Chinese-made machine imports soar
Equipment, machines and spare part imports from China posted double digit growth in the first quarter of this year, according to statistics of the General Department of Customs.
Vietnam spent US$7.05 billion buying equipment, machines and spare parts from foreign countries in January-March, up 47.7% year-on-year. Of the amount, Chinese-made items accounted for US$2.27 billion, 45.8% higher than the same period last year.
Although imports from certain markets grew significantly in the three-month period, they made up a small proportion of the country’s total equipment imports.
For instance, Vietnam imported US$1.46 billion worth of Korean equipment, up 90.9%, US$1.35 billion worth of Japanese equipment, rising by 70.8% and US$346 million worth of Taiwanese equipment, up 45%.
Experts said many Vietnamese firms purchased machines from the northern neighbor as prices of Chinese products were lower than those manufactured in Germany, Japan and other countries.
Equipment, machines and spare part imports from China also made up the biggest proportion of the country’s imports of 45 groups of goods from China.
Apart from equipment, Vietnam spent nearly US$1.9 billion buying Chinese phones and components in the first quarter of this year, up 34.4% year-on-year and making up 73% of the country’s total import turnover of the products.
Computers, electronic products and components imported from China into Vietnam in January-March totaled US$1.18 billion, some US$300 million lower than imports of the same products from Korea.
Vietnam purchased US$369 million worth of textile-garment and footwear materials and US$375 million worth of iron and steel from China in the first quarter of this year.
According to the General Department of Customs, the country imported Chinese goods totaling US$11.5 billion in January-March, up US$2.66 billion against the same period last year.
Meanwhile, Vietnam’s exports to China amounted to US$3.54 billion, leaving a trade deficit of nearly US$8 billion.
Vietnam imported over US$43.8 billion of goods last year.
According to the General Department of Customs, Vietnam’s obtained exports of US$36.3 billion in the first quarter of this year, up 8.8%, and spent US$38.7 billion on imports, jumping 20.1%.
China was Vietnam’s biggest exporter of goods in the period, followed by ASEAN with US$5.92 billion (up 11.7% year-on-year), the Republic of Korea with US$5.56 billion (up 18% year-on-year), Japan with US$3.59 billion (up over US$1 billion year-on-year).