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| Workers transport packs of processed coffee owned by the Thai Hoa Lam Dong Company. Coffee was among exports that posted declines in the first eight months of this year. — VNA/VNS Photo Tran Viet |
HA NOI (Biz Hub) — Viet Nam's trade deficit rose by around US$200 million in August to stand at $3.6 billion in the first eight months of this year, according to the latest update of the General Statistics Office.
Le Thi Minh Thuy, Director of GSO's Trade Department, said the slowdown in exports, especially due to the slump in crude oil export value, coupled with rising imports, resulted in the widening of trade deficit.
The country's total export value reached $106.2 billion in the first eight months of this year, representing an increase of 9 per cent over the same period last year. The total import value grew at 16.4 per cent during the period to $109.8 billion.
Statistics showed that crude oil exports in the first eight months of this year were 6.189 million tonnes, worth $2.73 billion, decreasing by only 0.6 per cent in volume but nearly 49 per cent in value due to the plunging world prices.
Many export products of Viet Nam also registered a fall in exports. For example, seafood products fell by 16.6 per cent to $4.177 billion and rice by 11 per cent to $1.812 billion.
Coffee exports dropped by 32.4 per cent in volume and 32.8 per cent in value to 876,000 tonnes and $1.802 billion, respectively.
Rubber, despite registering an 11 per cent rise in export volume to touch 632,000 tonnes, posted a decline of 10.3 per cent in value to $921 million.
These products faced an oversupply in the world market, weighing down on the prices and competitiveness of Vietnamese products.
Notably, the trade deficit came entirely from the domestic economic sector which exported $31.6 billion and imported $44.667 billion worth of goods.
The foreign direct investment (FDI) sector continued to run a trade surplus of $9.4 billion in the eight-month period.
Mobile phones and components were the country's major export products with a turnover of $19.9 billion, up 31.3 per cent, followed by garment and textile products with an turnover of $15.14 billion, up 10.9 per cent and footwear products with a turnover of $8.75 billion, up 20.9 per cent.
Viet Nam mainly imported machinery and equipment, worth $18.9 billion and up 33.4 per cent, electronic components and computers, worth $15.1 billion and up 35.1 per cent. — VNS