Trade deficit reaches nearly US$4 billion as of mid-July

Vietnam recorded a trade deficit of US$936 million from July 1 to 15 to bring the country’s total trade deficit to US$3.96 billion as of mid-July, according to recent data from the General Department of Vietnam Customs.

Trade deficit reaches nearly US$4 billion as of mid-July

As of July 15, total imports-exports of the country reached US$171.67 billion, up 12.7% year-on-year. Of the total, export turnover in the first 15 days of July reached nearly 6.22 billion, down 16.1% over the second half of June 2015.

Export turnover decreased primarily due to cellphones and accessories exports falling by US$400 million; computers, electronic products and parts down US$149 million; vegetables down US$93 million; footwear,  US$73 million; and iron and steel dropping more than US$59 million.

The export value of foreign-invested enterprises (FDI enterprises) only reached US$4.06 billion, down 17.3% compared with the second half of June, accounting for 65% of the total export value of the country.

Amidst the decline in exports, imports in the first 15 days in July reached US$7.16 billion, up 2.3% compared with the second half of June. The import turnover increased primarily due to increases in some commodities like crude oil, up by US$48 million; fuel, US$45 million; and animal feed raw materials up by US$31 million.

The import value of FDI businesses reached US4.14 billion, up 3.5% compared with the second half of June, accounting for 58% of the total import value of the country.

By July 15, total imports reached US$87.81 billion, up 16.5% year-on-year.