Among imported products which rose dramatically were automobile spare parts, finished steel, steel ingots, urea fertilizer, petrol, machines, equipment, tools, and paper pulp.

Petrol imports increased by 11.1 percent but its value rose by 90 percent due to soaring prices on the global market.

However, the MoIT forecast that imports would decrease in both controlled and uncontrolled products and in the closing months of 2008, trade balance would change for the better. The country would rather import essential products for production, stop or suspend unnecessary imports and focus on promoting exports.

The MoIT said that export turnover in July reached US$6.25 billion, up 47.2 percent compared to last year’s same month, raising the total export turnover in the past 7 months to nearly US$36.9 billion, up 37 percent.

The MoIT estimated that exports will continue to surge in the next few months because agricultural products, garments and footwear are on the rise and the prices of coal and crude oil remain high.