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$4 billion trade deficit in first 10 months

Released at: 07:51, 28/10/2015

$4 billion trade deficit in first 10 months

GSO releases trade figures, with the deficit at 3.1% of export turnover.

by Hung Khanh

Import and export figures for October and the first ten months of the year have been released by the General Statistics Office.

Manufacturing exports were estimated at $14.4 billion, an increase of 4.2 per cent against September, of which the domestic sector recorded $4.3 billion, an increase of 9.2 per cent, and the foreign-invested sector $10.1 billion (including crude oil), an increase of 2.3 per cent.

Compared with October last year, manufacturing exports increased 2.7 per cent, of which exports by the domestic sector fell 3.7 per cent and the foreign-invested sector’s increased 5.7 per cent (including crude oil).

In the first ten months total export turnover was estimated at $134.6 billion, an increase of 8.5 per cent year-on-year. The domestic sector recorded $39.6 billion, a fall of 3.3 per cent, and the foreign-invested sector recorded $95 billion (including crude oil), 14.3 per cent higher year-on-year.

Some manufacturing saw relatively high export turnover compared to the same period last year, including mobile phones and components, at $25.8 billion, an increase of 32.7 per cent, textiles at $19.2 billion, 10.4 per cent higher, electronics, computers and components, at $12.7 billion, an increase of 44 per cent, footwear at $9.6 billion, an increase of 15.4 per cent, and other mechanical components, at $6.6 billion, 9 per cent higher.

In the first ten months crude oil, coal and certain agriculture products recorded declines in both volume and value against the same period last year. Crude oil fell 0.2 per cent in volume and 49.1 per cent in value, coal 75.8 per cent and 65.7 per cent, coffee 28.9 per cent and 30.8 per cent, rice 6.5 per cent and 13.3 per cent, and rubber 4.7 per cent and 14.9 per cent. Export turnover in fisheries reached $5.4 billion, a 17 per cent decline in value.

The US remained Vietnam’s largest export market in the first ten months, with total export turnover of $27.8 billion, an increase of 18 per cent against the same period last year, followed by the EU, ASEAN, China, Japan, and South Korea.

Meanwhile, import turnover in October was estimated at $14.5 billion, 3.3 per cent higher than in September. The domestic sector recorded $5.8 billion, an increase of 5 per cent, while the foreign-invested sector recorded $8.7 billion, an increase of 2.2 per cent.

Total imports in October rose 4 per cent against last month, of which those by the domestic sector fell 0.5 per cent while the foreign-invested sector’s increased 7.3 per cent.

In the first ten months total imports were estimated as $138.7 billion, an increase of 14.3 per cent year-on-year. The domestic sector recorded $56.6 billion, 7.8 per cent higher year-on-year, and the foreign-invested sector $82.1 billion, an increase of 19.3 per cent.

Vietnam’s trade deficit for October was therefore some $100 million and $4.1 billion for the first ten months, accounting for 3.1 per cent of export turnover. The domestic sector recorded a deficit of $17.1 billion while the foreign-invested sector saw a surplus of $13 billion.

The GSO predicts that if the price of crude oil does not increase and airlines continue with fuel imports, the trade deficit will increase further over the remaining months of the year.

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