THE SOCIALIST REPUBLIC OF VIET NAM
Government News
CPTPP makes trade shift from deficit to surplus
VGP – Thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Viet Nam’s trade balance shifted from deficit to surplus in the first seven months of 2019, the General Department of Viet Nam Customs reported.
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The General Department reported that Viet Nam’s export turnovers to the ten CPTPP countries accounted for 15.4% of her total export turnover. Out of Viet Nam’s over US$ 1 billion export turnover markets, six are CPTPP signatories.
On the other hand, Viet Nam’s import value experienced a year-on-year decline of 2.3% or US$ 503 million with CPTPP countries.
Out of the ten CPTPP countries, Viet Nam ran a trade surplus with five markets with over US$ 100 million each including Canada, Mexico, Japan, Chile and Peru.
However, Viet Nam’s overseas shipment to some CPTPP countries declined such as Australia (down US$ 373 million) and Malaysia (down US$ 122 million).
The country suffered a trade deficit with Malaysia, Australia, Singapore, Brunei, and New Zealand.
In addition, Viet Nam’s export turnover density was low in comparison with total import values of other CPTTT markets./.
By Khanh Phuong