Apec members make up three-fourths of Vietnam’s foreign trade

11-Nov-2017 Intellasia | The Saigon Times | 6:00 AM Print This Post

Member economies of the Asia-Pacific Economic Cooperation (Apec) forum contribute three-fourths to Vietnam’s foreign trade, backed by growing trade ties in the region in recent years, according to the general Department of Vietnam Customs.

Customs data shows that trade between Vietnam and other Apec members expanded more than four times from $66.3 billion in 2006 to more than $266 billion in 2016, accounting for nearly 76 percent of the country’s total.

Vietnam exported nearly $120 billion worth of goods to other Apec member economies last year, up 11.7 percent year-on-year, while its imports from Apec grew more than 6 percent year-on-year to nearly $147 billion.

According to the customs department, in the 2006-2016 period, Vietnam’s exports to other Apec members picked up nearly 16 percent a year and its imports edged up more than 15 percent a year.

However, Vietnam has trade deficits with Apec members.

The country’s trade with other Apec members in the first nine months of 2017 amounted to nearly $237 billion, with more than $106 billion from exports and $130.5 billion from imports. This led to a trade deficit of nearly $24.4 billion.

Apec has 21 members, including Vietnam’s largest trading partners like the US, Japan, South Korea, Hong Kong (China), Malaysia and Singapore.

http://english.thesaigontimes.vn/56969/Apec-members-make-up-three-fourths-of-Vietnam percente2 percent80 percent99s-foreign-trade.html


Category: Economy, Vietnam

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