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Trade gap in January-August down 27pct y-o-y: Customs
Trade deficit in the first 8 months of this year hit $5.8 billion, dropping about 26.7 percent year on year, said the General Customs Department of Vietnam.
It accounted for 9.4 percent of the country's total export turnover during the same period, according to a newly released preliminary report of the department.
The country's total export turnover in January-August reached $61.73 billion, a year-on-year increase of 35.7 percent, while its total import spending was $67.57 billion, a year-on-year increase of 30.7 percent.
Vietnam's trade gap in August hit $398 million, down 18.5 percent from the same period last year.
The country's export turnover in August reached $6.937 billion, rising 33 percent from the same period last year. Of which, the export turnover in the second half of August fetched $5 billion, up 24.5 percent against the first half of August.
Some commodities posted highest export turnover in H2 of August including garment and textile, telephones and accessories, seafood and footwear, up nearly $167 million, $100 million, $88 million, and $51 million against H1 respectively.
The export turnover of foreign-invested enterprises (FIEs) in H2 of August reached $2.56 billion, up 30.5 percent from H1.
FIEs’ total export turnover in January-August reached $28.4 billion, a year-on-year increase of 35.3 percent, accounting for 46 percent of the country's total export turnover.
The country's total import value in August was $7.423 billion, rising 29.9 percent year on year, of which, the import value in H2 of August was $5.31 billion, up 24.3 percent from H1.
Some items with highest import spending in H2 of August were gemstone, precious metal and its products, oil and gas, machinery, equipments, instruments and other components, increasing $297 million, $178 million, and $132 million from H1.
Meanwhile, some groups of goods, such as animal feed and raw materials and base metals, posted a fall in import spending against H1 of August, down $30 million and $28 million respectively.
More dollars for gold, oil products
Vietnam's import spending on gemstone and precious metals in August was $495 million, increasing 26 times year on year, said the department.
Thus, from early this year till the end of August, the country's import value for gemstone and precious metals and its products in the first 8 months was $946 million, or 1.7-fold increase year on year.
In August alone, the figure accounted for 52 percent of the total value in January-August.
In August, the global gold price increased 12 percent, marking the highest rise in past two years.
Closing the last trading session of August, the spot gold price stood at $1,823.79 per ounce. In month, the highest global gold price was set up at $$1,917.9 per ounce.
In terms of exports, the country's export turnover for gemstone and precious metals and its products in August hit $165 million, down nearly 80 percent from the same period last year.
But Vietnam's accumulated export turnover for gemstone, precious metals and its products in January-August reached nearly $2.5 billion, a year-on-year increase of 8 percent, with the total figures in June-July reaching $1.9 billion.
Vietnam also spent $824 million for 867,000 tons of oil and gas products in August, said the department.
Thus, the country's oil and gas import volume in August increased 70 percent from July and was equal to the figure of the same period last year, but the import value for oil and gas was up 68 percent month on month and 50 percent year on year.
Totally, in January-August, Vietnam imported 7.4 million tons of oil and gas valued at $6.7 billion, rising 3 percent in volume and up to 50 percent in value from the same period last year.
Since Dung Quat Oil Refinery suspended operations FOR an overall maintenance from July 15 to September 12, Vietnam had to import one million tons of oil and gas, according to the general director of Binh Son Refining and Petrochemical Company.
Squeezed by Chinese goods
Vietnam's trade gap from China in the first eight months of this year was estimated at $8.7 billion, said the department.
In August alone, the country's trade deficit from China was $1.1 billion, 2.8 fold higher than the country's overall trade deficit.
Totally in January-August, Vietnam's trade gap from China was $8.7 billion, equaling to the figure of the same period last year.
But it was 1.5-fold increase against the country's total trade deficit of $5.8 billion.
Vietnam's import spending on Chinese goods in January-August was $15.2 billion, rising 20 percent year on year.
The increase was posted in many commodities with high import values, including machineries and equipments, cloth, computer, and electronic products-components, up 17.8 percent year on year to $3.3 billion, 35.7 percent year on year to $1.9 billion, and 28 percent year on year to $1.28 billion respectively.
The country's export turnover to China reached $6.5 billion in the first eight months this year, rising 62 percent over the same period last year.
Of which, Vietnamese rubber fetched the biggest export turnover with over $1.1 billion, rising nearly 65 percent year on year.
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