Vietnam posted a trade surplus of 225 million USD in the first 11 months of this year, ending the continual trade deficit that had lasted for nearly half a year due to the COVID-19 pandemic.
The goal of 600 billion USD in foreign trade is likely to be realised by the end of the year because by October 15, the national import-export turnover had exceeded 510 billion USD, according to Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT).
Vietnam posted a trade deficit of 3.71 billion USD in the first eight months of 2021 as the country's imports rose 33.8 percent year on year to 216.26 billion USD while exports raked in 212.55 billion USD, up 21.5 percent, the General Statistics Office (GSO) announced on August 29.
The trade deficit between Indonesia and China is forecast to balance by 2024 thanks to an increase in exports of manufactured products, said Indonesian Trade Minister Muhammad Lutfi.
Vietnam’s export in July dropped 0.8 percent as compared with the previous month to reach only 27 billion USD, according to the Ministry of Industry and Trade.
Despite trade deficit in the first half of 2021, experts still predicted that Vietnam will soon resume balance in the trade of goods thanks to the strong growth in production.
Vietnam’s export turnover of goods in the first six months of 2021 hit 157.63 billion USD, up 28.4 percent year-on-year, according to the General Statistics Office (GSO).
Vietnam reported a trade deficit of 1.35 billion USD in the first half of June as exports reached only 12.3 billion USD – down nearly 2 billion USD compared to the latter half of May, the General Department of Customs has announced.
Malaysia’s trade deficit in services increased to 47.4 billion RM (11.5 billion USD) in 2020, the highest deficit ever recorded, owing to the unprecedented COVID-19 pandemic that has significantly restrained economic activities globally.
In spite of the fact that the COVID-19 epidemic has affected production activities of enterprises at industrial parks, Vietnam’s total import and export turnover still sustained its growth momentum in the first five months. However, trade deficit also returned.
The rapid suppression of the new COVID-19 outbreak in late January 2021 has helped maintain Vietnam’s positive outlook for economic recovery this year, the World Bank (WB) has said.
The COVID-19 pandemic and political developments in Israel has partly affected Vietnam’s exports to this market, according to Vietnam’s trade office in Israel.
The Regional Comprehensive Economic Partnership (RCEP) would not worsen the trade deficit Vietnam was running with signatory markets, according to the Ministry of Industry and Trade.
Indonesia recorded a deficit of 2.81 billion USD in trade of agricultural products in January-August this year, with exports valued at 2.4 billion USD and imports touching 5.21 billion USD, according to the country’s Ministry of Trade.
Vietnam and China defined major tasks in the time ahead to beef up their comprehensive strategic cooperative partnership in a sustainable way, during the 12th meeting of the Steering Committee for Vietnam-China Bilateral Cooperation held in the form of teleconferencing on July 21.
Vietnam recorded a trade deficit of 101.4 million USD with Israel in the first five months of this year due to declines in the export of key commodities and the resumed import of items of high value.
Ministers from Asia-Pacific countries negotiating the Regional Comprehensive Economic Partnership (RCEP) began a videoconference on June 23, with how to bring India back to the talks among the focuses.
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