VN-ASEAN trade deficit exceeds $3b

VN-ASEAN trade deficit exceeds $3b

Viet Nam saw a trade deficit of US$3.34 billion with other ASEAN countries over the first 10 months of the year.

Figures released by the General Department of Customs showed that the 10-month trade value between Viet Nam and ASEAN reached $34.67 billion, accounting for 14.1 per cent of the country's total import-export revenue. Viet Nam earned $15.66 billion from exporting goods to ASEAN nations, accounting for 12.6 per cent of the country's total export turnover.

The high turnover from exports to some large markets included $3.29 billion from Malaysia, $2.87 billion from Thailand and $2.35 billion from Indonesia, as well as $2.33 billion from Singapore and $2.13 billion from Cambodia.

Viet Nam's main exports to the bloc were crude oil, steel and equipment, besides spare parts, garment and textiles and seafood. In the 10-month period, the country's turnover from imports from ASEAN was $19 billion, equivalent to 15.6 per cent of its total import turnover.

Singapore was Viet Nam's largest ASEAN trade partner. The turnover from imports from Singapore was $5.86 billion, followed by Thailand with $5.79 billion, and Malaysia with $3.39 billion, as well as Indonesia with $2 billion.

The country's main imports were petroleum, wood and wooden items, and machines, equipment and spare parts, as well as other oil products.

In the January-October period, Viet Nam saw a trade deficit of $3.53 billion with Singapore, $2.95 billion with Thailand and $350 million with Indonesia.

In addition, the country achieved a trade surplus of $1.6 billion with Cambodia and $160 million with Myanmar.

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