China for the first time has surpassed South Korea as Vietnam’s largest supplier of electronic products, parts, and computers for the past five months with a turnover of US$8 billion, a surge of 54.6% year on year.
| Data: GSO. Chart: Hai Yen |
With such a result, South Korea was relegated to second place with a turnover of US$7.3 billion during the period, or an increase of 11% year on year, according to the General Department of Vietnam Customs (GDVC).
In May, Vietnam imported US$5.6-billion worth of computers, electronic products, and parts, down 1.4% against last month. This accumulated a total of US$27.83 billion in imported such products for the five-month period, representing an increase of 26.5% year-on-year.
“Computers, electronic products, and parts have been the group of products with the highest import value since 2017,” stated the GDVC, with machinery, equipment, and parts (US$18.91 billion) and input materials for garment, and footwear (US$11.05 billion) at the second and third places.
| Data: GSO. Chart: Hai Yen |
For the five-month period, Vietnam exported total goods and products worth US$131.13 billion, up 30.9% year-on-year, while the country’s imports stood at US$131.6 billion, up 36.7%.
With a trade deficit of US$2.07 billion in May, Vietnam recorded a deficit of US$473 million in the January-May period.
The US, China, EU, South Korea, and ASEAN remained Vietnam’s five major export markets for the period.
