South Korea records largest trade surplus of 2022 with Vietnam
According to South Korea’s Ministry of Trade, Industry and Energy on Wednesday, shipments from the country to Vietnam totaled $60 point $98 billion last year, while imports from the Southeast Asian country totaled $26 point $72 billion, resulting in a trade surplus of 34 point $25 billion.
The surplus exceeds that of trade with other countries, surpassing the United States with a positive balance of $28 billion, followed by Hong Kong and India.
The sharp increase in the surplus from Vietnam last year has been attributed to an increase in investment and cooperation between the two countries in various fields as they celebrated the 30th anniversary of the establishment of diplomatic relations.
South Korean exports to the US rose 14 point-five percent year-on-year in 2022, for the sixth consecutive year since 2017, to surpass $100 billion for the first time.
Hong Kong, the country’s largest trade surplus partner from 2019 to 2021, dropped to third place last year.
Vietnam’s import-export turnover in December is estimated at USD 58.82 billion, up 2.7% from the previous month, bringing the full-year total to USD 732.5 billion, a year-on-year year increase of 9.5%, with a trade surplus of USD 11.2 billion, according to the General Bureau of Statistics (GSO).
The agency reported that export revenues are estimated to be USD 29.66 billion in December, USD 89.5 billion in the fourth quarter and USD 371.85 billion for the full year, up 10.6% year-on-year, with 276 .76 billion USD comes from the foreign-invested sector. , accounting for 74.4%.
In the year, 36 product groups enjoy an export turnover of more than USD 1 billion each, eight of which earn more than USD 10 billion each.
Meanwhile, Vietnam spent about USD 29.16 billion on imports in December, USD 85.07 billion in the fourth quarter and USD 360.65 billion for the full year, up 10% year-on-year.
In 2022, the import revenue of 46 products exceeded USD 1 billion, including six that reached more than USD 10 billion.
