Vietnam records trade deficit of US$2.5 billion over seven months

VOV.VN - Vietnam racked up a trade deficit of US$2.5 billion during the first seven months of the year, according to the General Department of Vietnam Customs.

July alone saw the country’s total import and export value decrease by 2.5% to US$53.5 billion compared to the previous month.

July’s exports stood at an estimated US$26 billion, representing a drop of 4.4%, while total import value fell by 0.6% to US$27.5 billion.

However, the seven-month import-export value surged by 29.5% to US$371.16 billion, of which exports hit US$184.33 billion, up 24.8%, and imports stood at US$186.83 billion, up 34.4%.

These figures indicate that Vietnam recorded a seven-month trade deficit of US$2.5 billion, contrary to the trade surplus of US$8.7 billion obtained during the same period from last year.

This trade deficit can largely be attributed to the sharp increase in imports of key commodity groups for business production in the country.

Most notably, the import turnover of computers, electronic products and components surged by 19.4% to US$39.06 billion, while imports of machinery, equipment, tools and spare parts soared by 35.3% to US$26.81 billion

Vietnam also spent US$10.41 billion on importing telephones and components, up 45.7%, and US$8.68 billion on fabrics, up 32.9%.

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