Imports increased over US$ 9 billion, trade deficit with China sharply decreased
Trade deficit continued to fall to more than $ 700 million. | |
Trade deficit with Thailand: When Thai goods take the throne | |
Trade deficit is at $US 842 million by the end of 8/2017 |
The chart of imports and exports between Vietnam and China in the first 10 months of 2016 and 2017, unit “US$ billion”. Chart: Thai Binh |
According to the latest information from the General Department of Vietnam Customs (GDVC), until the end of October 2017, the total export turnover of Vietnam to China reached US$ 26.46 billion, an increase of 53% compared to the same period in 2016 (equivalent to an increase of US$ 9.14 billion). Meanwhile, import turnover was US$ 46.831 billion, an increase of 16.1%.
Thus, until the end of October, Vietnam’s trade deficit from China was nearly US$ 20.4 billion. This was huge gap but the trade deficit compared to 2016 sharply decreased. Specifically, in the same period in 2016, trade deficit was US$ 29.51 billion.
Currently, South Korea is the country which has the largest trade deficit with Vietnam (trade deficit of US$ 26.15 billion).
According to the correspondent, trade balance with China was narrowed thanks to the sharp increase of major export commodity groups to this market such as telephones, computer, electronic products and accessories; machinery, equipment, fruit and vegetables etc.
Of these, telephones hit the highest increase of 460%, equivalent to an increase of US$ 3.234 billion, reaching US$ 3.94 billion and became the second largest export to China.
Computers, electronic products and components increased by 80%, reaching US$ 5.384 billion, remaining the largest export commodity. Also, machinery and equipment increased 50.8%. Fruit and vegetables increased nearly 53%.
Trade deficit from Korea has exceeded trade deficit from China VCN - As a macroeconomic report in quarter 2 of 2017 of VEPR showed that export increase ... |
However, it is noted that the commodity groups with sharp increases are mainly from FDI enterprises or foreign enterprises. The telephones and computers made by Samsung gained absolute advantage, meanwhile fruit and vegetables were imported in huge quantities from Thailand, and then exported to China, so the turnover was higher for the year.
With the total turnover of nearly US$ 73.3 billion in the first 10 months of the year, China is still the largest trading partner for Vietnam, accounting for 21.1% of total import and export turnover of the country compared to the same period.
Related News
Vietnam, Korea Customs sign AEO MRA
11:07 | 26/12/2024 Customs
Latest News
Nghệ An Province anticipates record FDI amidst economic upswing
15:49 | 26/12/2024 Import-Export
Green farming development needs supportive policies to attract investors
15:46 | 26/12/2024 Import-Export
Vietnamese enterprises adapt to green logistics trend
15:43 | 26/12/2024 Import-Export
Paving the way for Vietnamese agricultural products in China
11:08 | 26/12/2024 Import-Export
More News
VN seafood export surpass 2024 goal of $10 billion
14:59 | 25/12/2024 Import-Export
Exporters urged to actively prepare for trade defence investigation risks when exporting to the UK
14:57 | 25/12/2024 Import-Export
Electronic imports exceed $100 billion
14:55 | 25/12/2024 Import-Export
Forestry exports set a record of $17.3 billion
14:49 | 25/12/2024 Import-Export
Hanoi: Maximum support for affiliating production and sustainable consumption of agricultural products
09:43 | 25/12/2024 Import-Export
Việt Nam boosts supporting industries with development programmes
13:56 | 24/12/2024 Import-Export
VN's wood industry sees chances and challenges from US new trade policies
13:54 | 24/12/2024 Import-Export
Vietnam's fruit, vegetable exports reach new milestone, topping 7 billion USD
13:49 | 24/12/2024 Import-Export
Aquatic exports hit 10 billion USD
13:45 | 24/12/2024 Import-Export
Your care
Nghệ An Province anticipates record FDI amidst economic upswing
15:49 | 26/12/2024 Import-Export
Green farming development needs supportive policies to attract investors
15:46 | 26/12/2024 Import-Export
Vietnamese enterprises adapt to green logistics trend
15:43 | 26/12/2024 Import-Export
Paving the way for Vietnamese agricultural products in China
11:08 | 26/12/2024 Import-Export
VN seafood export surpass 2024 goal of $10 billion
14:59 | 25/12/2024 Import-Export