Germany - Vietnam’s largest trading partner in EVFTA

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Turnover of six Vietnamese export commodity groups to Germany, unit “US$ million”. Chart: T.Binh

According to an update of the General Department of Customs at the end of May, Vietnam-Germany bilateral trade relations have reached nearly US$4.4 billion.

In particular, Vietnam's export turnover reached $2.786 billion and import turnover reached $1.6 billion.

Thus, Vietnam had a trade surplus of more than $1 billion with this important partner.

Notably, compared to the same period in 2018, Germany surpassed the Netherlands to become Vietnam 's No. 1 export market in the EU.

However, compared to the same period last year, the export turnover to the two major markets above has been reduced.

Specifically, export turnover to German market saw a slight decrease of nearly $70 million, while to the Dutch market fell sharply to nearly $280 million.

The is due to the sharp decline in turnover of computers, electronic products and components.

Despite the decline in turnover, the group of phones and components is still the largest Vietnam’s export group to Germany in the last five months with a value of $775.5 million, accounting for nearly 28 percent of the country's total export turnover.

In addition, by the end of May, 5 other commodity groups exported to Germany with turnover of $100 million or more included footwear at $404 million; textiles reached $287.7 million; computers, electronic products and components reached $239.6 million; coffee reached $175.6 million and machinery, equipment and spare parts reached nearly $167 million.

Regarding imports, Germany has maintained its position as the largest market in the EU for many years.

In the first five months of this year, the import turnover of Vietnamese goods from Germany continued to grow at a rate of more than 15 percent (equivalent to an increase of more than $210 million).

Machinery, equipment, tools and spare parts are the largest import group of Vietnam from Germany with a turnover of up to $817.3 million, accounting for 51 percent of the country’s total import turnover from this country.

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Compared to the same period of 2018, import turnover of machinery, equipment, tools and spare parts from Germany rose by nearly 28 percent.