Trade deficit surpasses 15 billion USD

Trade deficit surpasses 15 billion USD

Hanoi (VNA) - Total trade deficit over the first seven months of the
year surpassed 15 billion USD, 2.4 fold increase over the same period last
year, reported the Ministry of Industry and Trade.

Soaring imports of auto spare parts, completed steel, steel ingot, urea,
petrol, machinery, equipment, animal and vegetable oil, paper pulp were
attributed to the alarming trade deficit.

However, the ministry forecast that in the remain months of the year, the
trade balance will be improved thanks to the reduction of import value.

Import priority will be given to essential goods and one of the best
measures to control trade deficit is boosting export, according to the
ministry.

The ministry also reported an export value of 6.25 billion USD in July,
bringing a total value in seven months to nearly 36.9 billion USD, or 37.7
percent year-on-year increase.

Five export staples recording high growth rate included rice, 87.6
percent, crude oil, 52.2 percent, cashew nuts, 49.8 percent, coal, 45.2
percent and plastic products, 37.9 percent.

Export value in the last five months will continue to rise thanks to high
prices of agricultural products, coal and crude oil as well as the high
growth rate of garment and footwear products, the ministry said.-