The Department’s four-month statistics show Vietnamese exports to the northern neighbour enjoyed a significant annual increase of 22.1%, while imports decreased by 1.6%.
At present, China has maintained its position as Vietnam’s largest importer, accounting for 28.7% of the country's total import turnover during the reviewed period. It is also Vietnam’s second largest export market after the United States, enjoying a market share of 15.7% of the country’s total turnover.
The statistics also indicate that Vietnam’s trade deficit with China dropped to US$9.68 billion, in comparison to over US$12 billion recorded during the same period last year. This can largely be attributed to high export growth.
Major imports from the market include machinery and equipment, raw materials which are used in the local garment and textile sector, along with computers, electronic products and components. Its key exports to the Chinese market include computers, electronic products and spare parts, in addition to phones and components.
Most notably, the export of computers, electronic products and spare parts to China enjoyed a massive annual surge of 40.9% to US$3.42 billion, while the export turnover of phones and components increased sharply by 3.3 times, reaching US$2.73 billion.