Vietnam-China Trade Down 26 per cent to US$3.8B in First Quarter
Bilateral trade between Vietnam and China reached US$3.8 billion in the first quarter of this year, an on-year fall of 26 per cent, said the Ministry of Industry and Trade at an exchange meeting between enterprises from both sides held in Hanoi May 12.
Vietnam exported US$932 million worth of commodities to China, a slight on-year increase of 0.4 per cent, and imported US$2.89 billion, down 31.7 per cent, resulting in the country’s huge trade deficit of US$1.96 billion during the period.
Vietnam reportedly incurred a huge trade deficit with its neighbor of China at US$11.15 billion in 2008, about 57 times higher than that in 2001, said Vietnam News Agency.
The figure also made up 63.64 per cent of the country’s total trade deficit during the year, said the agency.
The Vietnam-China trade in 2008 reached US$20.18 billion, including Vietnamese exports of US$4.5 billion and imports of US$15.65 billion.
The two sides also agreed to boost bilateral trade to US$25 billion in 2010, including US$5 billion with Guangdong. (Vietnam Economic Times, Vietnam & World Economy)
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