Vietnam Incurs $14.06B Trade Deficit with China in Jan-Nov
Vietnam ran a huge trade deficit of $14.06 billion with China in the first eleven months of this year, compared to the former’s Jan-Nov trade gap sum of $10.656 billion, the Chinese General Department of Customs said.
The bilateral trade soared 43.2% from a year earlier to $26.39 billion during the period, surpassing the two nations’ earlier target of $25 billion for 2010, the Ministry of Industry and Trade cited the department as saying.
Of the sum, Vietnam imported $20.22 billion worth of goods from China, up 42.4% on-year and exported $6.16 billion, up 46.1%.
In November, Vietnam’s exports to its neighbor were valued at $630 million while its imports were $2.63 billion, the department said but giving no on-year comparisons.
China has remained Vietnam’s largest trading partner for years but the latter has incurred an annual huge trade deficit with the former during the period due to the Southeast Asian nation’s imbalanced export-import structure.
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. (
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