According to the Asia-Africa Market Department under the Ministry of Industry and Trade, Vietnam is running a US$5.9 billion trade deficit with the region, a year-on-year decrease of 9.5%, due to petroleum imports.Vietnam’s primary sources of imported products were Thailand, Indonesia, Singapore, and Malaysia. Imports from Thailand jumped 16.3% to an estimated value of US$10.3 billion, with trade dominated by products such as machines, equipment and tools (US$944 million), petroleum (US$910 million), fruit and vegetables (US$866 million), plastic materials (US$639 million), computers and components (US$621 million), and chemicals (US$372 million).Meanwhile, imports from Malaysia surged by 10% to US$5.7 billion with key products being petroleum (US$1.18 billion), computers and electronic products (US$1.10 billion), machines, and tools and equipment (US$643 million).Imports from Singapore are estimated at US$5.3 billion, up 11.5% on the previous year, with petroleum imports accounting for 42% at US$2.2 billion.Vietnam also bought more than US$1 billion worth of products from Cambodia, a year-on-year rise of 41.4%, with key products being wood and timber goods, cashew nuts, and rubber.
Vietnam incurred a huge trade deficit of US$910.8 million with India in the first nine months of this year, according to the Indian Embassy in Vietnam. The Southeast Asian country imported US$1.17 billion worth of goods from India during the time and exported US$259.2 million, said the embassy without giving comparative figures. Computers, electronics and spare parts, coffee, pepper and tea were Vietnam's key exports while steel, animal feed materials, pharmaceuticals, machines and equipment were its main imports during the time. Trade between Vietnam and India is forecast to hit US$5 billion in 2015, doubling last year's figure, President of…... [read more]
The Southeast Asian country is forecast to log a US$32 billion deficit with China this year, compared to nearly US$29 billion a year earlier, according to the General Department of Vietnam Customs.Vietnam’s monthly trade deficit with China was recorded at US$2.6 billion over the last 11 months.In the 11-month period, Vietnam’s imports from China topped US$44.99 billion, up US$5.44 billion from a year earlier, whereas exports stood at US$15.5 billion, an increase of US$2 billion.Customs data for the Jan-Nov period showed that Vietnam also reported negative trade balances with such countries as Japan, the Republic of Korea and Thailand.The deficit…... [read more]
Economists say that the country's US$4.2 billion trade deficit is only being widened by the government's slow reaction and contradictory policy-making. Some officials have argued that the trade deficit is an indication that the economy is growing as the country opens its markets to foreign competitors. However, many economists say that allowing the trade gap to widen will seriously damage the local economy. Imports exceeded exports by $12.4 billion last year, a year-on-year increase of 144.7 percent. Deputy Minister of Industry and Trade Nguyen Thanh Bien raised this year's expected trade deficit estimate from $17 billion to $20 billion. Local…... [read more]
Vietnam estimated Thursday its trade deficit in the first seven months of the year more than doubled to US$5.45 billion from a year earlier, due largely to a surge in imports for construction of state projects. In July alone the deficit was estimated at $800 million from a revised gap of $790 million last month, the General Statistics Office said in its monthly report. In trade deficit for the first seven months of 2006 was $2.44 billion. Exports in the first seven months rose 19.6 percent from a year earlier to $26.79 billion while imports during the period jumped nearly…... [read more]
Vietnam ran a huge trade deficit of $10.5 billion with its neighboring China in the first ten months of 2010, compared to the country's Jan-Oct sum of $9.4 billion revised by the General Statistics Office on November 29. The bilateral trade rose to $21.3 billion during the period, of which, Vietnam reaped $5.4 billion from exports to China, up 45% on-year, and imported $15.9 billion, up 22.8%. The Southeast Asian nation's main imports were machinery and equipment with $3.6 billion, cloth with $1.8 billion, computers and spare parts, and steel iron with the same value of $1.3 billion. Vietnam's imbalances…... [read more]
