Vietnam remained South Korea’s third-largest trading partner for the second consecutive year in 2023 after China and the United States.

According to data from the Korea International Trade Association on Monday, the country’s exports to Vietnam came to 53-point-49 billion dollars last year, while imports reached 25-point-94 billion dollars, posting a trade surplus of 27-point-five billion dollars.

The country’s outbound and inbound shipments with Vietnam declined 12-point-three percent and two-point-nine percent on-year, respectively, with the trade surplus also shrinking by 19-point-five percent.

Despite exports, imports and the trade balance all falling, Vietnam remained South Korea’s third-largest trading partner in 2023 with a trade volume of 79-point-four billion dollars, about 30 percent of trade with the country’s top trading partner, China, and 42 percent for the U.S.

Trade volume with Vietnam exceeded Japan for the second straight year, which posted 76-point-six billion dollars last year.

Last year's drop in trade with Vietnam is attributed to sluggish chip exports, with outbound semiconductor shipments plunging 21-point-six percent on-year to 12-point-73 billion dollars in 2023.