Friday , April 12 2024

Vietnam becomes largest importer of S Korea

South Korea posted a trade surplus of $34.26 billion with Vietnam in 2022, according to the country’s Ministry of Trade, Industry and Energy.

This is the first time Vietnam has become the largest trade partner of South Korea.

The ministry reported that the South Korea’s export turnover to Vietnam last year totaled $60.98 billion, while it spent $26.72 billion on importing goods from the Southeast Asian nation.

An official from the ministry said that among the ASEAN countries, Vietnam is emerging as a production base for global companies, adding that Korean businesses are constantly making inroads into the Vietnamese market.

After Vietnam, the countries and territories that South Korea had large trade surplus included the U.S. with $28.04 billion, Hong Kong (China) $25.79 billion, India $9.98 billion, and Singapore $9.86 billion.

Last year, the South Korea’s export turnover hit a high record of $683.9 billion, leaping to the sixth position in the world. However, it also recorded a record high trade deficit of $47.2 billion as its imports soared amid rising energy prices.

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