Vietnam enjoyed a US$1.86 billion trade surplus with Japan in the year to August, while suffering a trade gap with China in the same eight-month period, according to data from the Ministry of Industry and Trade.
Vietnam’s exports to Japan were worth $9.74 billion by the end of August, a 10.68 percent year-on-year increase, while imports stood at $7.88 billion, up 5.54 percent from the same period in 2013.
The trade surplus thus jumped 39.42 percent from a year earlier to $1.86 billion, according to the Ministry of Industry and Trade.
Shipments of agricultural products to Japan are growing steadily as Vietnamese businesses have gotten used to, and are able to meet, the strict technical and quarantine barriers set by the East Asian country, the ministry explained.
In 2014 Japanese enterprises can probably increase their garment orders from Vietnamese manufacturers by up to 30 percent from last year, following a trend of relocating production from China to Vietnam.
From January to August, Vietnam’s trade deficit with China topped $17 billion, with $9.79 billion worth of exports against $27.06 billion in import value, according to the Ministry of Industry and Trade.
More noticeably, it is predicted that imports from China will reach the $40 billion mark by year-end, with the last few months of the year traditionally featuring high demand, the ministry noted.
Vietnam enjoys benefits in both import and export activities with Japan, while suffering a heavy reliance on the Chinese market, according to analysts.
The Southeast Asian country always maintains a positive trade balance with Japan, and mostly imports quality machinery and technology from the market.
Meanwhile, Vietnam mostly ships agricultural produce, seafood, and minerals at low prices to China, then imports back processed products or machinery at far higher prices.
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