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Trade deficit falls to $1.45 bln after surplus in October

Trade deficit falls to $1.45 bln after surplus in October

A trade surplus of $1.1 billion in October brought down the deficit for the year to $1.45 billion, the Ministry of Industry and Trade said.

In the first 10 months, exports rose by nearly 17 percent year-on-year to over $267.9 billion, with foreign enterprises accounting for $198.16 billion.

Steel exports rose by 132 percent to $9.65 billion, while exports of machinery, equipment, tools, and parts fetched nearly $29.6 billion, up 40 percent.

Imports rose by 28.2 percent to nearly $269.4 billion, the ministry said.

The U.S. remained Vietnam’s largest export destination with consignments of more than $76 billion, a year-on-year jump of nearly 22 percent, followed by China with $44.7 billion, the European Union with $31.7 billion, ASEAN with $23.03 billion, and Japan with $17.9 billion.

China was Vietnam’s biggest supplier of goods at $89.43 billion, followed by South Korea with $45.52 billion, ASEAN with $33 billion, Japan with $18 billion, and the U.S. with $13 billion.

A surplus in the first four months of the year turned into a deficit since May, but it is expected to decrease further in the coming months as Vietnam further taps free trade agreements and global demand for goods increases, the ministry said.

Source: e.vnexpress.net

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