Vietnam has $6 billion trade deficit with China in January

*Container trucks with farm produce waiting to be taken from Vietnam to China in Lang Son province on January 7, 2022*

Vietnam’s goods exports to the Chinese market fell sharply in January, but imports still increased sharply in the first month of the year, according to statistics of the General Department of Customs quoted by the State newspaper on February 16.

Specifically, Vietnam’s exports to China decreased by 14.9% over the same period, reaching $3.91 billion; imports increased by 17.5% to $10.76 billion. Thus, Vietnam’s trade deficit from China is $6.85 billion in the first month of 2022.

The reason for the decrease in exports, explained by the General Department of Customs, is that January has many New Year holidays, in addition to that, the customs clearance of goods at the border gate of the two countries on the northern border is very slow due to China increase disease control under the “No COVID” policy.

Many weeks before Tet, thousands of container trucks carrying fruit from Vietnam to China were blocked at the border because of the epidemic control measures of the Chinese side. The latest statistics of Lang Son province show that, as of February 12, there are still about 1,646 trucks waiting to be exported to China, including 1,390 trucks carrying fresh fruit.

According to statistics from the General Department of Customs, China is still the second-largest export market of Vietnam. Two-way trade in 2021 reached $165.8 billion, up 24.6% year-on-year. In which, Vietnam’s exports reached nearly $56 billion, up 14.5%, imports were approximately $110 billion, up more than 30% compared to 2020.

Thoibao.de (Translated)

Source: https://www.rfa.org/vietnamese/news/vietnamnews/vn-china-trade-deficit-over-usd-6-bil-in-jan-02162022065057.html

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