Vietnam's imports from China up 27% YoY to hit $101.4 bn in Jan-Jul

Preliminary data from the country’s general department of customs, such imports reached $101.4 billion in the first seven months this year—up by more than $21 billion, or 27 per cent, year on year (YoY), which far outpaces the national average import growth rate.

This has led to the proportion of Chinese goods in Vietnam’s total import turnover climbing from 37.3 per cent to 40.2 per cent.

Import of fabrics from China during this period was around $6 billion, while that of textile and footwear materials hit $2.44 billion—up by 12.8 per cent YoY, and that of textile fibres totalled $1.1 billion—up by 14.4 per cent YoY.

These statistics imply a recovery in the country’s textile and footwear industries, according to a domestic media outlet.

Meanwhile, Vietnam’s exports to China during the same period reached $35.02 billion—up by 7.8 per cent YoY. As a result, Vietnam posted a trade deficit of approximately $66.4 billion with China.

ALCHEMPro News Desk (DS)