VN's trade deficit reaches $3.4b in first seven months

Goods are loaded for import and export at Sai Gon Port in HCM City. In the first seven months, the country reported a trade deficit of $3.37 billion. — VNA/VNS Photo Thanh Vu

HA NOI (Biz Hub) — Viet Nam's trade deficit was estimated to have reached US$3.37 billion in the first seven months of this year, $300 million more than $3.07 billion in the first half of this year, the General Statistics Office (GSO) reported yesterday in Ha Noi.

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

Viet Nam's total import value in the first seven months was estimated to have increased by 16.4 per cent year-on-year to $95.64 billion.

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

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

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

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

The GSO reported that Viet Nam's export value was expected to show a year-on-year surge of 9.5 per cent to $92.27 billion 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 per cent to $27.57 billion against the same period of last year.

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

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 per cent to $1.65 billion), rice (down 8.7 per cent to $1.59 billion), seafood (down 15 per cent to $3.62 billion) and crude oil (down 47.1 per cent to $2.45 billion). — VNS