Is Vietnam a trade deficit?

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

Country Exports Total Balance
China 129,894 -375,576
Canada 282,265 -17,054
Mexico 243,314 -70,953
Japan 67,605 -68,876
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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(%)
United States 61,404 23.21
China 41,434 15.66
Japan 20,427 7.72
Korea, Rep. 19,729 7.46

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?

Year-to-Date Deficits

Rank Country Deficit
1 China -286.8
2 Mexico -88.2
3 Vietnam -73.9
4 Germany -57.5

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.

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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.