Vietnam has big trade deficit with Asia

Vietnam’s first-half trade with Asia, especially Southeast Asian countries and China, expanded a staggering 33% year-on-year to US$61.7 billion but had a whopping trade deficit with Asia.

Vietnam Customs figures released on Wednesday show Vietnam’s shipments to Asian countries amounted to US$29.1 billion, up 40% from a year ago while its imports from those markets grew 30% to US$39.8 billion. This left a trade deficit of US$10.7 billion.

Two-way trade between Vietnam and its biggest trading partner China in the first half amounted to US$15.7 billion, up 30% from a year earlier. The country’s exports to China rose 60% to US$4.6 billion but China remained the biggest exporter to Vietnam with total revenue of US$11.1 billion, up 22.4%, resulting in a trade deficit of US$6.5 billion.

ASEAN imports from Vietnam accounted for 30% of the country’s total exports to Asia, at US$6.55 billion, up 22%.

The first six months saw Vietnam shipping nearly two million tons of rice to ASEAN countries, down 14.7%, including Indonesia with 702,000 tons, the Philippines with 637,000 tons, and Malaysia with over 300,000 tons.

Vietnam imported US$7.39 billion worth of gasoline, machines and equipments, plastic materials, computers, electronic equipments and others from ASEAN countries in January-June, according to Vietnam Customs. – SGT

Jul 22 2011

Source: vietnambusiness.asia