Vietnam maintains its position as South Korea’s third largest trading partner

For the second year in a row, Vietnam has surpassed Japan to become South Korea's third largest trading partner, despite a decrease in both imports and exports from Vietnam.

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Imported goods via Nam Dinh Vu Port, Hai Phong. (Photo: Tran Viet/TTXVN)

Data released by the Korea International Trade Association (KITA) on February 5th shows that in 2023, Vietnam continues to be the third largest trading partner of Korea for the second consecutive year, despite a decrease in both exports and imports from Vietnam.

KITA data cited by the Seoul-based correspondent reveals that the trade turnover between Korea and Vietnam in 2023 reached $79.43 billion, with exports to Vietnam decreasing by 12.3% compared to 2022 to $53.49 billion; imports from Vietnam also decreased by 2.9% to $25.94 billion. As a result, Korea’s trade surplus decreased by 19.5% to $27.55 billion.

KITA emphasizes that Vietnam has surpassed Japan for the second consecutive year to continue holding the position of Korea’s third largest trading partner.

The bilateral trade between Korea and Japan reached $76.68 billion in 2023. China remains Korea’s largest trading partner in 2023, with a bilateral trade volume of $267.66 billion. The second position is held by the United States with $186.96 billion.

KITA attributes the decline in trade and exports to Vietnam in 2023 to a decrease in chip exports. Semiconductor exports from Korea to Vietnam decreased by 21.6% compared to the same period, reaching $12.73 billion.

Meanwhile, exports of other products including sensors, petroleum products, wireless communication equipment, and synthetic resins also decreased.

Korea’s trade with Vietnam has grown exponentially since the establishment of diplomatic relations between the two countries in 1992 when bilateral trade was only $500 million.

The volume of bilateral trade continued to grow after Korea and Vietnam signed a free trade agreement in 2014.

In 2014, Vietnam became Korea’s 8th largest trading partner and rose to the 4th position a year later. In 2022, Vietnam surpassed Japan to become Korea’s third largest trading partner.

Khanh Van

SOURCEvietstock
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