CPTPP makes trade shift from deficit to surplus

Update: 15:55 | 22/08/2019
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.
TIN LIÊN QUAN
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CPTPP has 11 members, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Viet Nam. (Photo: Internet)

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.

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(Source: VGP)