Seven months of trade deficit of 3.4 billion USD, imported car turnover increased by nearly 90%

​Over the past 7 months, the trade deficit is estimated at 3.4 billion USD, equivalent to 3.7% of export turnover. Notably, the sharp increase in automobile and phone imports is the reason for the high trade gap.

Photo for illustration purposes only (Source: VNA)

According to the General Statistics Office, the export turnover in July is estimated at 14.5 billion USD, up 10.8% over the same period last year. In the first 7 months, the export turnover is estimated at 92.266 billion USD, up 9.5% over the same period in 2014, of which the domestic economic sector reached 27.6 billion USD, the foreign-invested sector (including crude oil) reached 64.7 billion USD.

Some export items with high turnover compared to the same period last year include: Phones of all kinds and components reached 17.1 billion USD, up 28.2%; textiles reached 12.6 billion USD, up 9.9%; electronics, computers and components reached 8.7 billion USD, up 57.8%; footwear reached 7.1 billion USD, up 22.3%; machinery, equipment, tools and spare parts reached 4.5 billion USD, up 10.3%...

However, many items showed signs of decline, in which agricultural and forestry products continued to decrease 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 USD, down 15% compared to the same period last year...

The General Statistics Office said that the United States is still Vietnam's largest export market with an estimated turnover of 18.9 billion USD, up 19.1% over the same period in 2014; followed by the EU with 17.8 billion USD, up 13.2%; ASEAN with 10.7 billion USD, down 2.4%; China with 9.3 billion USD, up 8.3%; Japan with 7.9 billion USD, down 6.5%; and South Korea with 4.3 billion USD, up 17.5%.

On the other hand, according to the General Statistics Office, import turnover in July is estimated at 14.8 billion USD, up 2.3% compared to June, of which the domestic economic sector reached 6.3 billion USD, up 1.9%; the foreign-invested sector reached 8.5 billion USD, up 2.7%.

In the first 7 months, the country's total imports were estimated at 95.6 billion USD, up 16.4% over the same period last year, of which the domestic economic sector reached 39 billion USD, up 7.9%; the foreign-invested sector reached 56.6 billion USD, up 23.1%.

Notably, automobile imports after 7 months reached 3.4 billion USD, up 87.9% over the same period last year, with completely built-up automobiles alone increasing by 154.4%. In addition, imports of all kinds of phones and components also reached 6.1 billion USD, up 35% over the same period last year.

In addition, imports were also affected by many other items such as: machinery, equipment, tools and spare parts reached 16.6 billion USD, up 35.1%; electronics, computers and components reached 13.1 billion USD, up 34.5%; plastic products reached 2.1 billion USD, up 23%; iron and steel reached 4.7 billion USD, up 15.1%....

After 7 months, China is still Vietnam's largest import market with an estimated turnover of 28.8 billion USD, up 22.5% over the same period last year; followed by South Korea with 16.2 billion USD, up 31.7%; ASEAN with 14.1 billion USD, up 5.3%; Japan with 8.5 billion USD, up 23.9%; EU with 5.3 billion USD, up 6.6% while the US with 4.4 billion USD, up 20% over the same period in 2014.

Thus, after 7 months, the country's trade deficit is estimated at 3.4 billion USD, equivalent to 3.7% of export turnover, of which the domestic economic sector had a trade deficit of 11.4 billion USD and the foreign-invested sector had a trade surplus of 8 billion USD./.

According to Vietnam+