Trade deficit $7 billion for first seven months

Vietnam's trade deficit has reached approximately US$7 billion over the first seven months of this year, according to an initial report by the General Department of Customs.

Figures showed that January-July export revenue climbed to $35.21 billion, up 18.2 percent year-on-year, while import spending topped $42.2 billion, 28.5 percent higher year-on-year.

In the first half of this month, exports were worth $2.72 billion, while imports were at $3.41 billion, taking the trade gap to nearly $700 million.

Experts forecasted that trade deficit would rise sharply as of July, as firms usually need to produce more products to meet the demand at year-end. Thus, the country needs take drastic measures to reduce the gap.

Source: Tuoi Tre – Translated by Luu Ly

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