VN sees over $24 billion trade deficit from APEC economies

HÀ NỘI — Total import-export turnover between Việt Nam and APEC member economies reached US$265.3 billion in the first 10 months of this year, a year-on-year increase of 17.4 per cent and almost equal to last year’s turnover.

These statistics were revealed by the General Department of Việt Nam Customs.

Exports reached $120.48 billion and imports reached $144.83 billion, up 23.9 per cent and 22 per cent, respectively, over the same period last year. These figures resulted in a deficit of more than $24.3 billion in trade balance between Việt Nam and APEC member economies, equivalent to 20.2 per cent of Việt Nam’s export turnover to this group.

From 2010 until now, average trade deficit is some $23.7 billion per year.

China is currently Việt Nam’s largest trading partner in the group of APEC member economies, with two-way trade volume of $73.3 billion, accounting for 27.6 per cent of the total bilateral trade, followed by the Republic of Korea (RoK) with total turnover of $50.4 billion, the United States with $42.1 billion and Japan with $27.1 billion.

China is also the largest market providing goods for Việt Nam with turnover of $46.8 billion, accounting for some 32.3 per cent. Meanwhile, RoK continues to be the largest importer of Việt Nam with trade deficit of up to $26.1 billion.

In terms of only exports, this order is slightly changed, with the United States emerging as the largest market, accounting for 28.7 per cent of total export turnover of Việt Nam to APEC economies, followed by China, Japan and RoK. Major import-export commodities are telephones, computers and electronic components, textiles, machinery and footwear. — VNS