Local trade deficit hits $187 million
Local trade deficit hits $187 million
Viet Nam's trade deficit in the first 10 months of this year hit US$187 million, according to the General Statistics Office (GSO).
Export revenue reached $107.97 billion and import value hit $108.16 billion, both increasing 15.2 per cent over the same period last year.
Director of the GSO Trade Department Pham Quynh Loi said the growth rate had remained stable since the beginning of the year.
The foreign direct investment sector saw high growth with export turnover of $72.8 billion, a year-on-year increase of 22.3 per cent. Domestic businesses posted turnover of $35.9 billion, a surge of 3 per cent.
Most export revenue came from the FDI sector. The export value of fixed telephones, mobile phones and accessories was $17.72 billion (up 76.1 per cent).
Meanwhile electronics, computers and accessories fetched $8.65 billion (up 41.5 per cent) and garments and textiles posted $14.8 billion (up 18.7 per cent).
The FDI sector also saw high import value, which jumped 25.7 per cent in the first 10 months to $61.9 billion over the same period last year.
The domestic economic sector posted import value of $46 billion, an increase of 3.5 per cent over last year.
The trade deficit data shows that the domestic economic sector has maintained its maximum production capacity, according to GSO economists, who noted that imports of many items used for domestic production declined.
Imports of steel stood at $5.5 billion, up 10.7 per cent, but petrol imports sank 22.9 per cent in volume and 22.5 per cent in value.
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