Trade deficit with China nears $12b in Jan-Apr

03-May-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

Vietnam ran a trade deficit of $11.9 billion with China in the first four months of the year, up a staggering 53.8 percent year-on-year. China remained the largest supplier of goods to Vietnam during the period, according to the general Statistical Office (GSO).

In the four-month period, Vietnam spent $22.3 billion importing products from its northern neighbour, marking an increase of 18.8 percent.

Vietnam also incurred a trade deficit of $9.3 billion with South Korea, followed by that with the Asean at $2.4 billion.

Meanwhile, the country enjoyed the largest trade surplus of $9.1 billion with the European Union, down by 2.3 percent over the same period last year.

According to the GSO, the country exported $78.76 billion worth of products in the four-month period, up 5.8 percent year-on-year. Of the total, domestic firms contributed $23.33 billion and foreign-invested enterprises, $55.43 billion.

During the period, 16 commodities reported export revenue of more than $1 billion each, accounting for 81.2 percent of the total export revenue. Phones and phone parts topped the list at $16 billion, followed by computers, electronic products and accessories at $9.6 billion; textiles and garments at $9.4 billion; and footwear at $5.3 billion.

Meanwhile, some agricultural products posted a decline in export revenue, including coffee (down 22.6 percent), cashew nuts (down 16.9 percent), rice (down 21.7 percent) and pepper (down 12 percent).

On the other hand, Vietnam spent $78.05 billion on imports, up 10.4 percent over the year-ago period. As many as 17 commodities registered import turnover of more than $1 billion each, making up 76.3 percent of the total import turnover.

Thus, the country still enjoyed a trade surplus of $711 million in the first four months of the year, much lower than the $3.7 billion seen in the same period last year.

https://english.thesaigontimes.vn/68020/trade-deficit-with-china-nears-us$12b-in-jan-apr.html

 


Category: Economy, Vietnam

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