Vietnam has 5 groups of export goods worth over 1 billion USD to Korea.

From the beginning of the year to October 31, 2024, Vietnam had 5 groups of goods with export turnover of over 1 billion USD to Korea, led by computers, products and components worth 4.5 billion USD, phones of all kinds ranked second, reaching 2.9 billion USD...

From the beginning of the year to October 31, 2024, Vietnam had 5 groups of goods with export turnover of over 1 billion USD to Korea, led by computers, products and components worth 4.5 billion USD, phones of all kinds ranked second, reaching 2.9 billion USD...

Export of Computers, Electronic Products and Components Sagg Korea leads with expected turnover

Exports of computers, electronic products and components to South Korea in the first 10 months of 2024 reached 4.52 billion USD, up 13.4% over the same period.

According to statistics from the General Department of Customs, Vietnam's export turnover to the Korean market in October 2024 reached 2.2 billion USD, an increase of 12.5% over the previous month.

Accumulated in the first 10 months of 2024, exports to Korea reached more than 21.2 billion USD, up 7.9% (same period in 2023 decreased by 3.6%), ranked in the top 5 largest export markets/market regions in the past 10 months, led by the US, China, EU, Korea and Japan.

The item with the largest export turnover in the 10 months of 2024 was computers, products and components worth over 4.5 billion USD, up 13.4%, accounting for 21.3% of the proportion. Next was phones of all kinds and components reaching 2.9 billion USD, accounting for 14.1% of the export proportion.

Some other export commodity groups with increased export turnover in the 10 months of 2024 include: Coffee increased by 39.3%; fertilizers of all kinds increased by 192.7%; pepper increased by 94.6%, machinery, equipment and spare parts increased by 20.5%, means of transport and spare parts increased by 26.1%, vegetables and fruits increased by 41%, iron and steel products increased by 22%, confectionery and cereal products increased by 15.3%...

On the contrary, imports of input materials and machinery and equipment for domestic consumption and export increased rapidly, with import turnover reaching 46.3 billion USD, up 7.6% (same period down 18.6%).

Thus, two-way import and export in 10 months reached 67.5 billion USD, Vietnam's trade balance had a trade deficit of 25 billion USD from this market.

In 2023, Vietnam's total import-export turnover with Korea will reach 76 billion USD, down 12.2% compared to 2022. Of which, Vietnam's exports to Korea will reach 23.5 billion USD, down 3.3% compared to 2022, and imports will reach 52.5 billion USD, down 15.6% compared to 2022.
2022. Vietnam's trade deficit with South Korea is worth 29 billion USD, down 23.5% compared to 2022.

Main export groups: Computers, electronic products and components (reaching 4.8 billion USD, up 42.6%); Phones and components (reaching 3.5 billion USD, down 30.5%); Textiles and garments (reaching 3 billion USD, down 7.9%); Machinery, equipment, tools, and other spare parts (reaching 2.8 billion USD, up 1.2%); Means of transport and spare parts (reaching 1.2 billion USD, up 53.5%)...

The main import groups include Computers, electronic products and components (reaching 28.7 billion USD, up 24%); Machinery, equipment, tools and other spare parts (reaching 5.4 billion USD, down 12.5%); Petroleum (reaching 3.2 billion USD, down 6.1%); Plastic raw materials (reaching 2 billion USD, down 27.3%); Fabrics (reaching 1.5 billion USD, down 13.8%); Plastic products (reaching 1.4 billion USD, down 6%).

The potential for trade development between Vietnam and Korea is huge. The Vietnam-Korea Free Trade Agreement (VKFTA), which came into effect at the end of 2015, has contributed to further promoting political , economic and cultural relations between the two countries, further tightening the Vietnam-Korea strategic cooperative partnership.

In addition to the bilateral FTA VKFTA, Vietnamese enterprises have more options when conducting import and export trade activities with Korea, thanks to the ASEAN - Korea Free Trade Agreement (AKFTA) and most recently the Regional Comprehensive Economic Partnership (RCEP) which has come into effect since the beginning of 2022.

It is forecasted that exports to South Korea in 2024 will reach about 26-26.5 billion USD.