China surpasses South Korea as Vietnam’s largest supplier of electronic products
Computers, electronic products, and parts have been the group of products with the highest import value since 2017.
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.
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