Vietnam Incurs Trade Deficit of US$37.7Mln with Brazil in H1

Vietnam’s trade deficit with Brazil was estimated to have reached US$37.68 million in the first half of this year, down 28.95 per cent on-year, said the Ministry of Trade.

 

The country was forecast to bag US$43.42 million from goods exports to Brazil during the period, up 31.5 per cent on-year while its import spending climbed US$81.1 million, up 61.62 per cent on-year.

 

Last year, Vietnam still suffered trade deficit of US$53.04 million with the Latin American country, said the ministry. The ASEAN country shipped US$75.55 million worth exports to the foreign country; up 118.1 per cent on-year and imported US$128.59 million worth goods, up 63.02 per cent on-year.

 

Footwear was the biggest cash earner with a total export value of US$25.9 million, accounting for 42 per cent of Vietnam’s export revenue. It was followed by coal with US$5.2 million and 8.4 per cent, rubber US$4.6 million and 7.4 per cent, apparel US$3.8 million and 6.2 per cent, computers, spare parts and electronics US$2 million and 4.6 per cent, vegetables US$1.8 million and 3 per cent, handbags, suitcases, caps and umbrellas US$1.5 million and 2.5 per cent.

 

Despite fast growth in exports to Brazil last year, Vietnam’s goods represents only 0.08 per cent of the American country’s imports in the year, noted the ministry.

 

In May, the Brazil-Vietnam Chamber of Commerce (BVCC) was inaugurated in Rio de Janeiro on the occasion of General Secretary of the Communist Party of Vietnam Nong Duc Manh’s first visit to the Latin American country.