China’s exports to Vietnam in 2024 rose almost 18% to a record US$162bil.
HO CHI MINH CITY: Vietnam overtook Japan as China’s third-largest export destination for the first time, as US tariffs force companies to find new suppliers to avoid levies, while continuing to rely on Chinese manufacturers for components.
China’s exports to Vietnam in 2024 rose almost 18% to a record US$162bil, according to data released by China’s customs administration on Monday.
That surpassed the US$152bil in shipments to Japan, previously the third-largest market for Chinese exporters.
The jump was driven mostly by a surge in exports of parts to the South-East Asian nation, where they are assembled and then exported to the United States and elsewhere.
Electronics components including screen modules and computer memory made up eight of the 10 fastest-growing exports, according to Chinese data last year through November.
The rerouting of trade risks raising costs for businesses and consumers but has benefited Vietnam, which has seen a surge of investment as companies look to diversify supply chains from China.
Leading electronics makers such as Samsung Electronics Co, Luxshare Precision Industry Co and Hon Hai Precision Industry Co have invested billions of dollars in Vietnam in recent years to assemble products such as AirPods and MacBooks. — Bloomberg
