In the first eight months of 2024, Vietnam's total import value from China reached 92.5 billion USD, marking a significant increase of 34.4%, equivalent to a rise of 23.66 billion USD compared to the same period last year, according to recently released data from the General Department of Customs.
Among these, imports of computers, electronic products, and components from China totaled 22.65 billion USD, a 59.8% increase (up 8.47 billion USD). Machinery, equipment, tools, and parts reached 18.43 billion USD, a rise of 29.2% (up 4.17 billion USD).
Raw materials for the textile, garment, and footwear industries were valued at 10.16 billion USD, an increase of 23.7% (up 1.94 billion USD), while imports of phones and components rose by 28.8% to 5.41 billion USD (up 1.21 billion USD). Steel imports reached 4.71 billion USD, a 44.4% increase (up 1.45 billion USD) compared to the same period last year.
Altogether, the import value of these five product groups amounted to 62.36 billion USD, accounting for 66% of Vietnam’s total imports from China.
Other major import markets for Vietnam include South Korea, with an import value of 36.78 billion USD in the first eight months of 2024, up 10% (an increase of 3.34 billion USD compared to the same period last year). Imports from ASEAN reached 30.27 billion USD, a 12.5% rise (up 3.36 billion USD).
Additionally, Vietnam's imports from other key markets also increased compared to the same period last year.
Specifically, imports from Taiwan were valued at 14.49 billion USD, up 19.8% (an increase of 2.39 billion USD). Imports from Japan reached 14.32 billion USD, a 2.8% increase (up 392 million USD), while imports from the EU (27 countries) totaled 10.8 billion USD, a rise of 11.1% (up 1.08 billion USD). Notably, imports from Kuwait reached 5.15 billion USD, up 39% (an increase of 1.44 billion USD) compared to the same period last year.