Nearly US$ 74.5 Billion of Import and Export Turnover Between Vietnam and CPTPP Members in 2018

According to a reporter's calculation based on the information released by the General Department of Customs, in 2018, Vietnam’s total export turnover to CPTPP members reached US$ 36.809 billion, while the import turnover reached US$ 37.669 billion.

Thus, the total import-export turnover between our country and these FTAs members reached US$ 74.478 billion, accounting for 15.5% of the whole country’s total import-export turnover in 2018 ( US$ 480.17 billion).

However, Vietnam had a deficit of US$ 860 million.

Considering each member, Vietnam had a trade surplus with 5 markets including Canada, Chile, Mexico, Australia and Peru, and also had a trade deficit with the remaining 5 members including Brunei, Malaysia, New Zealand, Japan and Singapore.

Of the five markets in trade surplus with Vietnam, Canada was the market that Vietnam had the largest trade surplus with a value of US$ 2,155 billion.

Last year, Vietnam had 7 commodity groups exported to this North American market with a turnover of US$ 100 million or more.

In which, garments and textiles with the leading turnover reached nearly US$ 666 million. Other key commodity groups were: Footwear with US$ 330 million; computers, electronic products and components with US$ 226 million; and seafood with nearly US$ 241 million.

Meanwhile, Malaysia was the market that Vietnam had the biggest deficit with about US$ 3.4 billion (Vietnam exported more than US$ 4,048 billion and imported over US$ 7.45 billion).

The two largest import groups of Vietnam from the Southeast Asian market mentioned above were petroleum and computers, electronic products and components with a turnover of US$ 1 billion or more.

In which, petroleum reached US$ 2.051 billion; computers, electronic products and components reached US$ 1.378 billion.

Details of import turnovers between Vietnam and CPTPP members in 2018, unit : "million". Chart: Binh.

 

In terms of turnover scale, Japan was Vietnam's largest trading partner in the CPTPP with a trade value of US$ 37.862 billion, accounting for nearly 51% of the country’s total import-export turnover with CPTPP partners

In particular, Vietnam's exports to Japan reached more than US$ 18.851 billion and the imports reached US$ 19.011 billion. Thus, our country suffered a slight deficit of US$ 160 million.

In 2018, Vietnam had 5 export groups to Japan with a turnover of US$ 1 billion or more.

Specifically, garments and textiles reached US$ 3.812 billion and was the largest export commodity group. Followed by means of transportation and parts thereof, reaching US$ 2.484 billion; machinery, equipment and parts thereof, reaching US$ 1.838 billion; seafood reaching US$ 1.386 billion and wood and wooden products reaching US$ 1.147 billion.

Meanwhile, last year, there were 3 billion-dollar import groups from Japan including machinery, equipment, tools and parts thereof, gained US$ 4.433 billion; computers, electronic products and components reached US$ 4.058 billion; and iron and steel reached US$ 1.59 billion.

Notably, among the remaining 10 CPTPP members, there were 9 members reaching an import and export turnover of US$ 1 billion or more with Vietnam

The member which had the most modest turnover of the CPTPP members was Brunei with an export of US$ 18.5 million and an import of US$ 36.7 million.

Looking at the above results, it can be seen that Vietnam had advantages when exporting key products such as garments and textiles, footwear, wooden products and seafood to CPTPP partners.

Meanwhile, our country spent a lot of foreign currency to import machinery and equipment; electronic products; petroleum and so on.

 

By Huyen Trang/ Thai Binh (Source: VCN)