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Vietnam slips into US$1.8 bln trade deficit with CPTPP market

Vietnam ran up a trade deficit of US$1.8 billion with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) market in the first five months of 2022, reported the Ministry of Industry and Trade (MoIT).

vietnam slips into us 1.8 bln trade deficit with cptpp market picture 1

MoIT statistics show Vietnamese exports to this large market rose by 7.8% to US$19.5 billion, while its imports were valued at US$21.3 billion.

Notably, its exports to Japan reached US$9.3 billion in value, the highest among CPTPP member countries, while exports to Malaysia, Australia, and Singapore grossed US$2.4 billion, US$2.3 billion, and US$1.9 billion, respectively.

Furthermore, Vietnam’s export turnover to Canada, Mexico, and Peru also surged by nearly 30%, 22%, and 12.2% to US$2.6 billion, US$1.9 billion, and US$247 million, respectively.

Some typical export items to the market include garments and textiles, machinery, equipment and tools, means of transport and spare parts, as well as phones and accessories

Meanwhile, its imports from Japan hit roughly US$9.8 billion in value, the highest among CPTPP members, followed by Malaysia with some US$4 billion, Australia with US$3.8 billion, and Singapore with about US$2 billion.

Three years on from the initial implementation of the CPTPP, trade turnover between Vietnam and the bloc has achieved positive results, with total import-export turnover reaching US$91.4 billion, of which Vietnamese exports to 10 CPTPP member countries stood at US$46 billion.

Experts say the implementation of a range of Free Trade Agreement (FTAs), including the CPTPP with tariff incentives on offer is expected to provide fresh impetus to investment attraction and increase production capacity, thereby helping businesses accelerate their exports.

Source: VOV

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