Fall in exports drives Vietnam to trade deficit in September

Monday, 2014-10-20 21:15:28
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NDO - Vietnam moved into a trade deficit of US$582 million in September as exports dropped 4.8% from the previous month and imports rose 8.3%, according to the latest data from the General Department of Customs.

In September exports were estimated at US$12.63 billion and imports were valued at US$13.22 billion.

However, during the January-September period, Vietnam saw a surplus of US$2.5 billion in foreign trade, with total exports reaching US$109.87 and imports US$107.61 billion, representing respective year-on-year rises of 14.4% and 11.6%.

In the nine months through September, the highest-grossing exports were mobile phones, garments, and computers and electronic devices, bringing in US$17.26 billion, US$15.52 billion and US$7.49 billion respectively.

During the period, the United States was Vietnam’s largest export market, purchasing goods worth US$20.85 billion.

Economists predicted that if Vietnam could maintain the same pace of export growth as in the January-September period, total exports for the whole year would reach over US$150.5 billion, up US$18 billion from the previous year and US$5 billion beyond the target.

At the same time, Vietnam could achieve a trade surplus of around US$3 billion if exports in the remaining months rise at an annual rate of 11.8%, they added.