AsemconnectVietnam - Of the 6 import markets with a turnover of 10 billion USD or more as recorded by the General Department of Customs, China dominated.

By the end of August, the latest statistical data from the General Department of Customs recorded 6 markets from which our country imported goods with a turnover of 10 billion USD or more/market.
Specifically, the 6 markets with the import turnover of tens of billions USD included China, South Korea, ASEAN, Taiwan (China), Japan, and EU.
By the end of August of 2024, the total import turnover of the country reached 246.87 billion USD, an increase of 18.1% (equivalent to an increase of 37.80 billion USD) over the same period last year.
Of which, the Chinese market alone reached 92.5 billion USD, a sharp increase of 34.4% (equivalent to an increase of 23.66 billion USD) compared to the same period last year, accounting for 37.47% of the country's total import turnover.
China's dominance was also clearly shown compared to the next positions. For example, compared to the second market, South Korea, the import turnover from China was 2.5 times higher (the South Korean market reached 36.78 billion USD).
The turnover of the remaining major markets was respectively: ASEAN reached 30.27 billion USD; Taiwan (China) reached 14.49 billion USD; Japan reached 14.32 billion USD; EU reached 10.8 billion USD.
All markets from which Vietnam imports a lot of goods have high growth rates compared to the same period last year.
Trade deficit increased
Returning to the largest market, China, the statistics from the General Department of Customs showed that this neighboring country was present in most of our country's important import groups, from agricultural products to textile and garment materials, footwear; electronic components; consumer goods; iron and steel, etc.
In particular, by the end of August, there were 15 groups of imported goods from China with a turnover of 1 billion USD or more.
In particular, the 5 largest groups of imported goods from China include: computers, electronic products and components reaching 22.65 billion USD, up by 59.8% (equivalent to an increase of 8.47 billion USD); machinery, equipment, tools and spare parts reaching 18.43 billion USD, up by 29.2% (equivalent to an increase of 4.17 billion USD); raw materials for the textile, garment, footwear and leather industry reaching 10.16 billion USD, up by 23.7% (equivalent to an increase of 1.94 billion USD); telephones of all kinds and components reached 5.41 billion USD, up by 28.8% (equivalent to an increase of 1.21 billion USD); iron and steel of all kinds reached 4.71 billion USD, up by 44.4% (equivalent to an increase of 1.45 billion USD) compared to the same period last year.
Thus, the total turnover of the 5 groups of goods mentioned above alone reached 62.36 billion USD, accounting for 66% of Vietnam's total import turnover from the Chinese market.
Notably, in the past 8 months, the growth rate of imported goods was higher than that of exports, so Vietnam's trade deficit with China was greatly widened.
Specifically, our country's exports to the Chinese market in the first 8 months only reached 38.28 billion USD, a slight increase of 3.9% compared to the same period last year (equivalent to an additional turnover of 1.44 billion USD).
By the end of August, 10 groups of our country's exports to China reached a turnover of 1 billion USD or more, but no group of goods reached a turnover of tens of billions of USD like the import direction.
The major export groups of our country include: phones of all kinds and components; computers, electronic products and components; cameras, camcorders and components; vegetables and fruits; machinery, equipment, tools, spare parts, etc.
Thus, by the end of August, Vietnam had a trade deficit of 54.22 billion USD from the Chinese market.
Compared to the same period last year, the trade deficit from China increased by nearly 22 billion USD, even though it was only the end of August, the trade deficit from this neighboring market far exceeded that of the whole year 2023 (in 2023, the trade deficit was nearly 50 billion USD).
CK
Source: VITIC/haiquanonline.com.vn