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

[beijingwalker]

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

The Southeast Asian country has benefited from around 15 free trade agreements helping boost its export-driven economy

Khanh Vu, Reuters News

January 10, 2023

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. (Reporting by Khanh Vu Editing by Ed Davies Editing by Ed Davies)

https://www.zawya.com/en/world/china-and-asia-pacific/vietnam-posts-record-2022-trade-surplus-with-us-as-china-deficit-rises-xfwumvob

 

[kankan326]

US should face the reality. Manunfacturing will never come back to US again as long as Americans are overpaid. Americans must be overpaid because US is a country bonded by interest. Not by sense of identity. It is the ony way that US can absorb talents from other countries.

 

[Viet]

It’s a bit more
Jan-Nov 2022
Vietnam exports $119 billion
Vietnam imports $11 billion
Total $130 billion
Vietnam surplus $108 billion
The Dec is not released yet. So we will land something $115 billion surplus in trade with the US. That will offset the deficit with China.

International Trade

www.census.gov

 

[Beast]

No wonder Vietnam now align itself towards China and away from USA.

 

[REhorror]

Go Vietnam!

 

[Indos]

As far as I know, USA under Biden never criticizes Vietnam over the trade deficit, unlike during Trump administration.

 

[Indos]

Vietnam 2022 trade surplus at US$12.4 billion, says customs dept​

---

• VIETNAM
• Monday, 09 Jan 2023
  6:15 PM MYT

HANOI, Jan 9 (Reuters): Vietnam registered a trade surplus of US$12.4 billion in 2022, government customs data released on Monday showed.


Exports last year rose 10.5% to $371.3 billion, while imports were up 7.8% at $358.9 billion, the Customs Department said in a report.


In December, exports stayed flat month on month at $29.03 billion, while imports fell 3.5% to $27.29 billion.

Vietnam's rice exports, however, in December fell 26.1% from the previous month to 434,611 tonnes, government customs data showed on Monday.


Rice shipments from Vietnam in 2022 rose 13.8% year on year to around 7.1 million tonnes valued at $3.5 billion, it said.

But Vietnam's coffee exports in December were up 53.5% from the month before at 197,077 tonnes, government customs data showed on Monday.

For 2022, Vietnam exported 1.78 million tonnes of coffee, up 13.8% from a year earlier, Vietnam Customs said in a statement.

Vietnam 2022 trade surplus at US$12.4 billion, says customs dept

Vietnam registered a trade surplus of US$12.4 billion in 2022, government customs data released on Monday showed.

www.thestar.com.my

 

[beijingwalker]

Registering sizable trade surplus is the only for developing countries to get developed, never seen any nation first became a developed country by suffering massive trade deficit. This is why I believe Vietnam can become developed very fast but some self alleged superpower can't.

 

[GiantPanda]

Viet imports from China for the components in items they export to the US. China did the same thing when its rise began. Viet is traveling a well known path to development. Congrats to them! (It will mean accelerating imports from China for accelerating exports to the US -- at least until the US decides Vietnam is too commie.)

 

[beijingwalker]

many Chinese firms quickly shifted gears, supplying Vietnam and others for onward shipment to North America. In 2017, China accounted for 10.8 per cent of the US-imported content in Vietnam’s exports. By 2021, that figure nearly doubled to 20.3 per cent.

US bid to shift supply chains away from China ineffective: analysts

Bilateral trade has continued at a high level overall, especially in computers and farm equipment, despite tariffs begun in 2018, report finds

www.scmp.com

If US importers and consumers love to paid extra dollars for transit fee to Vietnam and other countreis, China got no problem with it.

 

[Nan Yang]

If US importers and consumers love to paid extra dollars for transit fee to Vietnam and other countreis, China got no problem with it.

Shhhh.