Vietnam sees $1.8-bn trade deficit with CPTPP market in Jan-May 2022

16 Jul '22

1 min read

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In the first five months of this year, Vietnam witnessed a trade deficit of $1.8 billion with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) market, according to the ministry of industry and trade (MoIT), whose statistics show Vietnamese exports to this large market rose by 7.8 per cent to $19.5 billion, while its imports were valued at $21.3 billion.

Vietnam’s exports to Japan were worth $9.3 billion in value during the period, the highest among CPTPP member countries, while exports to Malaysia, Australia and Singapore grossed $2.4 billion, $2.3 billion, and $1.9 billion respectively.

The country’s export turnover to Canada, Mexico and Peru also surged by nearly 30 per cent, 22 per cent and 12.2 per cent to $2.6 billion, $1.9 billion and $247 million respectively, a Vietnamese newspaper reported. Export items to the market include garments and textiles.

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

Fibre2Fashion News Desk (DS)

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