Trade with China hits record $200 billion, Vietnam's deficit grows larger

(HQ Online) - Vietnam-China trade will reach a new record of 200 billion USD in 2024, however, our country's deficit is getting bigger and bigger.

Vietnam - China import and export activities through Kim Thanh international road border gate No. II, Lao Cai . Photo: T.Binh

According to preliminary statistics just announced by the General Department of Customs, in December 2024, Vietnam - China trade reached 19.66 billion USD, of which our country's exports reached 6.17 billion USD and imports reached 13.49 billion USD.

In 2024, the total import-export turnover between the two countries will reach 205.2 billion USD. This is the first time that Vietnam-China trade has reached the 200 billion USD mark.

China is also the first trade partner with which our country has established a turnover of 200 billion USD or more.

In 2024, Vietnam's exports will reach 61.2 billion USD, down about 100 million USD compared to 2023.

Meanwhile, imports from China reached 144 billion USD, an increase of 33.35 billion USD compared to the previous year (equivalent to a growth rate of 30.1%).

Export turnover decreased while imports increased, causing the trade deficit with China to widen compared to before.

If in 2023, the trade deficit with China was only 49.35 billion USD, but in 2024 it would have reached 82.8 billion USD.

Import and export goods between the two countries are diverse and rich, from agricultural products to raw materials, electronics, consumer goods, etc.

Currently, China continues to be our country's largest trading partner, accounting for 26% of the country's import and export turnover in 2024.

Source: https://haiquanonline.com.vn/thuong-mai-voi-trung-quoc-dat-ky-luc-200-ty-usd-tham-hut-cua-viet-nam-ngay-cang-lon-193434.html