Trace deficit hits US$113 million

Trace deficit hits US$113 million

Vietnam’s trade turnover was estimated at US$11.61 billion in the first half of October 2013, with its export revenue worth US$5.75 billion, the Vietnam Customs reported.

As a result, Vietnam faced a trade deficit of US$113 million even though its export earnings fell by US$502 million compared to the previous month’s figure, mostly from main items such as telephones, cameras, rubber, steel, computers, and electronic spare parts. Only crude oil enjoyed a sharp increase of 73.8% to US$315 million.

Direct foreign investment (FDI) businesses in the first half of October fetch US$3.69 billion in export revenue, or 10.4% lower than in the second half of September 2013.

Since the beginning of this year, they have earned about US$62.37 billion, representing a year-on-year increase of 28.1% and accounting for 61.2% of the country’s total export value.

Meanwhile, Vietnam’s import value dropped by US$121 million, mostly in terms of machinery and equipment, accessories, and timber products.

Some import items seeing a slight increase were petrol (up US$104 million), crude oil (up US$80 million), and foodstuff for animals (up US$49 million).

In the first two weeks of October, FDI businesses imported goods worth nearly US$3.3 billion (down 8.7% compared to the second half of September 2013).

But since early this year, they have spent about US$58.12 billion importing products (up 25.2% over the same period last year), making up 56.8% of Vietnam’s total import turnover.

By far, the country’s trade revenue has reached US$204.17 billion, up 15.3% from a year earlier with imports valued at US$101.93 billion (up 15.7%) and exports at US$102.24 billion (up 15%). Its import surplus has hovered at US$310 million.

vietnamnet