Trade deficit with China up 44.5%

(VOV) - In 2013, Vietnam’s imports from China reached a staggering US$36.95 billion, making up 28% of the country’s total import value while exports to the market were estimated at US$13.26 billion, accounting for 10% of total export value.

China remains Vietnam’s largest trade partner with total import-export turnover fetching US$50.21 billion, up 22% in 2013.

Vietnam-China trade turnover aims to reach US$60 billion by 2015. However, Vietnam’s trade deficit with China tends to increase.

According to statistics from the Vietnam Customs, over the past year, Vietnam’s imports from China grew 28.4% while exports rose by just 7%. Therefore, Vietnam’s trade deficit with China was US$23.76 billion, up 44.5% compared to 2012’s figure.

In 2012, local businesses’ imports from China fell by 2% while FDI businesses’ import  soared by 43%. Last year, FDI businesses’ imports rose sharply 38.7% to US$20.59 billion while local businesses’ imports increased 17.4% to US$16.36 billion.

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