Vietnam records $5.6 bn trade deficit with ASEAN

Vietnam’s exports to the bloc during the period were worth $$24.6 billion—up by 12.6 per cent YoY.

Thailand was as the country’s largest export market during the period, with turnover hitting $5.23 billion—up by 7.2 per cent YoY. It was followed by Indonesia, exports to where were worth $4.15 billion—a rise of 23.6 per cent YoY, and the Philippines, exports to where rose by 17 per cent YoY to $4.07 billion.

Vietnam’s exports to Cambodia, Malaysia, and Singapore surged by 3.9 per cent, 4.2 per cent and 26.3 per cent YoY to $3.52 billion, $3.48 billion and $3.46 billion respectively.

Exports to Brunei increased by 569 per cent YoY to reach $197 million and those to Laos rose by 20.6 per cent YoY to hit $429 million during the eight-month period, a domestic media outlet reported.

Vietnam spent $30.2 billion on importing goods from ASEAN during the period—up by 12.4 per cent YoY. Thailand topped, with exports worth $7.8 billion to Vietnam—a YoY rise of 1.3 per cent.

The total Vietnamese import turnover from six ASEAN markets—Thailand, Indonesia, Malaysia, Singapore, Cambodia and the Philippines—reached $28.8 billion during the period, accounting for 95 per cent of the import proportion from the bloc.

ALCHEMPro News Desk (DS)