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Trade deficit passes $8 billion
The trade deficit hit a record US$8.15 billion in the first eight months of the year, an increase of $700 million compared with last month's figure, the General Statistics Office (GSO) said on Tuesday.
Excessive imports helped push the total to 18.3 per cent of the year's total export turnover.
The country imported products worth $52.68 billion in the first eight months, a rise of 24.4 per cent over last year. The domestic sector accounted for $30.3 billion of the imports, an increase of 13.2 per cent, while the foreign direct investment sector imported $22.37 billion worth of goods, a rise of 43.6 per cent.
Import turnover in August was $6.9 billion.
Imported commodities with the highest import turnover included materials for industrial export production such as mechanical machines (14.9 per cent); electronics, computers and accessories (31.5 per cent); clothes (26.6 per cent); textile and garment materials (38.1 per cent), and metals (79.9 per cent).
Imported automobiles and fertiliser decreased by 30.5 per cent and 10.8 per cent, respectively.
The general export turnover was estimated at $ 44.52 billion during the period, an increase of 19.7 per cent compared to the same period last year. The domestic sector contributed 46 per cent, or $20.56 billion, of the turnover, while the remaining $23.96 billion was imported by foreign invested companies.
GSO's Acting Director of Trade Department Le Minh Thuy said that August exports were slower, decreasing 0.5 per cent in comparison with last month. However, the export of gold contributed significantly to the export turnover in helping to keep the total turnover steady.
"If we did not count gold exports, the trade deficit in the first eight months would be $9.8 billion instead of $8.15 billion, and would make up 22 per cent of the total export turnover," she said.
Commodities that experienced a significant increase in export turnover included steel, 220 per cent ($466 million); rubber, 89.3 per cent ($543 million); chemical products, 83.9 per cent ($185 million); transportation and accessories, 83.0 per cent ($458 million); and electric wire and cable, 72.2 per cent ($347 million).
Other industries that experienced export turnover included textiles and garments (17.8 per cent), wood and wood products (36.1 per cent), rubber (89.3 per cent), footwear (18.8 per cent), electronics and computers (30.2 per cent); and mechanical machines and accessories (61.2 per cent).
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