Trade deficit crosses $3.7 billion

Vietnam’s trade deficit increased to $1.3 billion in August, pushing accumulated deficit in the first eight months to $3.71 billion.

In August, total import-export turnover reached $53.7 billion, down nearly 6 percent over July, according to a report of the Ministry of Industry and Trade on Wednesday.

« The fourth Covid-19 wave has complicated developments, causing many provinces and cities to prolong social distancing, which has negatively affected imports and exports, » the report said.

But thanks to growth in the earlier months of this year, the total import and export turnover reached $428.8 billion in the first eight months, a year-on-year increase of 27 percent.

Vietnam recorded an export value of $212.55 billion between January and August, up 21.2 percent year-on-year, while import value rose by 33.8 percent to $216.26 billion.

Exports of some key product groups such as mobile phones and machinery reached some $6 billion and $3 billion, up 10.5 percent and nearly 13 percent, respectively.

In this period, the U.S. remained Vietnam’s largest export destination, accounting for more than $62 billion, followed by China with $32.7 billion, the E.U. with $26 billion.

China is still Vietnam’s biggest supplier with a turnover of nearly $72.5 billion, followed by South Korea with $34.6 billion, and ASEAN with $28 billion.

By Anh Minh – VnExpress.net – September 2, 2021