Vietnam’s trade gap with China widens: ministry

11-Oct-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Vietnam ran a trade deficit of nearly $28 billion with China between January and September this year, according to the Ministry of Industry and Trade.

Data showed that the country posted an estimated $382.7 billion in imports and exports in the nine-month period. Of the sum, imports and exports rose by 8.2 percent and 8.9 percent from a year earlier to $194.3 billion and $188.4 billion, respectively.

Vietnam’s key export markets included Russia (up 13.7 percent), Japan (10 percent), South Korea (8.1 percent) and Southeast Asia (4.7 percent).

As of late September, the bilateral trade between Vietnam and China had reached some $83.2 billion. However, their trade gap had widened significantly.

During the period, Vietnamese goods shipments to China dropped by 3.8 percent against the previous year to some $27.7 billion, but Vietnam spent roughly $55.5 billion on Chinese imports, a year-on-year rise of 17.3 percent.

As such, Vietnam recorded a trade deficit of some $27.8 billion with its northern neighbour in the first nine months of 2019, compared to $25 billion recorded in January-August.

Vietnam imported large shipments of machinery, equipment, tools, computers, electronics and phones and their parts from China. Meanwhile, the country exported computers, electronics, phones and farm produce to the neighbouring country. percente2 percent80 percent99s-trade-gap-with-china-widens-ministry.html


Category: Economy, Vietnam

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