For several years, the US stood as the largest export market of Vietnam. However, the turnover of Vietnam’s exports to the US market was below that of China, despite hitting US$3.632 billion in January, an increase of US$624 million on last year’s figures.
In the first month of the year, more than 10 of Vietnam’s key export items to China earned a turnover of over US$100 million, with telephone and components gaining the largest turnover at nearly US$895 million, a 19-fold boom compared to last year’s corresponding period.
In addition, computers, electronic products and components delivered to the Chinese market fetched a turnover of US$691 million, up 80.1%. Notably, fruit and vegetables ranked third among the country’s major exports to the market with earnings of US$296.3 million, up 68.6%. At present, the Chinese market accounts for 77% of the country’s export turnover.
In January, Vietnam recorded a trade deficit of US$2.059 billion with China as it spent nearly US$5.767 billion on imports of goods from the world's most populous nation.