Vietnam - China trade across Kim Thanh international road border gate No. II, Lao Cai. Photo: T.Binh

According to preliminary statistics announced by the General Department of Vietnam Customs, in December 2024, Vietnam - China trade hit US$19.66 billion, of this the country's exports amounted to US$6.17 billion and imports amounted to US$13.49 billion.

In 2024, the import and export turnover between the two countries reached US$205.2 billion. This is the first time that Vietnam - China trade hit the record of US$ 200 billion.

China has become the first trading partner that Vietnam has established trade exceeding US$200 billion.

In the year, Vietnam’s exports to China reached US$61.2 billion, down US$ 100 million year-on-year.

Meanwhile, imports from China increased US$ 33.35 billion to US$ 144 billion, compared to the previous year.

The decline in exports coupled with a sharp rise in imports resulted in a widened trade deficit with China.

In 2023, Vietnam’s trade deficit with China was US$49.35 billion, but the figure in soared to US$82.8 billion in 2024.

The decrease in export turnover while imports increased sharply caused the trade deficit with China to widen compared to before.

The variety of products traded between the two countries spans from agricultural products to raw materials, electronics, consumer goods, etc.

Currently, China continues to be our country's largest trading partner, accounting for 26% of the country's total trade turnover in 2024.