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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.

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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

Exports increase sharply, but concerns persist about trade deficit

Exports increase sharply, but concerns persist about trade deficit

Vietnam’s merchandise trade balance in the first half of the year resulted in a trade deficit. Last year, it had a trade surplus for the same period.  

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