Trade deficit reaches 3.4 billion USD in seven months

Thien Thanh Sanitaryware joint company



Trade deficit reaches 3.4 billion USD in seven months

 

Vietnam's trade deficit was estimated to have reached 3.37 billion USD in the first seven months of 2015, 300 million USD more than 3.07 billion USD in the year’s first half, the General Statistics Office (GSO) reported on July 27 in Hanoi.

The office said imports showed an upward trend during the first seven months while exports remained unchanged.

Vietnam's total import value in the first seven months was estimated to have increased by 16.4 percent year-on-year to 95.64 billion USD.

The imports mainly included machines, components and equipment for production and exports.

The import value registered a year-on-year surge of 35.1 percent for machines, equipment, tools and components to reach 16.56 billion USD; 35 percent for telephone and its components to reach 6.12 billion USD; 34.5 percent for electronic products, computer and their components to reach 13.89 billion USD; and 15.1 percent for steel to reach 4.66 billion USD.

Meanwhile, auto imports showed a strong increase of 97.9 percent in value to reach 3.41 billion USD against the same period during last year.

The largest importer for Vietnam goods was China with a total import value of 28.8 billion USD in the first seven months, a year-on-year surge of 22.5 percent. Other large importers included ASEAN, Japan, the EU and the US.

The GSO reported that Vietnam's export value was expected to show a year-on-year surge of 9.5 percent to 92.27 billion USD in the first seven months of 2015.

The export value growth was not high in the seven months because export value of the domestic economic sector registered a plunge of 1.7 percent to 27.57 billion USD against the same period of last year.

Meanwhile, the foreign direct invested (FDI) enterprises contributed 64.69 billion USD to the total national export value in the first seven months, a surge of 15.1 percent.

Value of key export products saw a fall in both, volume and value, compared with the same period of last year, due to high competition in the world market. They included coffee (down 33 percent to 1.65 billion USD), rice (down 8.7 percent to 1.59 billion USD), seafood (down 15 percent to 3.62 billion USD) and crude oil (down 47.1 percent to 2.45 billion USD).

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