03:12 (GMT +7) - Sunday 18/11/2018

Vietnam Today

China trade deficit the largest

Released at: 09:36, 01/08/2018

China trade deficit the largest

Photo: Duc Anh

Vietnam records an overall trade surplus for the first seven months

by My Van

Figures from the General Statistics Office (GSO) for the first seven months of this year show that Vietnam imported $35.8 billion worth of goods and services from China during the period, an increase of 13.1 per cent year-on-year, while exporting $19.5 billion, up 24.7 per cent. The trade deficit was therefore $16.3 billion, a 1.6 per cent increase over the same period last year.

Certain imported items accounted for much more than others, with spending on gasoline up 101.4 per cent, fabric 18.8 per cent, phones and accessories 6.6 per cent, machinery, equipment and spare parts 5.1 per cent, and steel 11.8 per cent.

Exports of phones and components rose 193.6 per cent, electronics, computers and components 26.7 per cent, and fruit and vegetables 10.8 per cent.

With South Korea, Vietnam imported VND26.5 billion ($1.13 million), up 0.2 per cent. Export turnover was $10.2 billion, for a trade surplus of $16.3 billion, down 13 per cent.

Exports of electronics, computers and components increased 59.2 per cent, phones and accessories 28 per cent, and textiles 21.8 per cent.

Though recording large trade deficits with South Korea and China, high exports to the US and the EU, according to the GSO, meant Vietnam recorded an overall trade surplus of $3.1 billion in the first seven months.

Among main export items, phones and components earned $26.1 billion, up 15.8 per cent, textiles $16.5 billion, up 16.2 per cent, electronics, computers and components $15.7 billion, up 14.8 per cent, footwear $9.1 billion, up 8.9 per cent. and machinery and equipment $9 billion, up 27.1 per cent.

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