China boosts imports of Vietnamese products

Smartphones displayed at an exhibition in HCMC. Vietnam’s smartphone and parts shipments to China saw a 2.4-fold rise, generating US$5.78 billion in value

In the January-September period this year, smartphone and phone components exports to major markets rose strongly. The EU market spent US$10.14 billion on these imports from Vietnam, edging up 10.9% year-on-year.

Vietnam’s smartphone and phone parts shipments to China saw a 2.4-fold rise, generating US$5.78 billion in value, while exports of the product group to the United States and the Republic of Korea helped Vietnam earn US$4.16 billion and US$3.34 billion, up by 43.7% and 17.1%, respectively.

Based on calculations for each country and territory, China took the lead among Vietnam’s smartphone and components importers.

Regarding computers, electronics and parts, exports of the product group generated US$21.58 billion in value over the past nine months, up 16.3%  year-on-year.

The Chinese market came first on the list of Vietnam’s computer, electronics and components buyers, according to the General Department of Vietnam Customs.

China spent over US$6 billion on the product group, soaring by 28.8% year-on-year, while the EU market imported products worth US$4.05 billion, up 21.1%. The United States spent US$2.07 billion, declining by 14.1%, and South Korea spent US$1.94 billion, soaring by 48.5%, on these products.

During the January-September period, shipments of Vietnamese farm produce, including vegetables, cashew, coffee, rice and rubber, amounted to US$13.63 billion in value, inching up 1.5% year-on-year. The country’s largest farm produce importer was China, which spent US$4.74 billion on products, followed by the United States and Indonesia, with expenditures of US$1.51 billion and US$527 million, respectively.

Besides this, Vietnam exported cameras, camcorders and parts worth US$3.5 billion in January-September, up a staggering 46.9% year-on-year. Among Vietnam’s importers of this product group, China took the lead, spending US$1.8 billion, surging by 49.9% year-on-year.

Hong Kong imported products worth US$855 million, up 28.1%, and the Republic of Korea’s imports of this product group increased 2.7-fold against the previous year, spending US$263 million.

To date, China has remained Vietnam’s largest trade partner among over 200 countries and territories. Two-way trade between the two countries totaled US$76.07 billion in the nine-month period.

Vietnam’s exports to China generated US$28.81 billion in revenue, up 29.9%, while the country spent US$47.26 billion on imports from the Chinese market, up 12.8%. Despite Vietnam’s revenue growth in shipments   to China, the country still had a trade deficit of US$18.45 billion with China.

In addition to China, whose imports from Vietnam rose by 29.9% in January-September, the Republic of Korea and India also boosted imports from Vietnam, spending US$13.45 billion, up 26.1%, and US$5.18 billion, up a whopping 88.6%, against the same period last year.

Vietnamese product exports over the nine-month period this year to the United States, the European Union and the ASEAN picked up by 13.2% to US$35.02 billion, 10.5% to US$31.2 billion and 14.5% to US$18.3 billion year-on-year, respectively.

Preliminary customs statistics from the department showed that the country’s total value of imports and exports in January-September reached US$352.61 billion, up 13.7%, or US$42.44 billion, year-on-year, exceeding the 2016 value of US$351.38 billion. Of the figure, the export revenue amounted to US$179.47 billion, rising by 15.8%, and the import turnover was US$173.14 billion, growing by 11.6%.

As such, the country's trade surplus hit a record high of US$6.32 billion in January-September.