Vietnam’s trade deficit increased to $1.3 billion in August, pushing accumulated deficit in the first eight months to $3.71 billion. In August, total import-export turnover reached $53.7 billion, down nearly 6 percent over July, according to a report of the Ministry of Industry and Trade on Wednesday.
Does the US have a trade deficit with Vietnam?
From $369 million in 2000, the U.S. trade deficit with Vietnam grew 127-fold to $47 billion in 2019. It increased by 41 percent between 2018 and 2019 alone, as the U.S.-China trade war escalated.
Is Vietnam in a trade surplus?
A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2020, Vietnam’s trade surplus amounted to around 19.95 billion U.S. dollars.
Vietnam: Trade balance from 2010 to 2020 (in billion U.S. dollars)
|Characteristic||Trade balance in billion U.S. dollars|
Which country has a trade deficit?
US Trade Deficit by Country
What is an example of a trade deficit?
A trade deficit occurs when a nation imports more than it exports. For instance, in 2018 the United States exported $2.500 trillion in goods and services while it imported $3.121 trillion, leaving a trade deficit of $621 billion.
How much does Vietnam trade with the US?
Economic and Trade Statistics
Vietnam is currently our 10th largest goods trading partner with $89.5 billion in total (two way) goods trade during 2020. Goods exports totaled $9.9 billion; goods imports totaled $79.6 billion. The U.S. goods trade deficit with Vietnam was $69.7 billion in 2020.
Who is Vietnam’s biggest trading partner?
Vietnam top 5 Export and Import partners
|Market||Trade (US$ Mil)||Partner share(%)|
What type of economy does Vietnam have?
Vietnam has a mixed economy in which there is limited private freedom, but the economy remains highly controlled by the government. Vietnam is a member of the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), and the Trans-Pacific Partnership (TPP).
How does Vietnam economy work?
The economy of Vietnam is a mixed socialist-oriented market economy, which is the 37th-largest in the world as measured by nominal gross domestic product (GDP) and 23rd-largest in the world as measured by purchasing power parity (PPP) in 2020.
What nations have the top 5 largest trade deficits?
What country has the largest surplus?
In 2020, China was the country with the highest trade surplus with approximately 535.37 billion U.S. dollars.
Who has the largest national debt?
Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%. Japan’s national debt currently sits at ¥1,028 trillion ($9.087 trillion USD).
What is an example of balance of trade?
Balance of Trade formula = Country’s Exports – Country’s Imports. For the balance of trade examples, if the USA imported $1.8 trillion in 2016, but exported $1.2 trillion to other countries, then the USA had a trade balance of -$600 billion, or a $600 billion trade deficit.
What is an example of a trade surplus?
Trade Surplus: Trade surpluses occur when a country exports more products than it imports. For example, if China were to export $1 trillion worth of goods and import only $200 billion worth of goods, it would have an $800 billion trade surplus.
How long has the US had a trade deficit?
The balance of trade of the United States moved into substantial deficit from the late 1990s, especially with China and other Asian countries. This has been accompanied by a relatively low savings ratio and high levels of government and corporate debt.