Vietnam’s trade deficit with China balloons

HCMC – Vietnam ran a huge trade deficit of nearly US$39 billion with China in the January-August period, US$3.8 billion higher than the figure in all of 2020, according to the General Department of Vietnam Customs.

In the eight-month period, Vietnam exported products worth US$33.5 billion to the neighboring country and spent US$72.5 billion on imports from this market, up 22% and 47% year-on-year, respectively, the local media reported.

Exports to China accounted for some 16% of Vietnam’s total. The volume of phones and phone parts; and machinery, equipment, tools and accessories shipped to China surged 65% and 46% during the period.

Meanwhile, imports of plastic materials; machinery, equipment, tools and accessories; phones and phone parts; and textile and garment materials soared 103%, 71%, 62% and 35%, respectively.

Last year, Vietnam was the sixth largest trade partner of China and its fifth largest export market.

Thanh Ha