Vietnam's trade with Asia reaches $475 bln

According to the General Department of Customs, Vietnam's merchandise trade with Asia reached $475.29 billion in 2022, an increase of 9.6% from 2021, and continued to represent the largest portion (65.1%) of the total value of goods imported and exported from the entire nation.

These figures show that the country's overall import-export turnover increased by 9.1% (or $61.2 billion) from 2021 to reach $730.2 billion. This means that imports were $358.9 billion, up 7.8%, or the equivalent of $26.06 billion; exports were $371.3 billion, up 10.5%, or $35.14 billion.

Vietnam's merchandise trade with Asia was $475.29 billion last year; exports account for 47.7% of the national quota, reached $177.26 billion in 2022, up 9.5%; imports, which reached $298.03 billion, up 9.6%; together, they account for 83% of the nation's GDP. The only continent where Vietnam has a trade deficit in Asia.

China, Korea, Japan, and the ASEAN area can all be considered important partners on this continent.

Exports to and imports from ASEAN totaled $81.14 billion in the year (exports were $33.86 billion, up 17.7% over the same period, and imports were $47.28 billion, up 14.9%). This market's trade deficit is $13.42 billion.

Trade with China was $175.65 billion in both directions (exports to China were $57.7 billion, up 3.3%, and imports were $117.95 billion, up 7.2%). With China, there is a $60.25 billion trade deficit.

Vietnam continued to run a trade deficit of $37.8 billion from this market as two-way trade with South Korea reached $86.38 billion (exported $24.29 billion, up 10.7%, and imported 62.09%, up 10.5%).

Trade totaled $47.6 billion with the Japanese market (exports $24.23 billion, up 20.4%; imports $23.37 billion, up 2.6%); the trade surplus was close to $1 billion.

In terms of import-export turnover between Vietnam and other continents, the Americas saw an increase of 10.5% to $153.73 billion; Europe saw an increase of 2.8% to $75.45 billion; Oceania saw an increase of 24.3% to $17.62 billion; and Africa saw a decrease of 3.9% to $8.1 billion.

Source: Bao Dau Tu