Steady Growth in Vietnam-China Trade

In the first eight months of 2024, bilateral trade between Vietnam and China reached $130.78 billion, showcasing the steady development of trade relations between the two nations. Recent data indicates that both Vietnam’s exports to and imports from China have increased, reflecting deepening cooperation across various sectors.

Vietnam’s Exports to China

During the first eight months of 2024, Vietnam’s exports to China totaled $38.28 billion, marking a year-on-year growth of 3.9%, equivalent to an increase of $1.44 billion. The main export products included mobile phones and components, computers and electronic products, cameras and accessories, vegetables, and machinery and equipment. By the end of August, Vietnam had 10 categories of products with export values exceeding $1 billion to China, demonstrating the country’s export capabilities in several key industries.

Vietnam’s Imports from China

Vietnam’s imports from China also saw a significant rise. In the first eight months of 2024, Vietnam’s total imports from China reached $92.5 billion, a year-on-year increase of 34.25%, amounting to an additional $23.6 billion. Vietnam imported a wide range of products from China, including machinery, chemicals, plastics, textiles, footwear, steel, and construction materials, providing essential raw materials for the country’s domestic production needs.

Among the imported goods, 15 product categories had values exceeding $1 billion. The two largest categories were computers and electronic products, with an import value of $22.65 billion, and machinery, equipment, and spare parts, with $18.43 billion. This highlights China’s critical role in supplying the high-tech equipment and raw materials required for Vietnam’s industrial production.

Trade Deficit and Future Outlook

Despite the growth in Vietnam’s exports to China, the country’s trade deficit with China widened significantly, reaching $54.22 billion in the first eight months of 2024. Nevertheless, the bilateral trade relationship between the two nations continues to strengthen, and total trade between Vietnam and China is expected to surpass the $200 billion mark by the end of the year. China has already become the first country in 2024 to record bilateral trade with Vietnam exceeding $100 billion. With improving economic conditions, trade between the two countries is anticipated to grow further in the coming months.

Key Takeaways:

1. Bilateral trade between Vietnam and China surpassed $130 billion in the first eight months of 2024, indicating strong growth in trade relations.
2. Vietnam’s exports to China increased steadily, with high-tech products such as mobile phones and electronic devices being the main export categories.
3. Vietnam’s demand for machinery and electronic products from China grew significantly, resulting in a substantial rise in import values.
4. Despite the widening trade deficit, the future outlook for trade between Vietnam and China remains positive, with expectations for total trade to exceed $200 billion in 2024.
5. The ongoing growth in bilateral trade not only reflects the deepening economic cooperation between the two nations but also underscores their pivotal roles in the global supply chain.

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