Vietnam's import revenue from China to increase 21.1%

HANOI - China is expected to remain the biggest exporter to Vietnam in the first six months of 2014, as Vietnam is likely to spend $20.4 billion buying goods from China during first half of the year, up 21.1 percent year-on- year.

Vietnam's General Statistics Office (GSO) said on its monthly statistics information report posted on its website on Friday that in the first half of the year, Vietnam is likely to see a trade deficit of $13.1 billion with China, up 21.2 percent year-on-year, said GSO.

During the six-month period, import revenue from China is projected to account for 29.31 percent of Vietnam's total import revenue.

Imported items from China with highest growth during the period include machinery (up 30.3 percent year-on-year), steel (up 35.5 percent year-on-year), fabric (up 25.6 percent year-on-year) and phones (up 11.3 percent year-on-year).

Vietnam mainly imports fertilizer, pesticides, vegetables and forage among others from China in the first six months.

Meanwhile, the country exports to China rice, vegetables, cassava and its products, cashew nuts, seafood, tea, wood and its products among others, said GSO.

In 2013, China was the biggest market among exporters to Vietnam. According to GSO, Vietnam imported $36.8 billion while exporting some $13.1 billion worth of products to China in 2013.

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