Although Vietnam has stepped up exports to ASEAN, the country ran a trade deficit of US$6.51 billion with the region last year, according to data of the General Department of Vietnam Customs.
Vietnam’s trade with other ASEAN countries totaled US$49.53 billion last year, up 19.6% over 2016 and accounting for 11.7% of the country’s total foreign trade. Export growth outpaced import growth but the country still incurred a yawning trade deficit with the region.
The country exported US$21.51 billion worth of products to other Southeast Asian countries, growing 23.9% against the previous year, while imports grew by 16.4% year-on-year to US$28.02 billion.
The surge in exports to ASEAN is thanks to higher export revenues from mobile phones and phone parts (up US$948 million), iron and steel products (up US$722 million), computers, electronic products and components (up US$488 million), crude oil (up US$378 million), and textiles-garments (up US$181 million).
Meanwhile, Vietnam spent US$28.02 billion importing products from such neighbors last year. Major imported commodities that saw fast increase last year included fuels (up US$873 million), vegetables and fruits (up US$464 million), machinery, equipment, tools and components (up US$313 million) and completely built-up autos (up US$307 million).
Thus, the trade deficit with ASEAN last year is below US$6.7 billion recorded in 2016.
Among ASEAN members, Vietnam incurred the biggest trade deficit of US$5.88 billion with Thailand, followed by Singapore with US$2.34 billion and Malaysia with US$1.65 billion. Meanwhile, the country enjoyed the biggest trade surplus of US$1.76 billion and US$1.68 billion with Cambodia and the Philippines respectively. - SGGP -