Trade deficit from China is more than US$17 billion USD, a sharp increase of 82% in four months

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Chart: T.Binh.

According to the latest statistics of the General Department of Customs, in April, Vietnam spent nearly US$9.6 billion of importing goods from China, an increase of over US$3 billion compared to the same period in 2020.

In April, there were two groups of imported goods from China with a turnover of US$1 billion or more, including machinery, equipment, tools and spare parts (US$2.13 billion); computers, electronic products and components (US$1.66 billion).

In addition, there are dozens of commodity groups with turnover from several tens of millions to hundreds of millions of USD, such as: cloth (US$919 million); phones and components (US$707 million); iron and steel (US$560 million); plastic products (US$344 million); raw materials for textiles, leather, shoes (US$329 million).

In the first four months of the year, import turnover from China reached US$33.93 billion, up to US$11.5 billion, equivalent to 51.6% compared to the same period in 2020.

Thus, Vietnam spends an average of US$280 million (about VND6,500 billion) importing goods from China.

Notably, in the past four months, China accounted for 32.8% of Vietnam’s total import turnover.

There are seven groups of imported goods with a turnover of US$1 billion, including machinery, equipment, tools, spare parts (US$7.46 billion); computers, electronic products and components (US$6.3 billion); phones and components (US$2.97 billion); fabric (US$2.68 billion); iron and steel (US$1.83 billion); plastic products (US$1.32 billion); raw materials for textiles, leather and footwear (more than US$1 billion).

In the opposite direction, Vietnam's exports to China in the first four months of the year reached US$16.3 billion, up US$3.6 billion (equivalent to 28.3%) compared to the same period in 2020.

Thus, with the scale of turnover and the growth rate of imports greater than exports, the gap between Vietnam and China has widened from US$9.7 billion in the first four months of last year to US$17.63 billion of the same period of this year, and the figure increased to 82%.