Vietnam’s trade deficit predicted to increase in last two months

If crude oil prices do not increase while airlines continue to import aircrafts in the upcoming time the country’s trade deficit is predicted to increase in the last two months of this year, said experts of Ministry of Planning and Investment.
Vietnam’s trade deficit was estimated at US$ 100 million in October. The country recorded a trade deficit of US$ 4.1 billion, making up 3.1 percent of export turnover in previous ten months. The trade gap from domestic business sector reported US$ 17.1 billion meanwhile the balance of trade of businesses under foreign direct investment reached US$ 13 billion.
The exported turnover in the ten months reached at US$ 134.6 billion, increasing by 8.5 percent compared to the same period last year. The domestic businesses earned only US$ 39.6 billion, down 3.3 percent. The rest was made by FDI businesses who saw a 14.3 percent jump.
The most earners in the period are producers of cell phones, textile and garment, electrics, computer and its component, footwear, machines and other replacement parts. It was noted that the volume for crude oil, coal and agricultural products reduced. Volume of crude oil reduced by 0.2 percent, causing a 49.1 percent decrease in turnover.
Currently, the United States is the largest export market of Vietnam with its turnover of US$ 27.8 billion, increasing by 18 percent.
During the ten months, the total import rose 14.3 percent to US$ 138.7 billion. Domestic businesses imported at US$ 56.6 billion, mostly goods, materials of textile and garment, footwear and machines. FDI businesses imported US$ 82.1 billion.
Among trade partners China is currently the largest import market for Vietnam with the total import from China reached US$ 41 billion, followed by South Korea, ASEAN countries and Japan…

By Anh Phuong- Translated by Huyen Huong

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