Deficit with China at $24.3 billion in first nine months, up 21.3 per cent year-on-year.
Vietnam’s exports rose nearly 10 per cent to nearly $120.7 billion in the first nine months of the year while imports jumped 16 per cent to $124.5 billion, pushing the trade deficit out to around $3.9 billion according to the General Statistics Office (GSO).
Despite a 1.9 per cent month-on-month decline of $12.4 billion in September, total export earnings in the first nine months of the year were estimated to have increased 9.6 per cent against the same period last year, to nearly $120.7 billion. Earnings by domestic exporters fell 2.7 per cent, accounting for 29.4 per cent, while the remainder came from foreign-invested enterprises, increasing a significant 15.8 per cent.
In the first nine months the export growth of certain items pushed up export revenue. For example, electronics, computers and components saw the highest increase, of 52.8 per cent and $11.4 billion, followed by mobile phones and components with an increase of 34.3 per cent to $23.2 billion.
Other products, meanwhile, saw a decline in exports during the period with coal falling a sizeable 67.1 per cent followed by coffee at 31.6 per cent.
Exports to major markets rose significantly, with the US and the EU increasing 19.6 per cent and 12.4 per cent, respectively, and accounting for 20.6 per cent and 18.9 per cent of the country’s total export value.
Exports to China also rose 12.5 per cent, representing 10.4 per cent of the country’s total export value.
Import value reached $14.3 billion in September, an increase of 1.2 per cent compared to August. In the first nine months import value stood at $124.5 billion, up 15.9 per cent year-on-year. Domestic enterprises accounted for 41.2 per cent, up 9.7 per cent, while imports by foreign enterprises increased 20.7 per cent.
Some key items recorded higher import turnover compared to the same period last year. Vehicle imports rose a substantial 77 per cent while mobile phones and components increased 33.6 per cent.
China was still Vietnam’s largest import market, with a total value of $36.8 billion, an increase of 18.1 per cent, followed by South Korea with $20.9 billion, up 32.4 per cent.
According to the GSO, Vietnam’s trade deficit with China was $24.3 billion in the first nine months, a sharp 21.3 per cent increase compared to the same period of 2014. The impact of adjustments to exchange rates did not have a clear impact on trade performance in the first nine months but may increase the trade deficit with China in the fourth quarter.