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Trade deficit climbs to 7 billion USD
The country's trade deficit is expected to hit nearly 7 billion USD in the first seven months of the year, accounting for 19.8 percent of total export revenue, according to VietnamGeneral Department of Customs.
Export revenue in the first seven months of the year reached 35.21 billion USD, an increase of 18.2 percent compared to the same period last year, while import revenue was 42.2 billion USD, a year-on-year increase of 28.5 percent.
The trade deficit in the first half of July reached 690 million USD, much higher than the same period of last May and June. The country earned 2.72 billion USD from exports, but spent 3.41 billion USD for imports.
The trade deficit from July onwards is usually higher than previous months because enterprises will import more materials for production to prepare for the year-end season, according to economists.
To narrow the trade deficit in the remaining months of the year, experts said the Government should impose drastic measures to control imports, particularly products that local companies can make.
vietnamplus
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