Trade deficit reaches 3.9 billion USD in nine months

Vietnam's export value till September of this year increased by nearly 10 percent to nearly 120.7 billion USD while imports surged 16 percent to 124.6 billion USD.

This has pushed the trade deficit to 3.9 billion USD, the Ministry of Planning and Investment reported at a meeting in Hanoi on September 25.

According to the ministry, despite a 1.9 percent month-on-month decline in September, total export earnings in the first nine months of the year are estimated to increase 9.6 percent, against the same period last year, to nearly 120.7 billion USD.

The ministry estimated that the country's export value by the end of this month met roughly 73.2 percent of the 165 billion USD annual export target.
Exports to major markets rose significantly in the first nine months with the United States and European Union markets reporting a rise of 19.6 percent and 12.4 percent, respectively. The two outlets accounted for 20.6 percent and 18.9 percent of the country's total export value, respectively.

Exports to China also rose 12.5 percent, representing 10.4 percent of the country's total export value.

In the first nine months, the export growth was attributed to increasing export revenue of processed products, garment, and wood, apart from telephones and components.

Textile and garments rose 10.6 percent to 17.1 billion USD; footwear was up 18.4 percent to 8.8 billion USD; wood and timber products also rose 9.1 percent to 4.9 billion USD, while mobile phones and components surged 34.3 percent to 23.2 billion USD.

However, some products saw a decline in exports in the period, of which agro-forestry and seafood products dipped 10 percent due to decline of three key products – rice, coffee and rubber. Mineral exports also fell 45 percent because of the sharp decrease in crude oil export value.

As for imports, the Ministry reported that September saw an import value of 14.3 billion USD, up 1.2 percent against the same period last year. It lifted the import value in the first nine months to 124.6 billion USD, up 15.9 percent year-on-year.

In the first nine months, the country mainly imported machinery and equipment worth 20.9 billion USD, computers and equipment worth 17.3 billion USD, and cloth and garment accessories worth 11.3 billion USD.

In the period, Vietnam mainly imported from Asian markets, which accounted for more than 80 percent of its total import value.-VNA