Vietnam's exports to China top $12.68 billion in Q1 2024
Vietnam-China bilateral trade turnover reached over US$42 billion in the first quarter of this year, of which Vietnam's exports to China topped $12.68 billion, an increase of 5.2 percent, Vietnam News Agency (VNA) reported Wednesday. Meanwhile, imports from China reached $29.4 billion, up 24.4 percent from the same period last year, WAM reports.
VNA quoted Dau tu (Investment) Newspaper as saying that there remains ample room for Vietnam's exports to China, with the growth being directly proportional to the quality improvement of products by domestic enterprises.
Last year, Vietnam saw 12 groups of goods exported to the Chinese market with a value of more than $1 billion each. Among them, phones and components took the lead with earnings of $16.87 billion, followed by computers, electronic products and components with $13 billion. The above-mentioned items contributed to more than $62 billion in Vietnam's export turnover to China and nearly $172 billion in bilateral trade in 2023.
Vietnam shipped approximately $2.2 billion worth of durians overseas in 2023, of which exports to China alone accounted for $2.1 billion with nearly 500,000 tonnes.
With this result, growth in exports to China remained a bright spot in the country's trade activities in the first quarter and is expected to retain its momentum for the whole year.
Currently, Vietnam has 14 agricultural products exported to China. In the future, this figure is expected to increase when China opens its market for other farm products such as fresh coconuts, frozen vegetables and citrus fruits.