Vietnam becomes China's sixth largest trading partner in 2020
|Leaders of Vietnam, China exchange greetings on diplomatic ties anniversary|
|Photo exhibition highlights 70th anniversary of Vietnam-China diplomatic relations|
|Sport exchange helps strengthen Vietnam-China solidarity|
2020 was a challenging year for the economy and trade in the region and the world in general and between Vietnam and China in particular, said a management agency.
However, given the two countries’ efforts in controlling Covid-19, the two-way trade between Vietnam and China maintained growth, thereby positively contributing to economic growth and foreign trade of the two sides, Zing News reported.
|Containers are seen at the Kim Thanh Border Gate No.2 with China in the northern province of Lao Cai in February 2020. Photo: VnExpress/Giang Huy.|
According to the preliminary statistics of the customs office, the bilateral trade between Vietnam and China in 2020 reached US$133.09 billion, representing a year-on-year increase of nearly 14%. In which, Vietnam's exports to China stood at US$48.9 billion, up 18% over the same period in 2019. Vietnam’s imports from China hit US$84.1 billion, a year-on-year increase of 12%. The trade deficit from the neighboring country rose by almost 4% against 2019, estimated at US$35.2 billion.
Regarding the trade structure, China remained Vietnam’s largest trading partner and the supplier of goods. China is also Vietnam’s second-largest export market, after the US.
The main driver for the bilateral trade growth derived from the processed and manufactured goods, reaching US$37.07 billion (up 20%) and construction materials, reaching US$3.12 billion (up 104 %).
Major export items of Vietnam to China included smartphones, computers, machinery, and wood, while imports included computers, machinery, materials for garment and footwear industries, and smartphones.
Nevertheless, Vietnam’s exports of several traditional goods to the neighboring country encountered difficulties especially the agricultural and fishery products with the revenue downing 3.3% to US$ 6.8 billion.
Vietnam became the sixth-largest trading partner of China in 2020, up 2 ranks compared to 2019. The nation was also the eighth largest supplier of goods and the fifth largest export market of China.
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