and spare parts with 810.4 million USD, accounting for 10.1% of import proportion.
Some groups of items imported from South Korea increased in the first 2 months of 2024 compared to the same period last year, such as plastic raw materials increased by 26.7%; base metals increased by 26.2%; iron and steel of all kinds increased by 31.2%; chemical products increased by 22.5%.
The potential for developing trade between Vietnam and 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 South Korea.
In addition to bilateral FTAs, Vietnamese businesses also have more options when having import-export trade activities with South Korea, thanks to the Regional Comprehensive Partnership Agreement (RCEP). Another FTA is the Asean-Korea Free Trade Agreement (AKFTA).
In 2023, the two-way trade relations between Vietnam and South Korea reached nearly 76.01 billion USD, down by 12.2% compared to 2022. The trade deficit from South Korea in 2023 was 29.01 billion USD, down by 22.5%.
CK
Source: VITIC