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Vietnam’s 10-month trade revenue with APEC member countries rises 17.4% PDF Print
Friday, 01 December 2017 12:48

VIETRADE - Total import-export revenue between Vietnam and APEC member economies reached US$265.3 billion in the past 10 months of this year, surging 17.4% year-on-year and almost equal to revenue seen in the whole year of 2016, according to the General Department of Vietnam Customs.


Of the sum, exports topped US$120.48 billion, up 23.9% year-on-year while imports saw a yearly rise of 22% to US$144.83 billion. That resulted in a deficit of more than US$24.3 billion in trade balance between Vietnam and APEC member economies or equivalent to 20.2% of Vietnam’s export revenue to these economies.


From 2010 until now, Vietnam records an average trade deficit of US$23.73 billion per year with this group, the department said.


During 10-month period, China was Vietnam’s largest trading partner among the group of APEC member economies, with two-way trade of US$73.3 billion, an increase of 27.2% over same period last year and making up 27.6% of the total bilateral trade.


The Republic of Korea (RoK) came next with total revenue of US$50.4 billion, up 41.9% year-on-year or 19% of the total. The United States ranked third with US$42.1 billion, up 9.7% or 15.9% of the total while Japan was the runner-up with US$27.1 billion, up 11.8% or 10.2% of the total.


From January to October, the United of States was the largest importer of Vietnamese goods with US$34.53 billion, totaling 28.7%, following by China with US$26.47 billion, up 52.9% or equivalent to 22% and Japan with US$13.85 billion, up 16% or 11.5%.


Among Vietnam’s major exports to the group included telephones and components with US$19.01 billion, up 48%; textile and garment (US$17.51 billion, up 9.3%); computer, electronics and parts (US$15.41 billion, up 41.1%) beside to machines, equipment and components (US$8.07 billion, up 25%); footwear (US$7.39 billion, up 15.2%) and wood and wooden goods (US$5.35 billion, up 12.6%).


Meanwhile, China was the leading provider of goods for Vietnam with US$46.83 billion in the reviewed period, a rise of 16.1% or making up 32.3 of the total. The RoK and Japan ranked second and third with US$38.3 billion, up 46.7% or 26.4% of the total and US$13.27 billion, up 7.6% or 9.2%, respectively.   


Vietnam’s main imports from this group were computer, electronics and parts with US$29.16 billion, up 35.5%; machines, equipment and components (US$24.09 billion, up 24.4%); telephones and components (US$12.73 billion, up 49.2%) in addition to cloths (US$8.79 billion, up 6.4%) and steel and iron (US$6.5 billion, up 6.4%).


According to the Ministry of Industry and Trade, APEC’s 21 member economies account for 59% of the world population and more than 50% of the total GDP and 57% of global trade, making it a huge and lucrative market for Vietnamese goods.


Thus, experts said, promoting trade liberalization and trade facilitation in the APEC has opened up great opportunities for Vietnam’s business community, especially small- and medium-sized enterprises./.

© 2011 Vietnam Trade Promotion Agency - VIETRADE
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