Quick Answer: What has the balance of trade in Vietnam been recently?

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.

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.

What is the balance of trade records?

Balance of trade (BOT) is the difference between the value of a country’s imports and exports for a given period and is the largest component of a country’s balance of payments (BOP).

What is the most current services trade balance?

Net balance of payments adjustments increased less than $0.1 billion. Exports of services increased $0.1 billion to $64.2 billion in July. Other business services increased $0.2 billion.

U.S. International Trade in Goods and Services, July 2021.

Deficit: $70.1 Billion -4.3%°
Exports: $212.8 Billion +1.3%°
Imports: $282.9 Billion -0.2%°
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What does deficit in balance of trade indicate?

A trade deficit occurs when the value of a country’s imports exceeds the value of its exports—with imports and exports referring both to goods, or physical products, and services. In simple terms, a trade deficit means a country is buying more goods and services than it is selling.

What do we trade with Vietnam?

Bilateral Economic Relations

The United States and Vietnam have concluded a trade and investment framework agreement; they also have signed textile, air transport, customs, and maritime agreements. U.S. exports to Vietnam include machinery, computers and electronics, yarn/fabric, agricultural products, and vehicles.

How much does Vietnam trade with the US?

Economic and Trade Statistics

Vietnam is currently our 10th largest goods trading partner with $89.5 billion in total (two way) goods trade during 2020. Goods exports totaled $9.9 billion; goods imports totaled $79.6 billion. The U.S. goods trade deficit with Vietnam was $69.7 billion in 2020.

What is Vietnam’s biggest export?

Vietnam main exports are: telephones, mobile phones and parts thereof (21 percent of total shipments) and textiles (12 percent). Others include: computers and electrical products (12 percent); shoes and footwear (7 percent) and machinery, instruments and accessories (6 percent).

Which items are included in balance of trade?

Balance of trade vs.

Includes only visible imports and exports, i.e. imports and exports of merchandise. The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade.