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7M trade deficit at $3.1bn

Released at: 16:33, 28/07/2017

7M trade deficit at $3.1bn

Illustrative image (Source: tapchitaichinh.vn)

Exports at $115.2 billion and imports $118.3 billion during first seven months, GSO reports.

by Quang Huy

The latest figures from the General Statistics Office (GSO) reveal that Vietnam’s trade deficit in July reached $300 million and nearly $3.1 billion in the first seven months of the year, equal to 2.7 per cent of exports.

During the first seven months, the trade deficit incurred by the domestic sector totaled $14.7 billion while the foreign-invested sector (including crude oil) continued to run a trade surplus of $11.69 billion.

Excluding price factors, export turnover in the first seven months rose 18.7 per cent year-on-year to $115.2 billion, with exports by the domestic sector totaling $32.2 billion, a 14.6 per cent increase, while those of the foreign-invested sector (including crude oil) reached $83.1 billion, an increase of 20.3 per cent.

Excluding crude oil, exports by the foreign-invested sector were $81.26 billion, up 20 per cent year-on-year and accounting for 70.53 per cent of total export turnover.

Import turnover in July was $17.8 billion, down 1.6 per cent year-on-year, with imports by the domestic sector totaling $7.1 billion, down 2.2 per cent, and those by the foreign-invested sector reaching $10.7 billion, down 1.2 per cent.

Excluding price factors, import turnover in the first seven months rose 24 per cent year-on-year to $118.3 billion, with imports by the domestic sector totaling $46.9 billion, an 18.4 per cent increase, while those of the foreign-invested sector were $71.3 billion, an increase of 24 per cent.

During the January - July period, most of Vietnam’s key import items soared, particularly imports of phone and components, which reached $1.7 billion, an increase of 30.6 per cent, crude oil $943 million, up 32.3 per cent, and machinery, equipment, and spare parts $5.8 billion, an increase of 37.4 per cent.

Vietnam anticipates a trade deficit of $5 billion for the year as a whole, equal to 2.5 per cent of exports, which is under the level permitted by the National Assembly, according to the Ministry of Industry and Trade (MoIT). Export turnover is estimated at about $200 billion, an increase of over 13 per cent against 2016 and exceeding the target, while imports are predicted at $205 billion, a 17 per cent increase year-on-year.

During the remaining months of this year, MoIT plans to tighten control over goods whose importation is discouraged and facilitate local manufacturing, to bridge the trade deficit.

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