The Hanoitimes - In the last two years, Vietnam`s trade deficit with China has been on the decline at an annual average of 16.1%, according to the Ministry of Industry and Trade (MoIT).
Although Vietnam's trade deficit with China remains high, said the MoIT, but it is gradually declining, thanks to strong efforts from the two countries in balancing the trade.
In 2017, Vietnam's trade deficit with China stood at US$22.8 billion, down 29.7% as compared with 2015 at US$32.4 billion. During this period, Vietnam witnessed a sharp increase of 61.5% in its export growth rate to China, while the import growth rate from China was over 16%.
By the end of the first quarter in 2018, Vietnam's trade deficit with the northern nation continued to follow a downtrend when falling 15.5% year-on-year.
As at present, China remains Vietnam's largest trading partner, which is currently the second largest export market behind the US. Meanwhile, Vietnam is the eighth largest trading partner of China, and the largest trading partner in ASEAN with total trade turnover in 2017 of US$93.7 billion, representing an increase of 30.2% against 2016.
Of the sum, Vietnam exported US$35.5 billion worth of goods including agricultural, forestry and fishery products, natural resources and manufacturing products. On the opposite side, Vietnam imported US$58.2 billion worth of goods, which are mainly machinery, equipment, and electronics, among others.
The country's export turnover during the first five months of 2018 was reported at more than US$93 billion, up 15.8% over the same period in 2017, reports from the General Statistics Office showed. During January-May, Vietnam's import turnover stood at US$89.7 billion, up 8.2% over the same period last year, resulting in a trade surplus of US$3.39 billion.
During this five-month period, the US is Vietnam's largest export market with turnover reaching US$17.4 billion, up 9%, followed by the EU with US$16.9 billion, increasing by 13.6%, and China with US$13.8 billion, up 30.8%.
As for imports, China is the largest import market of Vietnam with turnover reaching US$24.2 billion, up 9% over the same period in 2017. South Korea came second with import value of US$18.7 billion, up 1.1%, followed by the ASEAN with US$12.5 billion, up 11.1%, and Japan US$7.2 billion, up 11.2%.