Vietnam Trade Deficit Likely at $476M in First Half of August
Vietnam is likely to incur a trade deficit of $476 million in the first two weeks of August, the General Department of Customs announced.
The country’s exports fell 4.6% on-month to $2.595 billion during the period, the lowest figure compared to the same period of previous months since May.
Various export staples witnessed on-month decrease such as apparel worth $492 million, down 4.28% on-month, and footwear worth $189 million, down 15.63%, the department said, adding that crude oil exports fell 63,000 tons or $38 million.
Vietnam’s imports in the first two weeks of August also decreased to the lowest value since March at $3.071 billion, down 10% on-month.
Its main imports reporting sharp on-month falls in value included petroleum products worth $192 million, down 40.37% on-month, machinery and equipment worth $497 million, down 11.72%, and apparel and footwear accessories worth $95 million, down 15.18%.
Vietnam incurred a total trade gap of $7.668 billion between Jan and mi-Aug, the department noted, adding that the country’s respective export and import values stood at $41.119 billion and $48.787 billion.
The country is forecast to reap $67 billion from exports in 2010, up 17.3% on-year and import around $81 billion, resulting in its trade gap of about $14 billion, the Ministry of Industry and Trade said. (Vneconomy)
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