Vietnam’s exports to China rise by 16.5%
Vietnam’s exports to China hit US$5.8 billion in the first five months of 2016, an increase of 16.5% year on year, while imports from China fell 3.67% to US$14.73 billion, according to the General Department of Vietnam Customs.
Vietnam mainly imported machines, equipment, mobile phones, computers, fabrics, iron and steel from China.
However, the Ministry of Industry and Trade warned that the figures might not reflect the real trade gap between the two nations. It did not take into account cross-border trade in which China still enjoys a vast surplus.
Vietnam expects to ship about US$20 billion worth of commodities to China and spend US$48 billion on imports from the partner this year. Its trade deficit with China would total US$28 billion, 13.6% lower than last year’s US$32.4 billion.
The contraction could be a good sign for Vietnam which has long been dependent on exported goods from China.However, the Ministry of Industry and Trade warned that the figures might not reflect the real trade gap between the two nations. It did not take into account cross-border trade in which China still enjoys a vast surplus.
Vietnam reported US$134 billion in trade revenue with foreign partners during the period, with export turnover of US$67.7 billion, up 6.6% year on year, and import value of US$66.3 billion, down 0.9%.
The US continued to be Vietnam’s biggest buyer, importing US$14.6 billion worth of commodities from Vietnam, up 14.9% compared to the same period last year. It was followed by the EU with US$13.3 billion in imports, up 11%.
