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Vietnam posts first trade deficit in 3 years as Chinese imports rise 12.5pc
VIETNAM has posted an annual trade deficit of US$3.2 billion in 2015, reversing three years of surpluses, reports Thanh Nien News, citing figures from the General Statistics Office.
Vietnam's trade deficit with China alone rose 12.5 per cent compared to last year to $32.3 billion, after imports from China swelled to $49.3 billion, accounting for 29 per cent of Vietnam's total imports.
Vietnam's exports in 2015 increased by 8.1 per cent year on year to $162.4 billion as major products such as crude oil, rubber, coffee and seafood were impacted by lower prices and/or lower volumes.
Imports soared 18.9 per cent to $165.6 billion, up from 13.2 per cent growth last year.
Despite foreign invested companies earning a $17.1 billion trade surplus, this was not enough to offset the deficit posted by local businesses, noted Fortune magazine.
Trade deficits were also recorded with other regional countries, including South Korea and Japan.
Vietnam's trade deficit with China alone rose 12.5 per cent compared to last year to $32.3 billion, after imports from China swelled to $49.3 billion, accounting for 29 per cent of Vietnam's total imports.
Vietnam's exports in 2015 increased by 8.1 per cent year on year to $162.4 billion as major products such as crude oil, rubber, coffee and seafood were impacted by lower prices and/or lower volumes.
Imports soared 18.9 per cent to $165.6 billion, up from 13.2 per cent growth last year.
Despite foreign invested companies earning a $17.1 billion trade surplus, this was not enough to offset the deficit posted by local businesses, noted Fortune magazine.
Trade deficits were also recorded with other regional countries, including South Korea and Japan.
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