Vietnam's exports to China increased by nearly 53%

China is the export market with the highest growth rate in Vietnam in the past 10 months, up 52.9% over the same period last year, according to data from the General Department of Customs.

Specifically, according to preliminary statistics just announced by the General Department of Customs, the total import-export turnover between Vietnam and APEC member countries (Asia-Pacific Economic Cooperation Forum) from the beginning of 2017 to the end of October 2017 reached 265.31 billion USD, an increase of 17.4% over the same period last year, nearly equal to the turnover of the whole year of 2016.

Of which, exports reached 120.48 billion USD, up 23.9% and imports were 144.83 billion USD, up 22% over the same period last year. Thus, the trade balance of goods between Vietnam and APEC members in the first 10 months of 2017 had a deficit of 24.36 billion USD, equal to 20.2% of export turnover to this bloc.

Vietnam's export structure to APEC member countries in the first 10 months of 2017. Source: General Department of Customs

According to the customs authority, in the past 10 months, the US remained Vietnam's largest export market among APEC members, with a turnover of 34.53 billion USD, up 9.6% over the same period last year, accounting for 28.7% of Vietnam's total export turnover to APEC.

China ranked second with a turnover of 26.47 billion USD, a sharp increase of 52.9%, accounting for 22%. This is also one of the high export growth rates of Vietnam to APEC member countries.

The Japanese market ranked third with 13.85 billion USD, up 16%, accounting for 11.5%; exports to South Korea reached 12.15 billion USD, up 28.6%, accounting for 10.1%; ...

On the other hand, in the past 10 months, China has been the largest market supplying goods to Vietnam among APEC economies, with a turnover of 46.83 billion USD, up 16.1%, accounting for 32.3%. This shows that despite the high growth in Vietnam's exports to the world's most populous market, in the first 10 months of this year, Vietnam still had a trade deficit with this country of up to 20.36 billion USD, the second highest trade deficit, only after South Korea.

According to the customs authority, Vietnamese goods exported to APEC members in the first 10 months of this year mainly included: phones of all kinds and components with a turnover of 19.01 billion USD, up 48%; textile products with 17.51 ​​billion USD, up 9.3%; computers, electronic products and components with 15.41 billion USD, up 41.1%; machinery, equipment, tools and spare parts with 8.07 billion USD, up 25%; footwear of all kinds with 7.39 billion USD, up 15.2%; wood and wood products with 5.35 billion USD, up 12.6% over the same period last year.

Although South Korea is the second largest country in terms of export turnover to Vietnam, reaching 38.3 billion USD, a sharp increase of 46.7%, accounting for 26.4%, it leads in trade surplus to Vietnam with 26.15 billion USD. Japan ranks third with export turnover to Vietnam reaching 13.27 billion USD, an increase of 7.6%, accounting for 9.2% of the total import turnover of goods from APEC members; ...

According to the customs authority, Vietnam's imports of goods from APEC members in the past 10 months mainly included: computers, electronic products and components with 29.16 billion USD, up 35.5%; machinery, equipment, tools, and other spare parts with 24.09 billion USD, up 24.4%; phones of all kinds and components with 12.73 billion USD, up 49.2%; fabrics of all kinds with 8.97 billion USD, up 8.6%; iron and steel of all kinds with 6.5 billion USD, up 6.4% over the same period last year;...

According to Saigon Economics