Spending nearly $US 60 billion for importing Chinese goods

The development of Vietnam - China import and export in 11 months in 2017 and 2018. Calculation unit is "billion USD". Sketched by T.Bình

According to the statistics of the General Department of Vietnam Customs, the turnover of goods imported from China in 11/2018 increased nearly 12.8% over the same period last year, equivalent to the total amount of $US 6.7444 billion.

Notably, the results of imports from China in 11 months also exceeded $US 1 billion over the whole year of 2017.

The Chinese market accounted for nearly 27.6% of total import turnover of the whole country in the same period.

According to the Customs News reporter’s observation, only in 11 months, 13 groups of goods imported from China reached a turnover of $US 1 billion or more, increased by 3 groups over the same period in 2017.

Three new groups of "billion USD" are: Metal products produced from normal metal with turnover of $US 1.19 billion ($US 887.5 million in the same period of 2017); fibers and textiles of all kinds reached $US 1.12 billion (the same period last year was $US 775 million); plastic raw materials reached $US 1.02 billion (the same period last year was $US 837.5 million).

Despite the 3 new items, China is also the largest import market with many main items from our country.

The largest import from China in the past 11 months was machinery and equipment with a turnover of nearly $US 11 billion (increased by 9.5%). China is also the largest importer of machinery and equipment.

China is the second largest import market after South Korea, with turnovers of $US 5.6 billion and $US 7.8 billion respectively .

In addition, in the past 11 months, China continues to be the largest market for iron and steel in Vietnam with nearly 5.8 million tons worth $US 4.1 billion; Chemicals and chemical products imported from China accounted for the largest proportion with $US 2.71 billion...

In the export dimension, the total export turnover of Vietnam to China in the first eleven months has also increased rapidly with an absolute increase of nearly $US 6.7 billion (increased by 21.5%) to $US 37,663 billion.

With the absolute increase in exports and imports, Vietnam's trade deficit with China in the past two years has not changed much with a relatively stable figure of nearly $US 22 billion.