Japan is Vietnam’s leading trading partner

For many years, Japan has been Vietnam’s leading trade partner with bilateral turnover reaching tens of billions of USD annually.

According to the latest preliminary statistics of the General Department of Vietnam Customs, by the end of October, Vietnam-Japan trade turnover achieved about US$37 billion. Motivated by this figure, Japan continues to remain Vietnam’s 4th largest trading partner.

Vietnam’s exports to Japan decreased by 4% to US$ 19.223 billion yea-on-year, accounting for 6.6% of the country’s export turnover.

By the end of October, five export product groups achieved the export turnover of US$ 1 billion or more. The export turnover of textiles and garments increased of about US$ 18 million to US$3.3 billion year-on-year.

The export turnover of means of transport and spare parts reached US$2.42 billion. This is product group with the second highest export turnover and the growth of about 18%.

The export turnover of machinery, equipment, tools and spare parts reached US$2.27 billion, down about US$30 million compared to the same period last year.

Wood and wooden products gained the export turnover of about US$1.4 billion USD, down about US$150 million year-on-year. This is one of the key product groups with the sharpest decrease in the export turnover (down nearly 10%).

The export turnover of Seafood achieved about US$ 1.25 billion. However, item saw the highest plunge of US$180 million in the export turnover (about 13%).

By the end of October, many product groups exported to Japan with the turnover worth hundreds of millions of dollars such as: phones and components; plastic products; computers, electronic products and components; chemical; crude oil…

The imports from Japan reached US$17.743 billion USD, down 10.1% over the same period last year and accounting for 6.6% of the country’s import turnover.

Computers, electronic products and components are the product group with the largest turnover of US$5.92 billion, down more than US$100 million year-on-year.

In addition, there are two product groups with the turnover worth “billion dollars”: machinery, equipment, tools and spare parts at of US$3.3 billion, down about US$250 million compared to the same period in 2022; Iron and steel of all kinds at US$1.23 billion, down about US$270 million USD.

By the end of October, Vietnam had a trade surplus of nearly US$1.5 billion to Japan. The trade balance between Vietnam and Japan is quite balanced compared to other major partners such as China, the United States, and South Korea.

Customs News