Vietnam is estimated to see a big trade deficit of US$5.45 billion in the first seven months of this year, up 139.03 per cent on-year, as imports continue growing faster than exports, according to the General Statistics Office (GSO).
The country is forecast to rake in US$26.79 billion from goods exports during the period, up 19.6 per cent on-year while spending on imports reaches US$32.24 billion, up 29.8 per cent on-year.
This trade deficit has already surpassed this year’s forecast of $4.7 billion.
Of the total export revenue, foreign-invested firms contribute $15.07 billion, up 15.9 per cent on-year, and domestic enterprises earn $11.71 billion, up 24.7 per cent on-year. Excluding crude oil, foreign-invested enterprises obtain higher on-year export growth of 32.8 per cent to $10.64 billion.
In July alone, Vietnam bags $4.25 billion from exports, up 18.38 per cent on-year and 2.16 per cent on-month. However, the country spends $5.05 billion on imports, up 26.56 per cent on-year and 2.02 per cent on-month.
In the seven-month period, crude oil takes the lead with a total export volume of 8.84 million metric tons valued at $4.43 billion, down 8.6 per cent and 11.3 per cent on-year, respectively. It is followed by apparel with $4.24 billion, up 28.6 per cent on-year, footwear $2.36 billion, up 14.4 per cent, seafood $1.98 billion, up 14.6 per cent, woodwork $1.33 billion, up 25.3 per cent, coffee $1.32 billion, up 102.1 per cent and electronic and computer parts $1.09 billion, up 24.6 per cent.
The country ships 2.86 million tons of rice in January-July, worth $904 million, on-year declines of 14.4 per cent and 0.9 per cent, respectively. Meanwhile, exports of rubber and coal hit $659 million and $598 million, down 0.3 per cent and up 23.2 per cent, respectively.
Regarding importation during January-July, domestic companies import $20.82 billion worth of goods, up 31.4 per cent on-year while foreign-invested firms pay $11.42 billion, up 26.9 per cent.
In the seven-month phase, the nation continues spending the most on the import of machinery and equipment ($5.04 billion, up 42.2 per cent on-year), fuels ($4.06 billion, up 11.9 per cent), steel and iron ($2.44 billion, up 52.4 per cent), cloth ($2.26 billion, up 32.1 per cent), electronic and computer parts ($1.49 billion, up 39.3 per cent), plastics ($1.31 billion, up 31.8 per cent), apparel accessories ($1.24 billion, up 7.3 per cent) and chemicals ($760 million, up 40.4 per cent).
The Ministry of Trade has recently raised the country’s export value target to $48.1 billion this year, up 21.46 per cent on-year.
Initially, the ministry estimated Vietnam’s export value at $47.5 billion this year, up 20 per cent on-year and the country’s import spending at $52.2 billion, up 17.5 per cent. (GSO July 2007, Saigon Times Daily)
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