Vietnam has a trade deficit of over US$17 billion with China

VCN – In the first quarter 2024, Vietnam-China trade reached US$43.6 billion. The country had a large trade deficit.
Import and export of Vietnam - China reaches US$162 billion Import and export of Vietnam - China reaches US$162 billion
Trade deficit from China in the first two months of the year hits over US$ 11 billion Trade deficit from China in the first two months of the year hits over US$ 11 billion
Vietnam has a trade deficit of over US$17 billion with China
The imports and exports with China across Bac Luan II Bridge, Mong Cai, Quang Ninh. Photo: Q.H

According to the latest statistics of the General Department of Customs, the import-export turnover between Vietnam and China in March reached US$ 16.32 billion, including Vietnam's exports achieved US$5.15 billion, imports reached US$11.17 billion.

In March, there were two groups of Vietnamese exports to China with a turnover of billions of dollars, including computers, electronic products and components; mobile phones and components.

In addition, many commodity groups recorded the export turnover worth hundreds of millions of US$, including the major agricultural product group as vegetables and fruits.

In the first quarter of 2024, the export turnover to China increased by 9.16% to US$13.1 billion compared with the same period last year.

The imports from China in March reached US$11.17 billion. Two groups of billion-dollar imported goods from this market are computers, electronic products and components; machinery, equipment, tools, and spare parts.

In the first three months of the year, total import turnover from China surged 28.85% to US$30.5 billion year-on-year. The country spends more than US$10 billion importing goods from this neighboring country on average per month

By the end of the first quarter of 2024, the total trade in goods between Vietnam and China reached US$43.6 billion.

Notably, at the end of the first quarter of 2024, Vietnam had trade deficit with US$17.4 billion from China, a sharp increase compared to US$11.67 billion in the same period last year.

By Thai Binh/Ngoc Loan

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