Does Vietnam have a trade surplus or deficit?

Is Vietnam a deficit or surplus?

The country enjoyed a trade surplus of US$13.69 billion during the same period last year, according to Vietnam News Agency. From January to August, the domestic sector also reported a trade deficit of US$20.36 billion while the foreign-invested sector (including crude oil) gained a trade surplus of US$16.65 billion.

Is there a trade surplus or deficit?

A country that imports more goods and services than it exports in terms of value has a trade deficit while a country that exports more goods and services than it imports has a trade surplus.

Does the US have a trade deficit with Vietnam?

The U.S. goods trade deficit with Vietnam was $69.7 billion in 2020. Trade in services with Vietnam (exports and imports) totaled an estimated $2.6 billion in 2020.

How is trade balance of Vietnam in 2019?

The General Statistics Office late last month forecast the 2019 trade surplus at $9.94 billion, and December’s trade deficit at $1 billion. Monday’s data also showed Vietnam’s trade surplus with the United States, Vietnam’s largest export market, widened to $46.98 billion last year from $34.87 billion a year earlier.

What is the trade deficit with Vietnam?

Vietnam’s trade deficit increased to $1.3 billion in August, pushing accumulated deficit in the first eight months to $3.71 billion. In August, total import-export turnover reached $53.7 billion, down nearly 6 percent over July, according to a report of the Ministry of Industry and Trade on Wednesday.

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Who does Vietnam trade with?

Vietnam top 5 Export and Import partners

Market Trade (US$ Mil) Partner share(%)
China 41,434 15.66
Japan 20,427 7.72
Korea, Rep. 19,729 7.46
Hong Kong, China 7,162 2.71

What is an example of a trade surplus?

Trade surplus is defined as that a nation is exporting more than it imports, giving it an inflow of currency. An example of trade surplus is that China is exporting more goods than China imports from other countries.

Does America have tariffs on Vietnam?

In addition to significant drops in tariff rates when Vietnam first joined the WTO in January 2007, tariffs have decreased steadily over the ensuing years. Thus, most U.S. exports now face tariffs of 15 percent or less. … Most of the products for which tariffs have increased are produced by Vietnamese companies.

What type of economy does Vietnam have?

Vietnam has a mixed economy in which there is limited private freedom, but the economy remains highly controlled by the government. Vietnam is a member of the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), and the Trans-Pacific Partnership (TPP).