91.32% of Vietnam Trade Gap Results from China in Jan-May: Customs Dept.
Vietnam’s trade deficit with China made up 91.32% of the country’s sum at $5.53 billion in the first five months of this year, according to the General Department of Customs.
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 with the peak of $11.5 billion in 2009, representing 93.9% of Vietnam’s total.
The Southeast Asian nation’s huge spending on machinery and equipment imports from its neighbor and its low earnings from raw materials exports have been mainly attributed to the situation, local experts said.
Rubber, coal, cassava products and crude oil were Vietnam’s export staples to China while machinery and equipment, cloth and petroleum products were its main imports.
Vietnam and China are trying to raise the bilateral trade to $25 billion this year from $21.35 billion in 2009. (Vietnam Economic Times, GSO)
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