Vietnam’s trade deficit with China rises nearly 54pct in Jul: Customs

Statistics from general Department of Vietnam Customs said that in July, Vietnam’s import of goods from China was over $2.559 billion, rising over 30 percent over the same period last year.

Of which, the staple import commodities were machineries, equipments, instruments and other components (over $433 million), telephone and accessories (over $333 million), computer, electronics products and components (over $272 million), clothes (nearly $264 million), fuel (over $164 million) and iron and steel (over $140 million).

Vietnam’s export of goods to China in July reached over $1.105 billion, rising over 9 percent on year with the most staple export products such as rubber (over $120 million), crude oil (nearly $153 million) and rice (over $110 million). The biggest export turnover to Chinese market in the month was seen in products on computers, electronics products and components with nearly $157 million.

Thus, in July, Vietnam’s trade deficit with China was over $1.454 billion, rising nearly 54 percent from the same period last year (the country’s trade deficit with China in last July was about $944 million).

Cumulatively, in Jan-Jul, Vietnam’s import from China was over $15.658 billion (a year-on-year increase of 18%) while the country’s export turnover to China fetched only over $7.209 billion (up 25 percent on the year).

Totally, in Jan-Jun, Vietnam’s trade gap with China was $8.449 billion, up nearly 13 percent on year.

Vietnam mainly exported crude oil, coal, coffee, seafood and rubber while imported high value products such as computer, electronics products and components, CBU (completely-built-unit) car and spare parts, machineries, equipments and instruments, iron and steel, plastic materials, clothes and materials for leather and footwear sector.

Currently, Vietnam is importing the most commodities from China. The import value has been constantly increasing over the years. In 2011, Vietnam’s import spending from China was up to nearly $25 billion. The country’s annual trade deficit with China is over $10 billion and it is estimated at $13 billion in 2012.

 

Category: Economy