Vietnam runs $12.37 bln trade deficit with China in 11m/2011

Vietnam is estimated to incur a trade deficit of $12.37 billion with China in the first 11 months of this year, increasing 7% on year and equals to 140% the country’s whole trade deficit in the period, the General Department of Vietnam Custom said.

Vietnam reaped $9.68 billion from exports to china in Jan-November, making an on year rise of 53%while it spent $22.05 billion for importing goods and services, up 30% on year, making the two-way trade of $31.73 billion.

In November alone, Vietnam exported $1.09 billion to China, increasing 23% on year and imported $2.46 billion worth of goods from the neighboring country, up 30%, resulting in a trade deficit of $1.36 billion, up 27% from November 2010.

The Southeast Asia country mainly imported machineries, equipments, stools, spare-parts, computers, electronics and spare parts, clothes, telephone and accessories fertilizers and gas and oils from China.

Meanwhile, Vietnam mainly exported crude oil and rubber to the neighboring country.

China has remained Vietnam’s largest trading partner for years but the latter has incurred an annual huge trade deficit with the former during the period due to the South- east Asian nation’s imbalanced export-import structure.

Local economist earlier warned of the surging penetration of Chinese goods, including low technology machineries and equipment which is hurting domestic sectors. Vietnam’s trade deficit with China saw on-year increases over the past years to $9.145 billion in 2007, $11.116 billion in 2008, $11.532 billion in 2009 and $12.71 billion in2010.

Vietnam and China, which share a land borderline of 1,419 kilometers, aim to boost their bilateral trade to $39 billion this year.

Source TEI/StoxPlus

Tags: VIetnam China trade

Posted by VBN on Dec 15 2011. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry