In the first seven months, the trade deficit reached $3.4 billion, while the value of imported automobiles increased by nearly 90%.

​Over the first seven months, the trade deficit is estimated at $3.4 billion, equivalent to 3.7% of merchandise exports. Notably, the sharp increase in imports of automobiles and mobile phones is the main reason for the widening trade deficit.

The image is for illustrative purposes only (Source: VNA).

According to the General Statistics Office, merchandise exports in July were estimated at US$14.5 billion, an increase of 10.8% compared to the same period last year. For the first seven months of the year, merchandise exports were estimated at US$92.266 billion, an increase of 9.5% compared to the same period in 2014, of which the domestic economic sector accounted for US$27.6 billion and the foreign-invested sector (including crude oil) accounted for US$64.7 billion.

Several export items saw significant increases in value compared to the same period last year, including: telephones and components, reaching US$17.1 billion, up 28.2%; textiles and garments, reaching US$12.6 billion, up 9.9%; electronics, computers and components, reaching US$8.7 billion, up 57.8%; footwear, reaching US$7.1 billion, up 22.3%; machinery, equipment, tools and spare parts, reaching US$4.5 billion, up 10.3%...

However, many commodities showed signs of decline, with agricultural and forestry products continuing to fall sharply in both quantity and value. For example: Coffee decreased by 33.2% in quantity and 33% in value; rice decreased by 3.5% and 8.7%; seafood reached $3.6 billion, down 15% compared to the same period last year...

According to the General Statistics Office, the United States remains Vietnam's largest export market with an estimated turnover of $18.9 billion, an increase of 19.1% compared to the same period in 2014; followed by the EU at $17.8 billion, an increase of 13.2%; ASEAN at $10.7 billion, a decrease of 2.4%; China at $9.3 billion, an increase of 8.3%; Japan at $7.9 billion, a decrease of 6.5%; and South Korea at $4.3 billion, an increase of 17.5%.

Conversely, according to the General Statistics Office, import turnover in July was estimated at 14.8 billion USD, an increase of 2.3% compared to June, of which the domestic economic sector accounted for 6.3 billion USD, an increase of 1.9%; and the foreign-invested sector accounted for 8.5 billion USD, an increase of 2.7%.

Overall, in the first seven months, the country's imports are estimated at $95.6 billion, an increase of 16.4% compared to the same period last year. Of this, the domestic economic sector accounted for $39 billion, an increase of 7.9%; and the foreign-invested sector accounted for $56.6 billion, an increase of 23.1%.

Notably, car imports in the first seven months reached $3.4 billion, an 87.9% increase compared to the same period last year, with imports of completely assembled cars increasing by 154.4%. In addition, imports of mobile phones and components also reached $6.1 billion, a 35% increase compared to the same period last year.

In addition, imports were also affected by many other items such as: machinery, equipment, tools and other spare parts, reaching US$16.6 billion, an increase of 35.1%; electronics, computers and components, reaching US$13.1 billion, an increase of 34.5%; plastic products, reaching US$2.1 billion, an increase of 23%; iron and steel, reaching US$4.7 billion, an increase of 15.1%, etc.

After seven months, China remains Vietnam's largest import market with an estimated turnover of US$28.8 billion, up 22.5% compared to the same period last year; followed by South Korea at US$16.2 billion, up 31.7%; ASEAN at US$14.1 billion, up 5.3%; Japan at US$8.5 billion, up 23.9%; the EU at US$5.3 billion, up 6.6%; while the United States at US$4.4 billion, up 20% compared to the same period in 2014.

Thus, over the first seven months, the country's trade deficit is estimated at $3.4 billion, equivalent to 3.7% of merchandise exports. Of this, the domestic economic sector had a trade deficit of $11.4 billion, while the foreign-invested sector had a trade surplus of $8 billion.

According to Vietnam+