Topic: trade balance

Most exports from the US  to Vietnam are subject to an average tariff rate of around 15 per cent.

The General Department of Vietnam Customs has released preliminary data on trade in the second half of July.

Figures from the General Department of Customs show that exports reached $14.29 billion in the first half of July, down 19.5 per cent compared to the first half of June, while imports were $16.3 billion, up 4.5 per cent. Vietnam therefore posted a trade deficit of more than $2 billion in the period and $1 billion since the beginning of the year.

According to the General Department of Vietnam Customs, of the more than $371 billion in import and export turnover in the first half of 2022, turnover with Asia was nearly $240 billion, or 64.5 per cent. Trade turnover with Africa fell just 0.3 per cent, to more than $4 billion. Trade was in surplus by $743 million in the first half.

Data from the General Department of Customs shows that, in the first half of June, 2022, trade turnover reached $31.64 billion, down 10 per cent compared to the second half of May but up 16.7 per cent year-on-year. Total trade turnover of FDI enterprises rose 16 per cent and the domestic sector 18.5 per cent. Trade was in deficit to the tune of $1.42 billion.