Vietnam’s trade deficit with China balloons

21-Sep-2021 Intellasia | The Saigon Times | 5:02 AM Print This Post

Vietnam ran a huge trade deficit of nearly $39 billion with China in the January-August period, $3.8 billion higher than the figure in all of 2020, according to the general Department of Vietnam Customs.

In the eight-month period, Vietnam exported products worth $33.5 billion to the neighbouring country and spent $72.5 billion on imports from this market, up 22 percent and 47 percent year-on-year, respectively, the local media reported.

Exports to China accounted for some 16 percent of Vietnam’s total. The volume of phones and phone parts; and machinery, equipment, tools and accessories shipped to China surged 65 percent and 46 percent during the period.

Meanwhile, imports of plastic materials; machinery, equipment, tools and accessories; phones and phone parts; and textile and garment materials soared 103%, 71%, 62 percent and 35%, respectively.

Last year, Vietnam was the sixth largest trade partner of China and its fifth largest export market.

https://english.thesaigontimes.vn/vietnams-trade-deficit-with-china-balloons/

 

Category: Economy, Vietnam

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