Vietnam achieved trade deficit from Korea by $US 24 billion

The import – export activities of Vietnam – Korea in the first 10 months in 2018 and the whole year of 2017, the calculation units is “billion USD”. Sketched by T.Bình

The preliminary figures from the General Department of Vietnam Customs showed that by the end of October 2018, the total export value of Vietnam to Korea reached $US 15.23 billion and total import value was $US 39.22 billion.

At the end of October, there were 9 groups of goods imported from South Korea with a turnover of $US 1 billion or more. Leading is computers, electronic products and components with turnover of nearly $US 14.3 billion.

Some other big commodity groups including: machinery, equipment, tools, spare parts was nearly $US 5.1 billion; Phones of all kinds and accessories of nearly $US 4.9 billion; fabric nearly $US 1.77 billion...

Meanwhile, Vietnam only has four groups of export goods that achieved a turnover of $US 1 billion or more. They are: phones of all kinds and components reached $US 3.78 billion; textiles and garments reached $US 2.78 billion; computers, electronic products and components reached nearly $US 2.13 billion; machinery, equipment, tools, spare parts reached $US 1.025 billion.

The history of trade relations between Vietnam - South Korea recorded that trade deficit of Vietnam with this market reached the highest level in 2017, when the Vietnam’s trade deficit rose up to about $US 32 billion, increased by 54.8% over the year of 2016, and approximately equaled to the import rate of Vietnam from Korea in 2016.

Currently, South Korea is Vietnam’s second largest trading partner and also the second largest import market after China. However, this is the partner that Vietnam is suffering the largest amount of trade deficit.

With the Chinese market, by the end of October, Vietnam reached trade deficit by nearly $US 20 billion in that exports of our country was nearly $US 33.5 billion and imported was nearly $US 53.4 billion.