Trade deficit in 2015 is forecasted to be about 6 billion USD.

This year's export turnover is expected to increase by about 10% compared to 2014, but imports increased by 16.5%, bringing the whole year's trade deficit to about 5.5 - 6 billion USD.

According to the report of the Ministry of Industry and Trade at the meeting on October 12, the country's export turnover in the first 9 months of the year reached 120.7 billion USD, up 9.6% compared to the same period in 2014. Of which, the export of domestic enterprises reached 35.49 billion USD, down 2.7% compared to the same period, the group with foreign investment capital (including crude oil) reached 85.21 billion USD, up 15.8%.

Illustration photo - source Internet.

The Ministry of Industry and Trade forecasts total export turnover for the whole year of 2015 to reach 165-166 billion USD, an increase of about 10% compared to 2014, meeting the target approved by the National Assembly. However, import turnover is forecast to reach 171 billion USD, an increase of 16.5% compared to 2014 and pulling the country's trade deficit in 2015 to about 5.5-6 billion USD, equivalent to 3.3-3.6% of exports.

In addition to textiles and garments, which are forecast to reach a total export turnover of 23 billion USD, up 10% compared to 2014, and rice exports of 6.5 million tons with a value of about 2.8 billion USD, up 2.7%, some other key export industries will decrease this year, such as seafood exports for the whole year are expected to reach 6.8 billion USD, down 13% compared to the same period; coffee exports of 1.4 million tons, worth 2.8 billion USD (down 17.2% in volume and 21.3% in value); rubber exports of 1.1 million tons with an export turnover of 1.6 billion USD, down 10% compared to 2014.

Deputy Minister of Industry and Trade - Tran Tuan Anh commented that exports in the last months of 2015 and early 2016 are still in the downward trend of the world market, especially crude oil and coal.

According to Mr. Tuan Anh, most of the newly signed free trade agreements (FTAs) have not yet brought great efficiency to Vietnam's import and export, but exploiting opportunities from these markets is something that businesses need to seriously consider to take advantage of.

According to Vnexpress