Vietnam Trade Deficit Likely at US$7.44B in Jan-July
Vietnam’s trade deficit is estimated to have risen to US$1.15 billion in July, widening the seven-month gap to US$7.44 billion, according to the government’s General Statistics Office.
The Jan-Jul deficit has made up 19.44% of the country’s total exports in the period, compared to the National Assembly’s full-year cap of 20%.
The Southeast Asian country has earned US$38.266 from exports so far this year, rising 15.5% from a year earlier, while its imports rose 25.5% on-year to US$45.71 billion.
In July, the country’s exports have fallen 8.23% from the previous month to US$5.8 billion. The imports, meanwhile, dropped 1.54%.
The decrease in export revenues was attributed to an on-month fall of 97.26% in precious stone and metal export revenues at US$15 million.
Vietnam’s trade deficit is forecast to widen to around US$13 billion in 2010 compared to an earlier estimate of US$12.2 billion, the Ministry of Industry and Trade (MoIT)’s Export and Import Department told an online meeting June 8.
The Ministry of Planning and Investment, however, is more pessimistic, projecting a full-year deficit of US$15 billion.
Economists have concerned that widening trade deficit is posing big challenges for the Vietnamese government’s effort to sustain economic growth in the rest of this year. (GSO)
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