Vietnam-Japan trade turnover hits US$42.7 billion in 2021

Wednesday, January 19, 2022  14:30

Vietnam endures a trade deficit of US$2.52 billion with Japan last year (Photo: congthuong.vn)

VOV.VN - Vietnam’s trade turnover with Japan reached roughly US$42.7 billion last year, of which the country raked in US$20.13 billion from exports, an increase of 4.4% compared to 2020, according to the latest statistics from the General Department of Vietnam Customs.

Meanwhile, the import of goods from Japan surged by 11.3% to nearly US$22.65 billion compared to 2020, making Vietnam suffer a trade deficit of over US$2.52 billion.

Computers, electronic products and components took the lead in terms of import turnover with nearly US$6.22 billion, accounting for 27.5% of the total import turnover of goods from the Japanese market. They were followed by machinery, equipment, tools and spare parts with roughly US$4.45 billion and iron and steel products with US$1.73 billion.

Meanwhile, Vietnam boasted three categories of commodities with a large export turnover to Japan, including garments and textiles (over US$3.23 billion), machinery, equipment and spare parts (over US$2.56 billion), and means of transport (over US$2.47 billion).

Other items attaining high export growth were iron and steel, plastic materials, crude oil, glass products, chemicals, metal products, cameras, camcorders and accessories, and fertilisers of all kinds.

According to experts, Vietnamese goods, especially local agricultural products, are becoming increasingly sought after by Japanese consumers.

To facilitate the export of Vietnamese agricultural products to Japan, local businesses have been advised to pay closer attention to overall product quality and price, as well as to ramp up trade promotion in order to elevate the brand of Vietnamese goods to the demanding market.

VOV