JavaScript is off. Please enable to view full site.

Vietnam posts record 2022 trade surplus with U.S. as China deficit rises

Vietnam posts record 2022 trade surplus with U.S. as China deficit rises

Tuesday, January 10, 2023, 18:33 GMT+7
Vietnam posts record 2022 trade surplus with U.S. as China deficit rises
Labourers work at a garment factory in Hung Yen province, outside Hanoi January 5, 2017. Photo: Reuters

Vietnam's trade surplus with the United States widened to $94.9 billion last year, the highest level on record, led by shipments of items such as garments, shoes, smartphones, electronics and wooden furniture, customs data showed.

The Southeast Asian country has benefited from around 15 free trade agreements helping boost its export-driven economy, which grew 8% last year. Total exports in 2022 rose 10.6% to $371.85 billion.

However, economists warn Vietnam is facing headwinds, with weakening global demand already starting to impact its shipments in December, when exports fell 14% from a year earlier.

Meanwhile, a trade deficit with China, which is the largest supplier of materials and equipment to Vietnam's labour-intensive manufacturing sector, widened to a record $60.2 billion in 2022 from $54.0 billion a year earlier, according to Vietnam's customs data released on Monday.

Vietnam's imports from China last year rose 6.6% to $117.87 billion, led by products such as machinery, electronics, fabrics, smartphones and components, the data showed.

Exports to the United States - Vietnam's largest export market - rose 13.6% to $109.39 billion last year, with the trade surplus climbing from $81.0 billion in 2021.



Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Latest news