Vietnam China trade higher than between China and India

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VCN – The trade between Vietnam and China has grown rapidly in recent months, rising higher than between China and India.

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Imports and exports between Vietnam and China between January and October 2021. Chart: T.B

According to a report from the General Department of Vietnam Customs, end-October, Vietnam’s export turnover to China increased 17.56% year-on-year to US$44.52 billion.

The export turnover of many items recorded US$1 million or more. The export turnover of mobile phone and accessories hit US$11.85 billion. This is the first of Vietnam’s exports to China with export turnover worth “tens of billions of dollars” in the past 10 months.

Notably, China is a market that imports the largest volume of Vietnam’s agricultural products such as fishery products, vegetables, cashew, coffee, tea, rice, cassava and cassava products, rubber and rubber products.

Vegetables and fruits and rubber recorded export turnover of US$1.63 billion and US$1.7 billion, respectively.

Meanwhile, the import turnover from China rose about 36% or VND23.6 billion to US$89.15 billion.

Vietnam mainly imports items from China such as electronic products, machinery and equipment, raw materials for production, consumer goods.

The import turnover of products worth ten billion dollars or more such as machinery, equipment and components increased by 57.63% year-on-year to US$20.65 billion.

Computers, electronic products and parts saw an increase of 23.7% to US$17.43 billion.

The total trade between Vietnam and China in the ten months of 2021 hit US$133.67 billion.

The scale of turnover between Vietnam and China is higher than the bilateral trade between China and India. According to the VNA, China-India trade in the period was $102.29 billion.

India also has a large deficit in trade with China. End-October, China’s exports to India reached US$78.33 billion. Meanwhile, India’s exports to China totalled only US$23.96 billion.

By Thai Binh/Ngoc Loan

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