Huge trade deficit with China

Vietnam has suffered a huge deficit in trade with China, as the country’s imports from China are much higher than its exports to the northern neighbor.

According to the General Department of Customs, Vietnam’s imports from China in January-November surged 33.2% year-on-year to US$99.4 billion while exports to China rose 16.1% to over US$50.1 billion, leaving a huge trade deficit of US$49.3 billion.

In particular, Vietnam in the year to end-November imported machinery, tools, equipment and accessories worth US$22.81 billion from China. Imports of computers, electronic products and accessories were US$19.73 billion, and phones and phone parts US$8.26 billion.

Vietnam also increased imports of materials from China for key industries. Between January and November, US$12.34 billion was spent on imports of Chinese-made materials for the clothing and footwear industry. Meanwhile, Vietnam exported goods worth over US$50 billion to China from January to November, accounting for 16.6% of the country’s total exports.

Export commodities with revenue of over US$1 billion each were phones and phone parts (US$13.58 billion), computers, electronic products and accessories (US$9.67 billion), machinery, tools and equipment (US$2.56 billion), cameras and parts (US$2.65 billion), fabrics and yarns (US$2.73 billion), rubber (US$1.96 billion), vegetables and fruit (US$1.75 billion), steel (US$1.64 billion), footwear (US$1.41 billion), timber and woodwork (US$1.36 billion) and textiles and garments (US$1.21 billion).

China has been Vietnam’s top trade partner in recent years. However, Vietnam has continuously suffered large deficits in trade with the northern neighbor.