Vietnam: VN still sees high trade deficit with China

• Feb 15, 2017

Although Vietnam’s exports to China in the first month of 2017 surged nearly 40 per cent, trade deficit with the Chinese market remained high at US$2.45 billion.

The Ministry of Industry and Trade reported that Vietnam’s exports to China increased by 38.6 per cent to $1.85 billion while its imports from the country rose by 9.3 per cent to $4.3 billion.

In January, Vietnam also saw high trade deficit of $1.64 billion with South Korea as its exports to the market valued at $860 million while its import revenue rose to $2.5 billion. Vietnam mainly imported computers, electronics products, spare parts, machines and equipment.

According to the General Statistics Office, Vietnam’s export turnover touched $14.34 billion in January 2017, of which mobile phones and components were still the leading export products, accounting for 16.2 per cent of the total earnings, followed by textiles and garments at 15 per cent and computers, electronics and components at 10.5 per cent. — VNS

Source: http://vietnamnews.vn/economy/351219/vn-still-sees-high-trade-deficit-with-china.html#wdEiOKg3p9LGSO6u.99