According to the latest data from General Department of Customs, Vietnam's export turnover to the Chinese market in the first 8 months reached 38.28 billion USD, a slight increase of 3.9% over the same period last year (equivalent to an increase of 1.44 billion USD).
On the contrary, in the first 8 months, import turnover of goods from China reached 92.5 billion USD, a sharp increase of 34.25% over the same period last year (equivalent to an increase of 23.6 billion USD).
In the past 8 months, there were 15 groups of imported goods from China with a turnover of 1 billion USD or more. Of which, there were 2 groups worth tens of billions of dollars.
The two largest groups of imported goods from China are computers, electronic products and components; machinery, equipment, tools, spare parts with turnovers of 22.65 and 18.43 billion USD, respectively.
By the end of August, 10 groups of Vietnam's exports to China had reached a turnover of 1 billion USD or more. Major export groups of Vietnam include: phones of all kinds and components; computers, electronic products and components; cameras, camcorders and components; vegetables and fruits; machinery, equipment, tools, spare parts...
Over the past 8 months, Vietnam's trade deficit with China has reached 54.22 billion USD. However, positive point is that Vietnam mainly imports from Chinese market products and raw materials for production such as: machinery, equipment, chemicals and chemical products, plastics of all kinds and plastic products, textile materials, footwear, iron and steel, iron and steel of all kinds, construction materials...
In recent years, in context of gloomy global trade, Vietnam's import and export growth with China is still one of the bright spots. According to General Department of Customs, in 2023, bilateral import-export turnover will reach 171.2 billion USD. Of which, Vietnam's exports to China will reach 61.2 billion USD, an increase of 6.4% compared to 2022 (equivalent to an increase of 3.7 billion USD). Imports of goods from China in 2023 will reach 110.64 billion USD.
Notably, in 2024, China is still identified as a key export market for agricultural, forestry and fishery products of Vietnam, expected to achieve high growth. In addition to strong products such as vegetables, fruits and seafood, businesses are focusing on increasing market share of products with great potential such as rubber, pepper, cassava, etc.
Currently, China is the first market with two-way trade with Vietnam exceeding 100 billion USD in the first 8 months of this year. Thus, on average, each month, import-export turnover between Vietnam and China reaches about 16 billion USD. In remaining 4 months, based on strong improvement in trade in the first half of 2024, it is forecasted that Vietnam - China import and export turnover this year will likely approach the 200 billion USD mark.

Source: Vitic/ congthuong.vn