Vietnam runs trade deficit of nearly US$28 billion with China
Vietnam’s trade deficit with China has been increasingly widening, exceeding US$27 billion during the first nine months of the year, according to statistics released by the Ministry of Industry and Trade.
The country’s total import-export turnover during the nine-month period stood at an estimated US$382.72 billion. Most notably, the nation raked in US$194.3 billion from exports, up 8.2 per cent, while imports surged by 8.9 per cent to approximately US$188.42 billion.
Exports to Japan, the Republic of Korea, ASEAN, and Russia have experienced an upward trend with respective increases of 10 per cent, 8.1 per cent, 4.7 per cent, and 13.9 per cent.
With regard to the Chinese market, roughly US$ 83.25 billion was recorded in total two-way trade turnover as of the end of the third quarter, with Vietnam’s trade deficit with China showing signs of widening.
During the reviewed period, Vietnam's exports to China dipped 3.8 per cent to US$27.75 billion in comparison to the last year’s corresponding period.
In contrast, Vietnam spent close to US$55.5 billion importing goods from the Chinese market, up 17.3 per cent.
Over the course of the year, the country’s trade deficit with China has widened to some US$27.75 billion, a sharp rise compared to the figure of US$25 billion in the first eight months of this year.
A number of key imports from China included machinery, equipment, tools and spare parts, computers, electronics and components, in addition to phones and components, while the country’s major exports were computers, electronics and components, phones and components, and farm produce. VOV