List of Vietnam's largest import markets

According to data from the General Statistics Office, in July, the total value of goods exports and imports was estimated at 69.72 billion USD, an increase of 8.7% compared to the previous month and an increase of 21.8% compared to the same period last year. Overall, in the first seven months of the year, the total value of goods exports and imports was estimated at 439.88 billion USD.

Also in the first seven months of 2024, merchandise exports were estimated at US$226.98 billion, an increase of 15.7% compared to the same period last year. Of this, the domestic economic sector accounted for US$63.08 billion, an increase of 21.1%, representing 27.8% of total exports. The foreign-invested sector (including crude oil) accounted for US$163.9 billion, an increase of 13.8%, representing 72.2%.

For the first seven months of 2024, the cumulative value of goods imports is estimated at US$212.9 billion, an increase of 18.5% compared to the same period last year. Of this, the domestic economic sector accounted for US$78 billion, an increase of 21.5%; and the foreign-invested sector accounted for US$134.9 billion, an increase of 16.9%.

Notably, in the first seven months of 2024, Vietnam's total import and export turnover with its six largest markets reached $345.7 billion, of which imports amounted to $168 billion.

In terms of exports, Vietnam exported goods worth $177.7 billion to its six largest markets in the first seven months of 2024. Of these, the US is the leading export market with $66.1 billion. China is the second largest market with $33.4 billion, followed by the EU with $29.3 billion. ASEAN is Vietnam's fourth largest export market with $21 billion. Following behind are South Korea with $14.4 billion and Japan with $13.5 billion.

The largest export markets all showed growth in value compared to the same period last year. The US market had the highest value growth with a 24.4% increase compared to the same period last year, followed by the EU with a 15.8% increase and ASEAN with an 11.5% increase.

Goods exports to China also increased by 7.6% year-on-year; to South Korea by 9% year-on-year; and to Japan by 2.8% year-on-year.

Regarding imports, the total value of goods imported from the six largest markets in the first seven months of 2024 reached $168 billion. China led with $79.2 billion, followed by South Korea with $32.1 billion.

ASEAN is the third largest import market with $26.5 billion, followed by Japan with $12.4 billion. Vietnam spends $9.2 billion and $8.6 billion importing goods from the EU and the US, respectively.

Total imports of goods from the six largest markets in the first seven months of 2024 reached US$168 billion.

Among the six largest import markets, China showed the highest growth rate with a 34.9% increase year-on-year. Following closely behind were ASEAN with a 13.3% year-on-year increase and South Korea with a 12.6% year-on-year increase. Imports from the EU also increased by 8.7% year-on-year, the US by 6.2%, and Japan by 4.6%.

In the first seven months of 2024, the US remained Vietnam's largest export market, resulting in a trade surplus of $57.5 billion, a 27.6% increase compared to the same period last year. The trade surplus with the EU was estimated at $20.1 billion, a 19.4% increase compared to the same period last year; while the trade surplus with Japan was $1.1 billion, a 14% decrease compared to the same period last year.

Conversely, Vietnam's trade deficit with China reached $45.8 billion, an increase of 65.4% compared to the same period last year; a deficit with South Korea of ​​$17.7 billion, an increase of 15.7% compared to the same period last year; and a deficit with ASEAN of $5.5 billion, an increase of 21% compared to the same period last year.

Source: https://congthuong.vn/diem-danh-nhung-thi-truong-nhap-khau-lon-nhat-cua-viet-nam-336004.html