South Korea Logs Largest Trade Surplus of 2022 with Vietnam
According to the South Korean Ministry of Trade, Industry and Energy on Wednesday, the country’s shipments to Vietnam totaled 60-point-98 billion dollars last year, while imports from the Southeast Asian nation came to 26-point-72 billion dollars, resulting in a trade surplus of 34-point-25 billion dollars.
The surplus exceeds that of trade with other countries, surpassing the United States with a positive balance of 28 billion dollars, followed by Hong Kong and India.
Last year’s sharp rise in the surplus from Vietnam is attributed to an increase in investment and cooperation between the two countries in various areas as they observed the 30th anniversary of the establishment of diplomatic relations.
South Korea’s exports to the U.S. increased by 14-point-five percent on-year in 2022, expanding for the sixth consecutive year since 2017 and surpassing 100 billion dollars for the first time.
Hong Kong, which was the country’s largest trade surplus partner from 2019 to 2021, slipped to third place last year.
Vietnam’s import-export turnover in December is estimated at 58.82 billion USD, up 2.7% over the previous month, pushing the total in the whole year to 732.5 billion USD, a year on year rise of 9.5%, with a trade surplus of 11.2 billion USD, according to the General Statistics Office (GSO).
The office reported that export revenue is estimated to reach 29.66 billion USD in December, 89.5 billion USD in the fourth quarter and 371.85 billion USD in the whole year, up 10.6% year on year, with 276.76 billion USD coming from the foreign-invested sector, accounting for 74.4%.
In the year, 36 product groups enjoy export revenue of over 1 billion USD each, with eight earning over 10 billion USD each.
Meanwhile, Vietnam spent about 29.16 billion USD on imports in December, 85.07 billion USD in the fourth quarter and 360.65 billion USD in the whole year, an increase of 10% year on year.
In 2022, the import revenue of 46 products exceeded 1 billion USD, including six reaching over 10 billion USD.
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Source: Vietnam Insider