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  • Vietnam – South Korea import-export turnover
 

Vietnam – South Korea import-export turnover

by hptoancau / Tuesday, 25 February 2020 / Published in Vietnam - Korea

The Vietnam-Korea Free Trade Agreement (VKFTA), which took effect on December 20, 2015, has played an important role in attracting investments from the South Korea to Vietnam and helping the Southeast Asian nation integrate deeper into the regional economy.

Currently, South Korea is Vietnam’s second largest trading partner and also the second largest import market after China. However, this is the partner that Vietnam is suffering the largest amount of trade deficit.

In 2018, Korea was also Vietnam’s largest trading partner with a total bilateral trade turnover of more than USD 65.8 billion, of that exports reached USD 18.24 billion; imports reached USD 47.6 billion.

Vietnam – South Korea import – export turnover period 2013 – 2018

Unit: Billion USD

Year 2013 2014 2015 2016 2017 2018
Export 6.62 7.14 8.92 11.41 14.82 18.24
Import 20.71 21.76 27.63 32.16 46.73 47.60
Total trade 27.33 28.9 36.55 43.57 61.55 65.84
Trade balance -14.09 -14.62 -18.71 -20.75 -31.91 -47.56

(Source: Vietnam Customs)

Vietnam - South Korea import - export turnover period 2013 - 2018

The history of trade relations between Vietnam – South Korea recorded that trade deficit of Vietnam with this market reached the highest level in 2017, when the Vietnam’s trade deficit rose up to about $US 32 billion, increased by 54.8% over the year of 2016, and approximately equaled to the import rate of Vietnam from Korea in 2016.

Vietnam’s exports to South Korea

Unit: USD

Commodity First 10 months of 2019 Compared with the same period of 2018 (+/- %)
  Volume (ton) Value (USD) Volume Value
Total export turnover          16,691,067,116 9.6
Phones of all kinds and parts thereof 4,504,668,838 19.12
Textiles and garments             2,923,484,309 5.13
Computers, electronic products, spare-parts & components thereof 2,442,260,070 14.67
Machinery, equipment, tools and instruments 1,312,423,821 28.06
Other commodities 921,535,694
Wood and wooden products 658,699,063 -16.17
Seafood 640,160,558 -8.74
Foot-wears 491,233,064 21.81
Still image, video cameras and parts thereof 326,364,939 11.97
Means of transportation, parts & accessories thereof 316,839,626 50.8
Fibers and yarns of all kinds 117,292 279,288,274 -15.13 -18.87
Base metals and products thereof 204,859,832 35.1
Plastic products 170,392,886 22.51
Iron and steel products 148,107,677 13.54
Wires and cables 142,782,539 5.55
Iron and steel 193,439 131,567,968 -15.71 -14.16
Handbags, wallets, suitcases, headgear and umbrellas 113,431,087 2.72
Crude oil 221,694 108,712,586 35.64 8.22
Vegetables, fruits 107,399,490 12.34
Textile, leather and footwear materials & auxiliaries 82,735,408 -9.12
Chemical products 72,721,240 9.17
Rubber products 57,054,408 23.55
Chemicals 55,138,446 -12.79
Rubber 37,228 53,631,012 28.62 25.32
Coffee 27,074 52,725,501 2.58 -6.44
Tyre cord fabrics and other fabrics for technical uses 52,188,127 36.75
Petroleum 69,453 43,675,263 -25.56 -37.54
Confectionery and cereal products 36,749,948 -8.71
Toys and sports requisites, parts & accessories thereof 29,610,467 -38.76
Ceramic products 26,208,272 46.88
Cassava and products from cassava 86,181 25,274,925 5.28 5.68
Glass and glassware 24,660,089 -72.77
Coal 136,987 23,238,428 -63.81 -51.72
Paper and products from paper 20,734,445 8.14
Animal feed and aminal feed materials 19,316,756 -20.48
Plastics materials 8,996 16,083,529 1.87 -12.53
Precious stones, Precious metals and articles thereof 15,423,550 7.53
Bamboo and rattan products 14,944,566 0.99
Pepper 4,197 11,581,760 3.27 -18.54
Fertilizers 31,314 7,477,376 7.16 -9.68
Ores and other minerals 20,617 5,681,280 20.35 -49.83

