Vietnam’s trade deficit with China hits record high of US$31 billion
Vietnam’s trade deficit with China hits record high of US$31 billion
Vietnam ran a trade deficit of more than US$31 billion with neighboring China between January and November this year, a record high compared with the same periods in previous years.
Statistics from the General Department of Vietnam Customs indicated that Vietnam had spent a staggering US$68.5 billion on Chinese imports for the past 11 months, a year-on-year rise of roughly US$9 billion.
This makes China Vietnam’s largest trading partner, as the latter’s import of Chinese goods has risen significantly, leading to a trade gap of over US$31 billion compared with the figure of the year-ago period at some US$22 billion.
In November alone, Vietnam shipped goods worth US$4.23 billion to the northern neighbor, while the country spent US$6.61 billion on Chinese goods, resulting in a trade deficit of over US$2 billion for the month.
As many as 11 groups of Vietnamese goods exported to China have reached a turnover of over US$1 billion each. They include computers, electronics and their spare parts; phones and their accessories; vegetables and aquatic products; cameras, camcorders and their accessories; and fibers and yarn.
China is Vietnam’s first trading partner to reach the US$100-billion bilateral turnover mark. Vietnam’s trade deficit with China has remained high for many years, with the 2018 figure standing at US$24 billion.
Data from the customs regulator also revealed that Vietnam’s overall exports for the past 11 months rose by 7.9% from a year ago to US$241.7 billion, thereby meeting the full-year growth target of 7%-8% set by the National Assembly. Meanwhile, the country’s imports were up 6.6% year-on-year, reaching US$230.7 billion.
The country’s total imports and exports during the year up to November amounted to some US$472 billion. Given the current pace, the figure is more likely to reach US$500 billion for the entire year.
