Vietnam-China import-export turnover reaches 117 billion USD

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The import-export turnover between Vietnam and China set a new milestone, reaching nearly 117 billion USD last year.

In a report on import and export activities of Vietnam last year, announced by the General Department of Customs, the total import and export value of the whole country reached 517.26 billion USD, a year-on-year increase of 7.6 percent.

Of which, the value of exported goods was 264.19 billion USD, up 8.4 percent, and the imports were worth 253.07 billion USD, up 6.8 percent.

The trade surplus reached 11.12 billion USD last year, the highest ever level, an increase of 62.9 percent over the previous year.

Notably, among more than 200 countries and territories with which Vietnam has foreign trade relations, China maintained its position as the largest market.

The year is also the second consecutive year that the turnover between the two countries surpassed 100 billion USD.

Specifically, last year, the total import-export turnover between the country and China reached 116.87 billion USD, of which, Vietnam’s exports were 41.41 billion USD and imports were 75.452 billion USD.

The import-export turnover between the country and China increased by more than 10 billion USD from 106.71 billion USD in 2018.

The Chinese market alone accounted for 22.6 percent of the country's total import-export turnover last year.

However, the increase in turnover was mainly due to a sharp increase in imports from China, while Vietnam’s exports to this market increased insignificantly.

The country’s import turnover from China increased by 10 billion USD last year over a year ago, while export turnover increased by nearly 150 million USD.

Therefore, the country's trade balance with China has a very large deficit of over 34 billion USD.