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Vietnam posts US$2.7 billion in trade deficit in seven months

Vietnam reported US$2.7 billion in trade deficit in the first seven months of this year while the same period last year enjoyed a trade surplus of US$8.69 billion, the General Statistics Office (GSO) announced on July 29.

During the seven-month period, Vietnam posted total export revenue of US$185.33 billion, up 25.5% over the same period last year.

The domestic economic sector suffered a total trade deficit of US$17.8 billion while the foreign direct invested sector saw a total trade surplus of US$15.7 billion.

During the seven-month period, the country posted total export revenue of US$185.33 billion, up 25.5% over the same period last year while import revenue was US$188.03 billion, up 35.3% as against the same period last year.

The US was the largest export market of Vietnam in the first seven months of this year with export revenue of US$53.6 billion, up 37.4% over the same period in 2020. The Chinese market came in second with export revenue of US$28.7 billion, up 24.2%.

It was followed by the EU, ASEAN, the Republic of Korea (ROK), and Japan.

Meanwhile, China was the largest importer during the period with import revenue of US$62.3 billion, an increase of 48.5% over the corresponding period last year.

ROK was the runner-up with import revenue of US$29.7 billion, up 19.9% and ASEAN market came in third with import revenue of US$24.7 billion, up 48.2%.

Source: Nhan Dan

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