Vietnam continued to record a trade deficit with China in the first nine months of the year and it may reach a record high for the year as a whole.
Vietnam’s imports from China stood at $31.27 billion in the first nine months of 2014, representing more than 29 per cent of the country’s total import turnover.
According to the latest report from Vietnam Customs, seven different commodities imported from China exceeded $1 billion: machinery, tools and spare parts ($5.7 billion), mobile phones and components ($4.5 billion), fabrics ($3.4 billion), computers and electronic components ($3.3, billion), steel ($2.5 billion), petroleum ($1.16 billion), and materials for clothing and shoe manufacture ($1.1 billion).
Meanwhile, Vietnam’s export to China stood at nearly $11.1 billion in the period, or more than 10 per cent of total export turnover. Only two types of commodities exceeded $1 billion: computers and electronic components, at $1.5 billion, and crude oil, at $1.05 billion.
Vietnam’s trade deficit with China in the first nine months was therefore around $20.17 billion. Based on this, the deficit is estimated to be $27 billion for the year as a whole, up $3.3 billion compared with 2013 and a new record.