China remains Vietnam's only trading partner with over $10 billion in import-export turnover in January 2023

In January 2023, Vietnam's exports to China totaled $3.87 billion, with phones and components accounting for the largest export category, with a turnover of $1.7 billion. Meanwhile, Vietnam imported a diverse range of goods worth $7.23 billion from China, including electronics, machinery, equipment, raw materials, consumer goods, and agricultural products.

However, the total import-export turnover of goods in January 2023 decreased by 17.3% compared to the previous month and 25% compared to the same period last year. The trade surplus in January 2023 is estimated to be $3.6 billion.

The United States was the largest export market for Vietnam, with an estimated turnover of $7.6 billion, while China was the largest import market, with an estimated turnover of $8.1 billion. Vietnam exports tropical agricultural products, seafood, textiles, phones, computers, and electronic products to China and imports raw materials for production, temperate agricultural products, and others.

Vietnam's trade surplus with the EU market in January 2023 was estimated to reach $1.8 billion, down 45% compared to the same period last year.

The trade surplus with the Japanese market was $100 million, down 65.3%, and the trade deficit from China was $3.4 billion, down 52.6%. The trade deficit from South Korea was $2.5 billion, down 20.9%, while the trade surplus from the ASEAN market was $1.3 billion, up 74.3%.

Although the number of working days was fewer than the previous month and January 2022 due to New Year's Eve and Lunar New Year, China's position as Vietnam's top trading partner remained strong. China's importance in Vietnam's export market, particularly for tropical agricultural products, cannot be overstated.

Source: CafeF