Trade deficit with China on the rise
Trade deficit with China on the rise
Viet Nam's trade deficit with China has continued to widen over the past two months, a recent report of the Ministry of Industry and Trade revealed.
According to the report, Viet Nam exported US$997 million worth of goods to China in February, bringing its total export value to the market in two months to $2.31 billion.
Meanwhile, Viet Nam's imports from China reached over $4.48 billion in February. The latest import figure lifted the country's two-month import value from China to $7.48 billion. That had resulted in a trade shortfall of $5.17 billion, $2.8 billion higher than the figure reported a year ago, the Voice of Vietnam (VOV) quoted Deputy Minister of Industry and Trade, Do Thang Hai, as saying.
Currently, Viet Nam's major exports to China include processed farm produce, seafood, cashew nuts and rubber, while its imports from the market are materials related to garments and textiles, leather shoes and aquaculture feeds.
Hai said that stepping up exports and reducing imports were two of the most direct ways for slashing the trade deficit with China. He also emphasised the importance of strengthening domestic production and encouraging Vietnamese to use domestically produced goods.
Previously, the Ministry of Industry and Trade had formulated a scheme for export strategy in which the solutions will focus on removing difficulties for businesses and strengthening trade promotion to reduce import dependence on the market.
Viet Nam's imports from China have increased significantly over past years from $28.78 billion in 2012 to $36.93 billion in 2013 and $43.86 billion in 2014.
