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Thursday, December 2, 2021

Vietnam’s trade deficit with China expands

The Saigon Times

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HCMC – Vietnam ran a trade deficit of US$41.9 billion with China in the January-September period of this year, US$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 US$5.5 billion to China and spent more than US$8.6 billion importing goods from the northern neighbor. Thus, Vietnam incurred a trade deficit of US$3.1 billion with China in the month, the local media reported.

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

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

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

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

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