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Vietnam Today

First half trade deficit at $3.07 billion

Released at: 15:41, 18/07/2015

First half trade deficit at $3.07 billion

Imports outpace exports to push trade into the red.

by Hoai An

Vietnam’s total trade in June was $28.79 billion, according to Vietnam Customs, up 0.5 per cent against May. Exports were $14.33 billion, an increase of 4.6 per cent, while imports were $14.47 billion, down by 3.2 per cent, for a trade deficit of $140 million for the month.

In the first half total trade reached $158.6 billion, an increase of 13 per cent, with exports worth $77.7 billion, up 9.3 per cent, and imports $80.8 billion, 16.7 per cent higher. Trade for the first half year was therefore in deficit, by $3.07 billion.

The trade value of the foreign-invested sector stood at $100.7 billion for June, a 22 per cent increase compared to June last year and accounting for 63.5 per cent of the total. Meanwhile, the total trade of domestic enterprises was $57.9 billion, roughly similar to June 2014.

In the first six months, while the exports of the foreign-invested sector grew significantly, by 20 per cent, exports by domestic firms fell 8.4 per cent. Crude oil fell the most, by $1.85 billion, due to tumbling prices. Coffee and seafood followed, with declines of $586 million and $493 million, respectively.

The foreign-invested sector’s exports grew the most in telephones, mobile phones, and components, with an increase of $3.06 billion, followed by computers and electronic products and accessories, which increased $2.73 billion.

In the first half the foreign-invested sector imported $48.2 billion, up 23.8 per cent, of which computers, electronic products and accessories recorded the highest growth, of $2.75 billion. Machinery and equipment followed, with an increase of $3.08 billion, then phones and accessories, by $1.22 billion.

Imports by domestic enterprises stood at $32.67 billion, up 7.7 per cent. Machinery, equipment and spare parts increased by $686 million, iron and steel by $571 million, and fabric $113 million.

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