Vietnam, China trade balance shows improvement

January 13, 2017 | 17:03

(0) user say

Vietnam’s trade deficit towards China was $25.5 billion in the first 11 months of 2016, a significant decrease since 2014 and 2015’s over $40 billion.

According to data by the General Department of Vietnam Customs, in the first 11 months of 2016 Vietnam exported $19.6 billion worth of goods to China, up $4.1 billion or 26.7 per cent on-year, more than three times as much as the growth rate of Vietnam’s export to the world at large.

Exports of computers, electronics, and spare parts rose by $1 billion. Agro-forestry-seafood exports rose by $650 billion, of which vegetable exports rose by $450 billion.

While Vietnamese imports from the world rose by 4.6 per cent, its imports from China stagnated because while the import of most goods increased, phones and spare parts decreased by almost $1 billion. Furthermore, the import of completely built car units, cameras, and spare parts decreased by about $500 million.

A decade ago Chinese exports to Vietnam was only $5.6 billion and Vietnam was China’s 22nd biggest export market. In 2015 the figure was $66.4 billion, making Vietnam the sixth biggest export market of China.

While China’s exports to the world only rose by an average 11.6 per cent a year in the past ten years, and its export to its 40 biggest markets only rose by an average 11.3 per cent a year, its export to Vietnam saw an average growth of 28 per cent a year.

Meanwhile, its imports from Vietnam rose by 25.7 per cent a year, far exceeding the pace of its 40 biggest suppliers, which only averaged at 9.8 per cent a year. Vietnam’s exports to China in 2015 amounted to $25 billion, ranking 17th among the exporters.

China’s trade surplus with Vietnam was steadily increasing, to exceed $40 billion in 2014 and 2015.

By By Nguyen Dinh Bich

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional