Vietnam retains position as RoK's third largest trade partner
VOV.VN - In 2023 Vietnam continued to surpass Japan, becoming the Republic of Korea (RoK)'s third largest trade partner for the second consecutive year despite import-export turnover with the East Asian nation seeing a drop compared to 2022, according to data released on February 5 by the Korea International Trade Association (KITA).
Trade turnover between the RoK and the country in 2023 reached US$ 79.43 billion, of which exports to Vietnam fell by 12.3% compared to 2022 to US$53.49 billion, while imports from the Southeast Asian country also decreased by 12.3% on- year to US$27.55 billion.
China was the RoK's largest trade partner in 2023, with bilateral turnover reaching US$267.66 billion, trailed by the US with US$186.96 billion.
KITA attributed the decline in trade and exports to the Vietnamese market in 2023 to a decrease in chip exports, adding that the RoK’s semiconductor shipments to the nation went down by 21.6% over the same period to US$12.73 billion.
Meanwhile, four other export items, including sensor panels, petroleum products, wireless communication equipment, and synthetic plastics also decreased.
The RoK’s trade with Vietnam has grown exponentially since both nations established diplomatic relations in 1992, when bilateral trade only hit US$500 million.
Bilateral trade volume continued to grow following the RoK and Vietnam signing a free trade agreement in 2014.
In 2014, Vietnam has become the RoK’s eighth largest trade partner and rose to fourth place a year later. In 2022, Vietnam surpassed Japan to become the RoK's third largest trade partner.