(Source: Vietnam Customs)

Vietnam’s imports from South Korea

Unit: USD

Commodity Compared with Sep 2019 Compared with the same period of 2018
Oct 2019 First 10 months of 2019
Total import turnover        4,128,877,943 1.1        39,426,345,575 0.54
Computers, electronic products, spare-parts & components thereof        1,259,509,858 -16.31        14,612,630,752 2.23
Machinery, equipment, tools and instruments           484,309,887 13.06          5,139,237,923 1.4
Phones of all kinds and parts thereof             707,474,006 -12.61          4,824,109,104 -1.31
Fabrics           178,453,890 44.22          1,660,927,455 -6.1
Plastic products           148,660,361 7.88          1,516,774,676 2.55
Plastic materials           152,940,372 22.68          1,350,440,078 -2.33
Petroleum           205,580,709 90.67          1,330,925,810 -22.43
Other base metals           131,064,493 12,72          1,227,004,058 -2.76
Iron and steel           157,887,756 45.47          1,185,174,594 -0.99
Other commodities           109,896,423 -1.73          1,124,130,592
Auto parts and accessories           111,620,098 21.88             987,928,997 42.21
Textile, leather and footwear materials & auxiliaries             60,042,158 36.43             603,154,870 -6.41
Chemical products             67,818,318 10.71             592,205,766 6.65
Iron and steel products             66,419,630 24.64             580,775,246 5.45
Still image, video cameras and parts thereof             34,532,112 -8.64             355,331,622 -13.64
Chemicals             40,529,901 30.52             349,586,046 -1.69
Paper             26,984,686 12.99             239,823,241 -1.15
Rubber             20,696,389 19.84             187,628,586 4.53
Other base metal products             18,289,983 7.95             182,934,801 -1.01
Other petroleum  products             15,596,218 -3.41             150,047,492 0.97
Fibers and yarns of all kinds             16,406,376 22.68             147,949,473 -11.15
Wires and cables             15,656,101 12.9             145,022,796 4.62
Pharmaceutical products             12,883,946 -31.29             143,674,471 9.9
Rubber products               9,138,515 308               95,683,459 -0.71
Motor cars (CBU)             12,658,735 63.13               73,024,154 201.17
Glass and glassware               4,521,972 -17.62               68,183,443 7.32
Seafood               4,682,642 8.5               62,966,087 -0.27
Odoriferous substances, cosmetic, toilet preparations               6,514,779 20               55,438,116 37.99
Precious stones, Precious metals and articles thereof               5,569,745 20.57               52,344,341 9.83
Products from paper               5,321,151 44.26               52,307,337 -2.44
Domestic electrical appliances and components thereof               5,270,583 32.64               47,740,864 -6.79
Other food preparations               4,090,392 -3.3               39,901,879 33.83
Animal feed and animal feed materials               2,637,049 -30.9               39,472,681 -4.09
Other means of transportation, parts & accessories thereof               5,592,608 87.98               37,696,502 -1,31
Fertilizers               1,096,907 -41.08               32,944,427 -20.87
Confectionery and cereal products               4,735,204 73.3               30,059,927 21.27
Vegetables, fruits               3,541,235 -18.63               26,785,929 36.03
Insecticides and insecticide materials               2,680,650 24.79               20,582,558 -39,98
Wood and wooden products                  991,243 -41.43               14,247,487 139.64
Milk and milk products               1,332,920 39.33               10,609,758 1.93
Ores and other minerals               1,581,027 56.37               10,526,095 -15.06
Cotton                  616,755 136.36                 6,481,139 27.15
Liquified Petroleum Gas (LPG)               2,390,749 750.88                 4,361,935 6.34
Vegetable and animal oils and fats                  448,486 -0.25                 3,934,072 11.04
Pharmaceutical materials                  210,922 -11.08                 3,634,936 -16,8

(Source: Vietnam Customs)

Tagged under: Vietnam - South Korea import - export turnover period 2013 - 2018, Vietnam – South Korea import-export turnover

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