Vietnam’s trade deficit with China expands

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

Vietnam ran a trade deficit of $41.9 billion with China in the January-September period of this year, $16.8 billion higher than the figure in the same period of last year, according to the general Department of Vietnam Customs.

In September alone, Vietnam exported products worth nearly $5.5 billion to China and spent more than $8.6 billion importing goods from the northern neighbour. Thus, Vietnam incurred a trade deficit of $3.1 billion with China in the month, the local media reported.

In the nine-month period, exports to China were valued at $38.8 billion, while $80.7 billion was spent on imports from this market, up 19.3 percent and 40 percent year-on-year, respectively.

Up to 14 kinds of merchandise reported an import turnover of over $1 billion each, of which, two kinds of products posted an import turnover of over $10 billion each. Specifically, imports of machinery, equipment, tools and accessories from China surged 63.7 percent year-on-year to $18.8 billion, and computers, electronic products and accessories rose nearly 28 percent to $15.45 billion.

Meanwhile, 10 groups of Vietnam’s exports to China posted revenue of over $1 billion each, of which phones and phone parts took the lead with nearly $9.8 billion, soaring 52 percent over the year-ago period.

With import-export turnover worth $119.5 billion, China accounted for nearly a quarter of Vietnam’s total in the January-September period.

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

 

Category: Economy, Vietnam

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