Vietnam Incurs $10.5B Trade Deficit with China in Jan-Oct: GSO
Vietnam ran a huge trade deficit of $10.5 billion with its neighboring China in the first ten months of 2010, compared to the country’s Jan-Oct sum of $9.4 billion revised by the General Statistics Office on November 29.
The bilateral trade rose to $21.3 billion during the period, of which, Vietnam reaped $5.4 billion from exports to China, up 45% on-year, and imported $15.9 billion, up 22.8%.
The Southeast Asian nation’s main imports were machinery and equipment with $3.6 billion, cloth with $1.8 billion, computers and spare parts, and steel iron with the same value of $1.3 billion.
Vietnam’s imbalances in trading with China, its largest trade partner, have been partly attributed to its prolonged trade deficit in recent years, worsening its current account deficit and eatening up the national forex reserves, domestic economists said.
The former mainly buys machinery and equipment and input materials from the latter for producing exports and sells raw materials like crude oil, coal, iron ores and rubber.
Vietnam’s trade deficit with China saw on-year increases over the past years to $9.145 billion in 2007, $11.116 billion in 2008 and $11.532 billion in 2009.
The Chinese General Department of Customs said in mid-November that Vietnam incurred a huge trade deficit of $12.05 billion with China between Jan and Oct.
Vietnam and China, which share a land borderline of 1,419 kilometers, aim to boost their bilateral trade to $25 billion this year. (GSO Nov Edition 2010)
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