Trade deficit with China keeps increasing: customs
Trade deficit with China keeps increasing: customs
Vietnam continues to suffer a US$20.17 billion trade deficit with China by the end of September, up nearly 17% year on year, according to the General Department of Vietnam Customs.
The trade deficit figure with the neighboring country is expected to reach $27 billion by the end of the year, down 32.5 percent compared to previous estimate of $40 billion.
According to statistics from the General Department of Vietnam Customs, from January to the end of September, import of goods from China reached nearly $31.27 billion, accounting for more than 29 percent of total imports in the country.
Notably, there are seven items imported from China with total value surpassing over a billion dollars each, including machinery, equipment, mobile phones and computers and parts.
On the other hand, exports from Vietnam to China in 9 months reached nearly $11.1 billion, accounting for over 10 percent of total exports.
In the exports of Vietnam to China, there were 2 groups with turnover worth over one billion dollars including computers-electronic products-accessories ($1.5 billion) and crude oil ($1.05 billion).
If the momentum of deficit remains at this level from now to the end of this year, the trade deficit with China could hit or exceed $27 billion, an increase of about 14 percent, or by $3.3 billion, year on year.
The new rate will continue to establish a new record in trade deficit of Vietnam with China.
In September this year, the Ministry of Industry and Trade forecast that imports from China will reach the $40 billion mark by year-end given the fact that imports from China surge on a consistent basis in the last few months of the year.
Vietnam has been considering ways to diversify its import markets and reduce material imports from China since Beijing illegally stationed its Haiyang Shiyou 981 drilling rig in Vietnamese waters from May to mid-July, the ministry added.
However, imports of Chinese raw materials have continued rising.
“China is one of the countries that Vietnam has the largest trade deficit with, and the reliance is getting increasingly heavier,” a specialized agency of the Ministry of Industry and Trade said.
“Vietnam’s exports to China have grown by an average of $800 million annually over the last three years, while imports have expanded by $3-3.5 billion a year,” it added.
tuoitrenews
