China Remains Vietnam’s No. 1 Import Market: Customs

Tuan Minh

10:52 23/01/2016

BizLIVE - China continued to top Vietnam’s import markets in 2015, followed by South Korea and Japan.

China Remains Vietnam’s No. 1 Import Market: Customs

Trucks transport goods between Vietnam and China through the Lao Cai border gate. (Photo: Internet)

China remained the largest goods provider for Vietnam in 2015, with imports from that market rising 13.9% year-on-year to $49.52 billion, the General Department of Vietnam Customs said.
Vietnam spent the most on importing machinery and equipment from the giant neighboring country, with a value of $9.03 billion, up 15% year-on-year. The next largest items were phones and spare parts ($6.9 billion), cloth ($5.22 billion), and electronics and spare parts ($5.21 billion).
The Southeast Asian country shipped $17.14 billion worth of goods to China in 2015, resulting in a trade deficit of $32.38 billion.
South Korea was Vietnam’s second biggest import market last year, with shipments from that country valued at $27.63 billion, up 27% year-on-year.
Japan ranked third with $14.37 billion, rising 11.15% year-on-year. The runners-up were Taiwan with $11 billion and Thailand with $8.28 billion.
The U.S. was Vietnam’s largest export market, with the export turnover rising 16.9% year-on-year to $33.48 billion. The major export staples were apparel and textile, footwear, and computers, electronics and components.
Vietnam had a trade surplus of $25.68 billion with the U.S. last year, the largest value among the country’s trade partners, the department said.
Vietnam’s total trade turnover increased 10% year-on-year to $327.76 billion in 2015, according to the department. The growth rate was the lowest over the past five years and below an average of 15.8% in the 2011-2015 period.