An electronic assembly line at a factory in Quảng Ninh Province. Machinery, equipment, tools and spare parts are the largest export group to the CPTPP market in 2024. — VNA/VNS Photo Hoàng Hiếu

Total two-way trade turnover between Việt Nam and other member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) reached more than US$102 billion last year, according to statistics recently released by the Ministry of Industry and Trade.

This turnover is 6.8 per cent higher than that of 2023, accounting for 13.1 per cent of Việt Nam’s total import-export turnover last year.

Việt Nam’s trade surplus with the CPTPP market reached $9.4 billion, doubling that of 2023. Exports to Canada contributed most to the surplus, with export value reaching $5.4 billion, up 9.7 per cent from 2023.

Trade surplus with Mexico reached $4.5 billion, up 26 per cent.

On the other hand, Malaysia is Việt Nam’s largest trade deficit market in the CPTPP, with an estimated trade deficit of $4 billion, exceeding the $2.9 billion deficit in 2023.

The numbers indicate that trade with the CPTPP countries play an important role in elevating Việt Nam’s trade surplus and stabilising the macroeconomy.

There was a shift in the export market structure among CPTPP members last year. In particular, the proportion of exports to Canada, Australia, Mexico and Singapore gradually increased, while it decreased for the Japanese market.