VCN- Currently, EU markets – EVFTA member states are major export markets of Vietnam in the EU.
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|Export turnover to the EU and other regions in 2019, the unit “US$ billion”. Chart: T.B|
What items are exported to the EU?
According to the latest statistics from the General Department of Vietnam Customs, at the end of 2019, the total import and export turnover between Vietnam and EU member states reached US$56.39 billion, accounting for 11 percent of total import and export turnover of the whole country in 2018.
Export turnover to the EU reached US$41.48 billion, down 1 percent compared to 2018, accounting for 15.7 percent of the total export turnover of the country. Vietnam’s import turnover was US$14.91 billion, increasing by 7.4 percent, accounting for 5.9 percent of the whole country.
Thus, in trade relations with the EU, Vietnam had a trade surplus of US$26.57 billion in the last year.
The General Department of Vietnam Customs’ statistics shows that the EU member states are Vietnam’s largest export market.
Typically, the largest commodity group is phones and components, with a turnover of US$12.36 billion. Although decreasing by 7.1 percent compared to 2018, export turnover to EU still accounted for 24 percent of export turnover of this group.
Export turnover of computers, electronic products and components reached US$5.06 billion, helping the EU to be in the largest export markets.
In addition, Vietnam’s export turnover of major commodity groups to the EU reached billions of dollars in 2018, such as textiles and garments;footwear;agriculture products;machinery, equipment, tools and spare parts.
In the opposite direction, goods imported by Vietnam from the EU are also diverse.
In 2019, Vietnam imported computers, electronic products and components from Iceland,with a turnover of nearly US$2.3 billion.
Vietnam also imported machines, equipment, tools and spare parts; medicine, consumer goods; CBU cars from EU member states.
Germany-the first trading partner with turnover of US$ tens of billions in the EU
Currently, in the EU member states, Germany is Vietnam's largest trading partner.
In 2019, among more than 200 countries and territories that Vietnam has foreign trade relations, there are eight markets with import and export turnover of more than US$10 billion.
Notably, Germany is the first trading partner of the EU and the whole EU reached this milestone.
In 2019, the total import and export turnover between Vietnam and Germany reached more than US$10.25 billion. Vietnam’s export turnover to Germany reached US$6.555 billion, with import turnover of US$3.697 billion.
The two commodity groups exported to Germany with turnover of more than US$1billion are phones and components with a turnover of US$1.657 billion; and footwear with more than US$1 billion.
Vietnam exported many commodity groups to the largest economies of the EU and to the whole EU with a turnover of hundreds of millions of dollars.
Export turnover of textile and garment reached US$808 million; computers, electronic products and components reached US$522.6 million; machinery, equipment, tools and spare parts US$427 million; coffee reached US$366.3 million.
Vietnam’s largest import commodity group and the only billion-dollar import group from Germany in 2019 was machinery, equipment, tools and spare parts with a turnover of over US$1.74 billion.
Vietnam also imported chemical products; medicine; components, auto parts from Germany with a turnover of hundreds of millions of dollars.
In 2019, the country imported 1,475 CBU cars with a total turnover of US$90 million. The largest number of imported cars from countries and territories in Europe.
Along with Germany, Vietnam has many "billion-dollar" trading partners in the EU, such as France, the Netherlands, Spain, Belgium and Italy.
By Thai Binh/Ngoc Loan