Vietnam Maintains its Position as South Korea's Third Largest Trading Partner

Imported goods through Nam Dinh Vu port, Hai Phong. (Photo: Tran Viet/VNA)

Data released by the Korea International Trade Association (KITA) on February 5 showed that in 2023, Vietnam continued to be South Korea's third-largest trading partner for the second consecutive year despite exports and imports from Vietnam all decreasing.

Vietnam News Agency correspondent in Seoul cited KITA data as saying that trade turnover between South Korea and Vietnam in 2023 reached USD 79.43 billion, of which exports to Vietnam decreased by 12.3% compared to 2022 to USD 53 billion; imports from Vietnam also decreased by 2.9% to USD 25.94 billion. Accordingly, South Korea's trade surplus decreased by 19.5% to USD 27.55 billion.

Bilateral trade between South Korea and Japan reached USD 76.68 billion in 2023. Korea's largest trade partner in 2023 is China, with a bilateral turnover of USD 267.66 billion. The second position is the US with USD 186.96 billion.

KITA believes that the decline in trade and exports to Vietnam in 2023 is due to a decrease in chip exports. South Korea's semiconductor shipments to Vietnam decreased by 21.6% over the same period to USD 12.73 billion.

South Korea's trade with Vietnam has grown exponentially since the two countries established diplomatic relations in 1992 when bilateral trade only reached USD 500 million.

Bilateral trade continued to grow when South Korea and Vietnam signed a free trade agreement in 2014.

In 2014, Vietnam became South Korea's 8th largest trading partner and rose to 4th place a year later. In 2022, Vietnam surpassed Japan to become South Korea's third-largest trading partner.

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