Vietnamese trade with Asia reaches over US$313 billion in nine months

VOV.VN - Asia remains an important trade partner for Vietnam, with the total import-export turnover soaring by 25.7% year on year to reach over USS$313 billion during the opening nine months of the year despite challenges caused by COVID-19, according to the General Department of Vietnam Customs.

Vietnam exported goods worth US$115.03 billion, a rise of 14%, while its imports soared by 32.7% to US$197.77 billion, resulting in a trade deficit of more than US$82 billion.

The country’s key export items to markets throughout the region include phones and components, computers, electronic products and components, iron and steel, raw materials for garments and textile, leather and footwear, machinery, equipment, tools and spare parts.

China is Vietnam’s largest trading partner in Asia, with their two-way trade reaching US$119.5 billion in nine months. It was followed by the Republic of Korea with US$56.39 billion, ASEAN with US$50.97 billion, and Japan with US$30.91 billion.

Since the beginning of the year, Vietnam has recorded a huge trade deficit with all markets in the Asian region as it heavily relies on raw materials imports for the electronics, garment and textile and footwear industries, as well as for machinery manufacturing.

Most notably, the country racked up a large deficit of US$1.57 billion with Japan during the reviewed period.

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