After 11 months into 2024, Vietnam and China have recorded a bilateral trade turnover of 185.4 billion USD. Data from the General Statistics Office indicates a slight decrease of 0.9% in Vietnam's exports to China, totaling 55.2 billion USD, while imports from China saw a significant rise of 29.7%, reaching 130.2 billion USD. This positions China as Vietnam's foremost import market, with the trade deficit expanding to 75 billion USD, marking a 67.7% increase.
The monthly average trade turnover between the two nations stood at 16.8 billion USD over the observed period. This trajectory suggests the potential for the annual figure to hit the 200 billion USD threshold, representing nearly a quarter of Vietnam's total trade turnover. The end of the year traditionally sees a spike in import-export activities, attributed to the demand surge during the holiday season.
Agricultural exports remain a cornerstone of Vietnam's trade with China, with nearly 10 billion USD recorded in the first 10 months of 2024, up by 11.6% year-on-year. Currently, 14 Vietnamese agricultural products have gained access to the Chinese market, including high-demand items like durian and dragon fruit, which collectively account for a significant portion of ASEAN's agricultural exports to China.
Conversely, Vietnam's imports from China predominantly consist of raw materials essential for production and export, benefiting from competitive pricing and quality. The geographical proximity between Vietnam and China further facilitates efficient bilateral trade, underscoring the strategic importance of this trading relationship.
In 2023, the trade turnover between the two countries was recorded at 171.9 billion USD.
Source: Mai Ahn Group