Korean Media: Vietnam's Trade Deficit with South Korea Surges, Second Only to China!
On May 16, Korean media outlet Herald Economic published an article stating that Vietnam's trade deficit with South Korea has exceeded the $10 billion mark in the first quarter of this year and continues to widen. This figure has surged by approximately 50% compared to the same period last year, with South Korea remaining Vietnam's second-largest trading partner in terms of trade deficit, after China.
According to Vietnam's General Statistics Office under the Ministry of Finance, total imports in Vietnam reached $126.57 billion from January to March this year, a year-on-year increase of 27%. Among them, imports from South Korea amounted to $18.7 billion, up 34.5% year on year.
During the same period, Vietnam recorded a general trade deficit of $3.64 billion.
In terms of deficit size with individual countries, China ranked first with a deficit of $33.3 billion (up 34.4% year on year), followed closely by South Korea at $10.6 billion (up 48.7% year on year). The deficit with ASEAN countries totaled $5 billion (up 31.3% year on year). Among major trading partners with deficits, South Korea showed the most significant growth rate during this period, leading the list.
South Korean products primarily include raw materials and equipment for production. These mainly consist of computers, electronic products and accessories, machinery, equipment, tools and spare parts, mobile phones and related components, and textile raw materials. Analysts suggest this is because foreign-invested enterprises in Vietnam—whose export share is relatively large—are heavily importing high-value-added components and equipment from South Korea to support production in electronics, IT, processing, and manufacturing sectors.
Customs data from Vietnam shows that from January to February this year, imports of South Korean computers and electronic components surged by 46.2% year on year, exceeding the $8 billion mark; meanwhile, imports of machinery and parts reached approximately $730 million.
Local experts analyzed: “As South Korean companies continue expanding their production bases in Vietnam, coupled with the accelerating shift of global supply chains toward Southeast Asia, these factors are jointly driving sustained growth in logistics volume of South Korean goods to Vietnam. Therefore, Vietnam’s trade deficit with South Korea will remain at a high level in the foreseeable future.”
Original source: toutiao.com/article/1865333112621131/
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