National trade deficit shrinks in seven months
The national trade deficit reached 58 million USD in the first seven
months of this year, representing only 0.09 percent of total export
value, the General Statistics Office (GSO) has reported.
The national trade deficit reached 58 million USD in the first seven
months of this year, representing only 0.09 percent of total export
value, the General Statistics Office (GSO) has reported.
This followed a decline in imports of 323 million USD from May to June, and 390 million USD from June to July.
GSO's Trade Department Director Le Thi Minh Thuy said it reflects how the country's demand has declined, and attributed the situation to unstable financial and economic conditions both globally and domestically.
In the first seven months, total imports reached nearly 63 billion USD, up 7.3 percent over the same period last year. Domestic sectors imported 30.09 billion USD, down 7.3 percent, while the foreign -invested sector imported 32.9 billion USD, an increase of 25.3 percent.
In July, for the first time this year, the country saw a trade surplus of 100 million USD thanks to significant declines in imports since June.
According to the GSO, import values of many materials and fuel used for production grew insignificantly or decreased compared to the same period last year.
The value of fabric imported posted a slight increase of 0.3 percent reaching 3.96 billion USD, while automobile imports fell the most at 34.1 percent with a total value of nearly 1.2 billion USD.
Other articles witnessing import turnover declines included petroleum, down 8.7 percent; animal feed, falling 6.9 percent; textile fibre, down 14.9 percent; and iron and steel, decreasing 3.7 percent.
Meanwhile, exports totalled 62.93 billion USD in the first seven months of the year, up 19 percent over the same period last year, an increase of about 2.5 times that of import growth.
Electronic goods and spare parts were major exports with a total value amounting to 10.21 billion USD, of which computers expanded 81.3 percent and telephones soared by 151.6 percent.
While domestic sectors reached an export value of 23.89 billion USD, down 1.65 percent, foreign-invested businesses saw a 36.6 percent increase in exports with a total value of 39.41 billion USD.-VNA
This followed a decline in imports of 323 million USD from May to June, and 390 million USD from June to July.
GSO's Trade Department Director Le Thi Minh Thuy said it reflects how the country's demand has declined, and attributed the situation to unstable financial and economic conditions both globally and domestically.
In the first seven months, total imports reached nearly 63 billion USD, up 7.3 percent over the same period last year. Domestic sectors imported 30.09 billion USD, down 7.3 percent, while the foreign -invested sector imported 32.9 billion USD, an increase of 25.3 percent.
In July, for the first time this year, the country saw a trade surplus of 100 million USD thanks to significant declines in imports since June.
According to the GSO, import values of many materials and fuel used for production grew insignificantly or decreased compared to the same period last year.
The value of fabric imported posted a slight increase of 0.3 percent reaching 3.96 billion USD, while automobile imports fell the most at 34.1 percent with a total value of nearly 1.2 billion USD.
Other articles witnessing import turnover declines included petroleum, down 8.7 percent; animal feed, falling 6.9 percent; textile fibre, down 14.9 percent; and iron and steel, decreasing 3.7 percent.
Meanwhile, exports totalled 62.93 billion USD in the first seven months of the year, up 19 percent over the same period last year, an increase of about 2.5 times that of import growth.
Electronic goods and spare parts were major exports with a total value amounting to 10.21 billion USD, of which computers expanded 81.3 percent and telephones soared by 151.6 percent.
While domestic sectors reached an export value of 23.89 billion USD, down 1.65 percent, foreign-invested businesses saw a 36.6 percent increase in exports with a total value of 39.41 billion USD.-VNA
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pook of both domestic and international investors for socio-economic development.
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
