Trade shortfall with China swells
(VOV) - In the nine months leading up to October the nation’s trade deficit with China was up by US$20.17 billion, according to the General Department of Vietnam Customs.
The department reported the trade shortfall is now forecast to reach US$27 billion by the end of the year, which is down 32.5% when compared to its previous projection of US$40 billion.
For the nine-month period the nation’s imports from China reached US$31.27 billion, comprising 29% of total imports into the country, while exports to China grossed US$11.1 billion, 10% of the nation’s total exports.
Notably, seven groups of imports from China with values exceeding US$1 billion included machinery and equipment (US$5.7 billion), mobile phones and accessories (US$4.5 billion) and cloth (US$3.4 billion).
Two groups of exports to China exceeding US$1 billion were computers, electronic products and spare parts (US$1.5 billion) and crude oil (US$1.05 billion).