VN runs $2.1b trade deficit with ASEAN

Tuesday, Oct 22, 2013 06:59

Customs staff inspect imported goods at Lao Bao International Border Gate in Quang Tri Province. Viet Nam saw a trade deficit of US$2.13 billion with other ASEAN countries during the past nine months. — VNA/VNS Photo Ha Thai

HA NOI (Biz Hub)— Viet Nam saw a trade deficit of US$2.13 billion with other ASEAN countries over the past nine months.

The figure represents 16 per cent of the country's total export turnover to the bloc, according to the General Department of Customs.

Nine-month trade value between Viet Nam and ASEAN reached $29.57 billion, accounting for 15.4 per cent of the country's total import-export revenue.

Viet Nam earned $13.72 billion from exporting goods to ASEAN, surging 11.1 per cent against the same time last year.

However, in September alone, exports to ASEAN dropped by 4.3 per cent year-on-year to approximately $1.53 billion.

Imports from the bloc topped $1.8 billion in September and reached $15.85 billion in nine months, or a slight surge of 2.6 per cent in the first three quarters of 2012.

Malaysia was Viet Nam's largest ASEAN trade partner, followed by Thailand, Singapore and Indonesia.

Despite the global economic downturn, Viet Nam's exports to ASEAN last year still saw a significant increase of 26 per cent to $17.08 billion, equivalent to 15 per cent of the country's total export turnover.

The General Department of Customs attributed the strong performance to turnover growth in electronics, equipment, mobile phones, rubber, steel, iron and coffee.

During the period, the country imported $20.76 billion worth of products from the bloc, down by one per cent year-on-year.

Its main imports were petroleum, materials used for textiles and garments making, machines and equipment as well as plastic.

Last year, Singapore was Viet Nam's biggest trade partner in ASEAN, followed by Thailand, Indonesia, Malaysia and Cambodia. — VNS

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