Of which, export turnover of goods to China reached 117.7 billion USD, a year-on-year increase of 31.6%. Imports from China to Vietnam were valued at 50.8 billion USD, a year-on-year rise of 2.1%. With these, the trade deficit with China was 66.9 billion USD, a rise of 68.5%.
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| Fresh coconut is one of the products favored by the Chinese market (Photo: Vina T&T) |
Since 2004, China has always been Vietnam’s largest trading partner. Bilateral trade growth in the past 10 years has remained in the double digits. Currently, China is Vietnam’s second largest export market and largest import market. With many advantages in economic and trade cooperation, over the years, trade exchange between Vietnam and China has maintained a stable and sustainable growth momentum.
In terms of goods, Vietnam’s major export items to China are mobile phones, components, electronic equipment, rubber, agricultural products and seafood, while key import items from the Chinese market include machinery, equipment, raw materials for production in the garment industry, leather shoes, iron and steel and construction materials.
In terms of exports, agricultural products are the main items Vietnam exports to China. In particular, durian is a "hot" product of Vietnam that is very popular in the market. In addition, Chinese also favor longan, lychee, mango and fresh coconut from Vietnam.
Recently, China has opened its doors to Vietnamese coconuts. The Vietnam Fruit and Vegetable Association assessed that the market’s demand for importing this product is very large and tends to grow steadily, with each year being higher than the previous year.
According to the General Department of Customs, in 2023, Vietnam - China bilateral import-export turnover reached 171.2 billion USD. Of which, Vietnam's exports to China reached 61.2 billion USD, an increase of 6.4% compared to 2022. Imports of goods from China reached 110.64 billion USD.
In 2024, two-way trade turnover is expected to reach 200 billion USD./.